J.K. Lasser Pro Estate and Business Succession Planning : A Legal Guide to Wealth Transfer (The J.K. Lasser Pro Series) (2ND)

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J.K. Lasser Pro Estate and Business Succession Planning : A Legal Guide to Wealth Transfer (The J.K. Lasser Pro Series) (2ND)

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  • 製本 Hardcover:ハードカバー版/ページ数 396 p.
  • 言語 ENG
  • 商品コード 9780471214489
  • DDC分類 346.73052

Full Description


This work talks about effective estate and business succession planning under the new tax law. A properly designed and implemented estate and/or business succession plan is key to providing for and protecting loved ones in the most tax-efficient manner possible. A team of advisers must be assembled from the disciplines of law, insurance, finance, accounting, and tax in order to create a plan that optimizes planning opportunities incorporating both the current state of law with the current state of one's mind. "J.K. Lasser Pro Estate and Business Succession Planning, Second Edition" provides you with a unique and comprehensive analysis of the Economic Growth and Tax Relief Reconciliation Act of 2001, the new retirement distribution rules, Section 529 education plans, and split dollar insurance guidelines. It can help professionals and experienced individuals alike take advantage of opportunities presented by the new tax law, avoid common mistakes, and understand complex estate and business succession planning techniques.Written by two attorneys who specialize in estate planning matters, this easy-to-read book provides you with complete information and strategies for a variety of issues including: how to plan in light of the phased-in provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001; top twenty factors to consider when creating one's Will, as well as creating a Power of Attorney and Health Care Proxy; Annual Exclusion and Exemption Equivalent Planning; irrevocable Life Insurance Trusts and Crummey Notices; Charitable Remainder Trusts and Foundations; Family Limited Partnerships; Business Succession Planning Techniques; Split Dollar Plans; Section 529 education plans; retirement distribution rules; Self-Canceling Installment Notes; Intentionally Defective Grantor Trusts; GRITs, GRATs, and GRUTs. And this is just a sampling of the expertise that the authors provide in a truly unique and understandable text. "J.K. Lasser Pro Estate and Business Succession Planning, Second Edition" contains all you need to make the most of the new tax law while navigating this complex area, and shows you how to protect and provide for loved ones for generations to come.

Table of Contents

Acknowledgments                                    xiii
Introduction xv
The Heart of the Estate Plan 1 (6)
Redefining Priorities 1 (2)
What Is Estate Planning? 3 (1)
What Is Business Succession Planning? 3 (1)
Fact Gathering 3 (1)
Designing and Implementing the Plan 4 (1)
The Team of Advisers 5 (1)
Capturing the Heart of the Plan 6 (1)
Your Last Will and Testament 7 (32)
Twenty Factors to Consider in Preparing a 8 (2)
Last Will and Testament
Assembling the Team 10 (8)
Change in Circumstances 18 (1)
Creating the Structure of Your Last Will 19 (4)
and Testament
Executing the Will 23 (1)
Choosing Fiduciaries 24 (5)
Testamentary Age-Terminating Trusts for 29 (1)
Minor Children
Bequests to Friends and Grandchildren 30 (1)
Passing of Real Estate 31 (1)
Personal Property Memorandum 32 (3)
Disinheriting a Spouse and/or Family 35 (1)
Members
Children from Prior Marriages 36 (2)
Who Will Take Care of Your Pets? 38 (1)
Funeral and Burial Arrangements 38 (1)
Letter to One's Executor 38 (1)
Power of Attorney 39 (8)
Durable Power of Attorney 43 (1)
Springing Durable Power of Attorney 43 (1)
Limited Power of Attorney 44 (1)
Power of Attorney and Gifting 44 (1)
Selecting and Attorney-in-Fact 45 (1)
Possible Abuses 45 (2)
Advance Directive for Health Care---Your 47 (6)
Living Will
Ignoring Right-to-Die Orders 47 (2)
Instruction Directives or Living Wills 49 (1)
Proxy Directives 50 (1)
Appointing a Health-Care Agent 50 (1)
Formalities 51 (1)
Conclusion 51 (2)
Utilization of the Lifetime Gift Exemption, 53 (18)
Deathtime Exemption, and Annual Exclusion
Gifts
Introduction 53 (2)
Back-Ended Deathtime Exemption Increases 55 (1)
Tax Rates Still Onerous 56 (1)
Use It or Lose It 57 (1)
Unlikelihood of Estate Tax Repeal 58 (3)
How Do I Plan While Acknowledging the Law 61 (1)
Is Likely to Change?
Deathtime Exemption Equivalent Planning 61 (1)
Estate Equalization 62 (1)
Deathtime Disclaimer Planning 63 (3)
Lifetime Gift Tax Exemption 66 (1)
Annual Exclusion 67 (1)
Gifting for Education and Health Care 68 (1)
Choosing the Appropriate Assets to Gift 68 (1)
Conclusion 69 (2)
Spousal Planning 71 (8)
Outright Transfer 72 (1)
Qualified Terminable Interest Property 72 (2)
Trust
Estate Trust 74 (1)
Qualified Domestic Trust 74 (3)
Power of Appointment Trust 77 (1)
Conclusion 78 (1)
Irrevocable Life Insurance Trusts 79 (14)
Factors to Consider Before Creating an 80 (1)
Irrevocable Life Insurance Trust
The Three-Year Look-Back 81 (1)
Incidents of Ownership 81 (1)
Crummey Notices 82 (1)
Hanging Powers 83 (1)
Administration of the Life Insurance Trust 84 (3)
Second-to-Die (Survivorship) Life 87 (1)
Insurance Trust
Provisions to Include in the Life 88 (1)
Insurance Trust
Irrevocable Trust versus Beneficiaries 89 (1)
Owning the Life Insurance Policy
Life Insurance Planning in Anticipation 90 (1)
of Estate Tax Reform
Conclusion 91 (2)
Generation-Skipping Transfer Tax 93 (12)
Direct Skips 96 (1)
Taxable Terminations 97 (1)
Taxable Distributions 98 (1)
Predeceased Ancestor Exception 98 (1)
Annual and Lifetime Exclusions from GST 99 (1)
Tax
Computation of GST Tax Liability 100 (1)
Effective Use of the Lifetime GST Tax 101 (2)
Exemption
Technical Relief Under the Economic 103 (1)
Growth and Tax Relief Reconciliation Act
of 2001
Practical Considerations 104 (1)
Transferring Wealth in Minors 105 (10)
Introduction 105 (1)
Uniform Gifts to Minors Act Account 106 (1)
Trust Created Under Code Section 2503(c) 107 (1)
Trust Created Under Code Section 2503(b) 108 (1)
(Mandatory Income Trust)
Crummey Trust 108 (3)
Qualified Tuition Programs (529 Plans) 111 (2)
Conclusion 113 (2)
Integrating Retirement Planning with Estate 115 (8)
Planning
Introduction 115 (1)
Required Beginning Date 116 (1)
Lifetime Minimum Distributions 116 (1)
Postdeath Distributions 116 (2)
Beneficiary Designations 118 (1)
Estate Planning with Retirement Plan 118 (2)
Assets
Funding a QTIP Trust with Plan Assets 120 (1)
Charitable Remainder Trust 121 (1)
Conclusion 121 (2)
Charitable Planning 123 (16)
Introduction 123 (1)
Common Forms of Charitable Planning 124 (4)
Qualifying Charities 128 (2)
How Do You Determine the Amount of the 130 (2)
Charitable Deduction?
A Win-Win-Win 132 (4)
Conclusion 136 (3)
Supplemental Needs Trusts 139 (8)
Safeguarding the Trust 140 (1)
Medicaid 141 (1)
Sources of Funding 141 (2)
Choosing a Testamentary Trust 143 (1)
Trustees 144 (3)
Qualified Personal Residence Trust 147 (10)
The Savings You Can Expect 148 (1)
The Drawbacks 149 (2)
Personal Residences 151 (1)
Death of the Grantor Prior to the End of 152 (1)
the QPRT Term
During the QPRT Term 152 (1)
The Expense Factor 153 (1)
Sale, Destruction, or Damage of the 154 (1)
Residence
Post Survival of the QPRT Term 154 (1)
QPRT Planning After the New 2001 Tax Act 155 (2)
Integrating the Titling of Assets with the 157 (10)
Intent of the Estate Plan
Introduction 157 (1)
Titling Faux Pas 158 (1)
Jointly Held Property 159 (2)
Tenants in Common 161 (1)
Pay-on-Death Accounts 161 (1)
Life Insurance 162 (1)
Revocable Inter Vivos Trusts 162 (1)
UGMA Accounts 163 (1)
Life Insurance in Matrimonial Actions 163 (1)
IRAs and Qualified Plans 164 (1)
Conclusion 165 (2)
Business Succession Planning 167 (6)
Introduction 167 (1)
What Is Business Succession Planning? 168 (1)
Who Is Responsible for Planning? 169 (1)
Commitment and Execution Are Pivotal 169 (1)
Seeking Professional Counsel 170 (3)
Start with a Business Valuation 173 (14)
General Valuation Comments and 173 (1)
Observations
Estate and Gift Tax Implications 173 (1)
Fundamental Factors of the Business 174 (5)
Valuation
Valuation Discounts 179 (6)
Conclusion 185 (2)
Buy-Sell Agreements 187 (12)
Introduction 187 (1)
Use of a Buy-Sell Agreement upon the 188 (1)
Death of a Shareholder
Use of a Buy-Sell Agreement in 189 (2)
Determining Price for the Stock of a
Deceased Shareholder
Acceptance of Price Determination Methods 191 (1)
by the IRS
Cross-Purchase versus Redemption 192 (4)
Agreements
Conclusion 196 (3)
Funding Buy-Sell Agreements 199 (6)
Introduction 199 (1)
Can Life Insurance Help? 200 (1)
Disability Buyout Insurance 201 (1)
Retirement 202 (1)
Valuation Updates 203 (2)
Transference of Business Interests 205 (12)
Factors to Be Considered Before Gifting 206 (4)
Company Stock
Enhanced Estate Liquidity 210 (1)
Planning for Control of Family Business 210 (1)
Loss of Step-Up in Basis 211 (1)
Loss of Control over Property 212 (1)
Methods of Transfer 212 (1)
Qualified Subchapter S Trust 213 (1)
Electing Small Business Trust 213 (1)
Failure to Implement Gifting Program 214 (1)
During One's Life---Partial Tax Relief
Under Code Sections 6166 and 303
Conclusion 215 (2)
Family-Owned Business Deduction 217 (6)
Introduction 217 (1)
Deduction Amount 218 (1)
Initial Qualifying Rules 218 (1)
The 50% Test 218 (1)
Existence of Trade or Business 219 (1)
Ownership Test 219 (1)
Qualified Heir Test 220 (1)
Material Participation 220 (1)
Recapture Rules 220 (1)
Conclusion 221 (2)
Family Limited Partnerships 223 (8)
Introduction 223 (1)
Who Controls the Partnership? 224 (1)
Discounting the Value of the Limited 225 (2)
Partnership Interest
Should You Form an Entity to Serve as the 227 (1)
General Partner?
Asset Protection 228 (1)
Conclusion 229 (2)
Grantor Retained Annuity Trusts and Grantor 231 (10)
Retained Unitrusts
Introduction 231 (1)
What Is a Grat? 232 (1)
What Is a Grut? 233 (1)
Grat or Grut---Which One Should You 233 (1)
Choose?
Assets to Be Placed in the Grat or Grut 233 (2)
Qualified Annuity Interests/Fixed Term 235 (1)
Minimizing the Mortality Risk of a 236 (2)
Grat/Grut
Sale of the Grat Remainder Interest to a 238 (1)
Dynasty Trust
Grat Planning After the Enactment of the 239 (1)
2001 Tax Act
Conclusion 240 (1)
Intentionally Defective Grantor Trusts 241 (6)
Introduction 241 (1)
The Major Benefit of an IDGT 242 (1)
Implementation of an IDGT 243 (1)
Drafting the IDGT Trust Agreement 244 (1)
IDGT versus GRAT 245 (1)
Conclusion 246 (1)
Split Dollar Life Insurance 247 (12)
Introduction 247 (1)
The Split Dollar Financing Arrangement 248 (3)
Benefits of a Split Dollar Arrangement 251 (1)
Tax Consequences 252 (1)
Ownership of the Life Insurance Through 253 (1)
an Irrevocable Life Insurance Trust
Different Types of Split Dollar 253 (1)
Arrangements
Loans from the Cash Value in the Life 254 (1)
Insurance Policy
Private Split Dollar 255 (2)
Conclusion 257 (2)
Self-Canceling Installment Notes and 259 (8)
Private Annuities
Introduction 259 (1)
Selling Assets as an Estate Planning Tool 259 (1)
Self-Canceling Installment Note 260 (2)
Private Annuities 262 (3)
Conclusion 265 (2)
Conclusion 267 (16)
Introduction 267 (1)
Fact Pattern νm;1 268 (2)
Fact Pattern νm;2 270 (4)
Fact Pattern νm;3 274 (3)
Fact Pattern νm;4 277 (2)
Fact Pattern νm;5 279 (3)
Conclusion 282 (1)
Appendix A Estate and Gift Tax Rates 283 (94)
Appendix B Tax Rates 377 (6)
Index 383