Estate Planning.

Intro -- Estate Planning -- Contents -- About the Author -- Introduction -- Chapter 1 Estate Planning Objectives -- Notes -- Chapter 2 Inventory of the Client's Assets and Objectives -- A. Scope of Factual Analysis -- B. Family -- C. Assets and Liabilities -- D. Cash Flow Analysis -- E. Present Objectives for Estate Disposition -- Notes -- Chapter 3 Preliminary Estate Planning Considerations -- A. Expanded Responsibilities of the Professional Tax Advisor -- B. Facilitating Lifetime Capital Formation -- C. Fundamental Federal Income Tax Planning -- D. Managing and Structuring the Closely Held Business Ownership: Family Business Succession Planning -- E. Additional Important Preliminary Planning Inquiries -- 1. Types of Other Property Prompting Estate Planning Analysis -- 2. Life Insurance -- 3. Joint Tenancy Property -- 4. Conflict-of-Laws Problems -- 5. Classification of Community Property -- 6. Possible Elective Rights of Surviving Spouse and Others -- 7. Disposition of Client's Virtual Assets -- 8. Other Properties and Planning Issues -- F. Financial Adequacy of the Estate -- G. Hypothetical Probate Administration -- H. Lifetime Asset Management -- Notes -- Chapter 4 The Basic Federal Transfer Tax and Income Tax Structure -- A. Estate, Gift, and Generation-Skipping Transfer Taxes -- 1. The Federal Transfer Tax System -- 2. The Federal Estate Tax -- 3. The Gift Tax-Determining the Taxable Gift -- 4. Determining the Specific Amount of Transfer Tax Liability -- 5. Filing Requirements -- 6. Generation-Skipping Transfer Tax -- B. Related Federal Income Tax Considerations -- 1. Gifts and Bequests as Gross Income -- 2. Income Tax Basis Provisions-Gift Transfers -- 3. Income Tax Basis Provisions-Property Transfers at Death -- 4. Treatment of "Income in Respect of a Decedent" -- 5. Gain Recognized on the Satisfaction of Pecuniary Bequests -- Notes.

Chapter 5 Fundamental Testamentary Planning -- A. Basic Mechanisms for Transferring Property -- 1. Available Alternatives -- 2. Basic Structure of the Last Will -- B. Trusts -- 1. General Purposes of Trusts -- 2. Types of Estate Planning Trusts -- 3. Basic Trust Structure -- 4. Trust Administration -- 5. Federal Taxation of Trust Income -- C. Credit Shelter Trust -- D. Estate Tax Marital Deduction Transfers -- 1. Fundamental Elements -- 2. Historical Background and Legislative Purpose of the Estate Tax Marital Deduction -- 3. Transfers Qualifying for Marital Deduction -- 4. Determining the Precise Amount of the Marital Deduction Transfer -- 5. Mechanics for Funding the Marital Deduction Formula Amount -- 6. Eligibility of Community Property for Marital Deduction -- 7. Foreign Recipients or Foreign Decedents -- g. Disclaimers in Marital Deduction Context -- 9. Marital Trust Postfunding Administration -- E. Powers of Appointment -- 1. Benefit of the Limited Power of Appointment Technique -- 2. Applicable Terminology -- 3. Tax Classification of Powers -- 4. Taxation of Powers of Appointment -- 5. Planning Considerations -- Notes -- Chapter 6 Lifetime Asset Transfers -- A. Lifetime Gifts-Arguments For and Against -- 1. Reasons for Making Gifts -- 2. Arguments Against Completion of Gifts -- B. Basic Federal Tax Considerations -- 1. Gift Tax Considerations -- 2. Estate Tax Considerations -- 3. Income Tax Considerations -- 4. Tax Savings Achieved Through Lifetime Gift Program -- C. Methods of Completing Gifts -- 1. Concept of Gift Transfers -- 2. Gift Transfer Variations -- 3. Gift by Agent on Behalf of Donor -- D. Specific Types of Gifts -- 1. Gifts to Minors -- 2. Net Gifts -- 3. Irrevocable Lifetime Trusts -- 4. Intentionally Tax Defective Trusts -- 5. Transfer of the Family Residence -- Notes -- Chapter 7 Intrafamily Transfer Alternatives to Gifts.

A. Intrafamily Sale/Leaseback or Gift/Leaseback -- 1. Family Sale/Leasebacks -- 2. Gift/Leaseback -- B. Intrafamily Installment Sales -- 1. Estate Planning Benefits -- 2. Income Tax Considerations -- 3. Estate Tax Considerations -- 4. Gift Tax Considerations -- 5. Bargain Sale -- 6. "Self-Canceling" Installment Note (SCIN) -- C. Interest-Free Loans of Money -- 1. Recharacterization of Intrafamily Loans -- 2. Gift Tax Issues -- 3. Income Tax Issues -- 4. Section 7872 Below-Market Loan Tax Principles -- D. Loans of Property or Credit -- 1. Loans of Real Property and Tangible Personal Property -- 2. Loan of Creditworthiness -- E. Tax-Free Property Exchanges with Family Members -- 1. Possible Like-Kind Property Exchange Situations -- 2. Objective of the Tax-Free Exchange Transaction -- 3. Income Tax Rules Applicable to the Property Exchange -- 4. Estate Tax Inclusion of the Exchanged Property -- F. Private Annuities -- 1. Estate Planning Objectives -- 2. Private Annuitant's Income Taxation-Basic Elements -- 3. Dividing the "Return of Capital" Portion -- 4. Private Annuitant's Gift Taxation -- 5. Transferee's Income Tax Treatment -- 6. Special Precautions for the Transferor -- G. Joint or Split Purchases -- 1. Description of Split-Purchase Technique -- 2. Gift Tax Considerations -- 3. Investment/Income Tax Considerations -- 4. Spousal Joint Purchase Alternative -- 5. Split Ownership Estate Tax Planning -- 6. Implementing the Split-Purchase Transaction -- H. Sale of Remainder Interest in Property -- 1. Technique Described -- 2. Estate and Gift Tax Considerations -- 3. Income Tax Considerations -- I. Grantor Retained Annuity Trust and Unitrust -- 1. GRAT (or GRUT) Technique Described -- 2. Gift Tax Considerations -- 3. Estate Tax Considerations -- 4. Income Tax Considerations -- 5. GRAT (or GRUT) Structuring Strategies.

6. Making Assets Available to Grantor After GRAT (or GRUT) Expiration -- J. Personal Residence Trusts -- 1. Primary Use of Property as a Residence -- 2. Structuring the "Personal Residence Trust" -- 3. The Alternative "Qualified Personal Residence Trust" -- 4. Gift Tax Consequences -- 5. Estate Tax Consequences -- 6. Generation-Skipping Transfer Tax Effects -- 7. Income Tax Considerations -- K. Transfers of Family Properties Summarized -- Notes -- Chapter 8 Generation-Skipping Transfers -- A. Purpose of the Generation-Skipping Transfer Tax -- B. Definitional Provisions -- 1. Generation-Skipping Transfer -- 2. Definition of Other Terms -- 3. Assignment to a Generation -- C. Tax Computation -- 1. Calculating and Paying the Tax -- 2. Valuation -- 3. Applicable Rate -- D. Exemptions -- 1. GST Exemption Amount -- 2. Allocation of Exemption Amount -- E. GST Tax Planning Considerations -- 1. Importance of GST Tax Planning -- 2. GST Exemption -- 3. Layering Trusts -- 4. Exclusions -- 5. Reverse QTIP Election -- Notes -- Chapter 9 Special Nonprobate Planning Situations -- A. Joint Property -- 1. Description of Ownership Form -- 2. Joint Tenancy Income Tax Considerations -- 3. Gift Tax Applicability upon Creation -- 4. Estate Tax Considerations -- 5. Joint Tenancy Estate Planning -- B. Community Property -- 1. Community Property Classification Issues -- 2. Community Property in the Gross Estate -- 3. Lifetime Transfers of Community Property -- 4. Estate Tax Considerations -- 5. Widow's Election -- 6. Structuring Various Trusts Where Community Property Devised -- C. Life Insurance -- 1. Basic Uses of Life Insurance -- 2. Fundamental Federal Tax Rules -- 3. Life Insurance Estate Planning -- D. Commercial Annuities -- 1. Function and Structure of Annuities -- 2. Annuity Income Taxation -- 3. Estate Tax -- E. Charitable Transfers.

1. Basic Tax Planning Objectives -- 2. Eligible Charitable Recipients -- 3. Types of Charitable Transfers -- 4. Percentage Limitations -- 5. Private Foundations -- 6. Procedural Requirements -- 7. Planning Considerations -- F. Foreign Trusts -- 1. The Foreign Trust Planning Context -- 2. Identifying a Foreign Trust -- 3. Foreign Trust Formation and Funding -- 4. U.S. Income Taxation of Foreign Trust -- 5. U.S. Taxation of Trust Grantor -- 6. U.S. Income Taxation of Trust Beneficiaries -- 7. Foreign Trust Tax Planning -- Notes -- Chapter 10 Special Business Planning Situations -- A. Family Business Planning Options -- B. Closely Held Family Corporations -- 1. Shifting Ownership by Incorporating an Operating Business -- 2. Corporate Recapitalizations -- 3. Stock Purchase Agreements -- 4. Retaining the Closely Held Stock -- C. Closely Held Partnerships and Limited Liability Companies -- 1. Estate Planning Options for Partnership Structures -- 2. Family Partnerships Enabling Income and Transfer Tax Benefits -- 3. Family Limited Partnerships -- 4. Estate Exclusion and Freeze Arrangements for Family Limited Partnership Interests -- 5. Partnership/Limited Liability Company/Corporation Choice -- 6. Terminating the Partnership Interest of a Deceased Partner -- D. Special Valuation for Family Farms and Real Property -- 1. Usual "Highest and Best Use" Valuation Standard -- 2. Special Valuation Procedure Available -- 3. Qualification Requirements for Special Valuation -- 4. Income Tax Considerations -- 5. Special Use Valuation Methods -- 6. Recapture of Additional Estate Tax Amounts -- 7. Election to Use Special Valuation -- 8. Using the Special Valuation Method -- E. Qualified Family-Owned Business Interests -- 1. Small Business Relief Deduction Provision -- 2. Description of Section 2057 Deduction -- 3. Identifying a QFOBI -- 4. Possible Recapture of Deduction.

5. Future for Family Owned Business Interest Deduction.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.