JK Lasser's New Rules for Estate and Tax Planning (Fourth Edition)

A complete guide to planning an estate under today's tax rules When it comes to an estate (no matter how big or small it may be) nothing should be left to chance. Proper planning is necessary to protect both your assets and your heirs. Estate Planning Law Specialists Harold Apolinsky and Craig Stephens and expert financial planner Stewart Welch III know this better than anyone else, and in the revised and updated edition of J.K. Lasser's New Rules for Estate and Tax Planning, they offer valuable advice and solid strategies to help you plan your estate under today's tax rules as well as preserve your wealth. Packed with up-to-the-minute facts, this practical resource covers a wealth of important issues. Reveals how new legislation will impact inheritances and trusts and offers guidance for estate and generation-skipping tax planning Explains the role of wills, executors, and trusts and shows how to treat charitable contributions Outlines the do's and don'ts of gifting and explains life insurance and retirement planning Filled with in-depth insights and expert advice, this book will show how to efficiently arrange your estate today so that you can leave more to those you care about tomorrow. NEW RULES FOR ESTATE AND TAX PLANNING......Page 3 Contents......Page 7 Acknowledgments......Page 11 Introduction......Page 15 1. Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010......Page 19 Marginal Ordinary Income Tax Rates......Page 20 Educational Provisions......Page 21 Estate, Gift, and Generation-Skipping Transfers......Page 26 What Is Estate Planning?......Page 31 The Benefits of Estate Planning......Page 33 The Nightmares of Poor Planning......Page 34 The Myths of Estate Planning......Page 35 Guidelines for Successful Estate Planning......Page 36 Understanding the Estate Tax System......Page 39 Your Estate Tax Picture......Page 45 Overview of Estate Planning Strategies......Page 48 4. Investment Strategies for Maximizing Estate Growth......Page 50 Growth Strategy with a Safety Net®......Page 51 Prioritizing Your Investment Dollars......Page 55 Retirement Planning: Choosing the Best Investment Environments......Page 56 Some Final Thoughts on Investing......Page 64 Your Retirement Requirements......Page 65 6. You Don’t Have a Will? Big Trouble!......Page 78 Transfers via Probate......Page 79 Direct Transfers by Title......Page 82 Other Methods of Property Ownership......Page 86 Choosing the Best Methods of Ownership......Page 87 Setting Estate Planning Goals......Page 88 Types of Wills......Page 90 Advantages and Disadvantages of Wills......Page 92 Intelligent Decisions Concerning Your Will’s Basic Provisions......Page 94 Where to Store Your Will......Page 104 Other Important Documents......Page 105 Working with Your Attorney......Page 108 When to Review Your Estate Plan......Page 113 8. Using Trusts in Your Estate Plan......Page 116 The Credit Shelter Trust Will......Page 117 Disclaimers......Page 121 Marital Trusts......Page 122 Spendthrift Trust......Page 126 Other Trusts......Page 127 Advantages of Living Trusts......Page 128 Disadvantages of Living Trusts......Page 130 How a Living Trust Operates......Page 131 Transferring Property into Your Living Trust......Page 133 Types of Property Likely to Be Transferred......Page 136 Living Trust Myths......Page 138 Transacting Business with Your Trust......Page 140 Life Insurance......Page 141 Using Life Insurance to Replace Income......Page 143 How Much Life Insurance Do You Need?......Page 144 Insurance on Adult Children......Page 147 How Much Is Enough?......Page 148 Using Life Insurance for Estate Liquidity......Page 149 What Type of Life Insurance Is Best for Estate Liquidity?......Page 150 The Irrevocable Life Insurance Trust......Page 152 Getting Your Life Insurance into Your Trust......Page 153 Using Life Insurance to Leverage Your Estate......Page 155 About Your Cash Values......Page 157 Long-Term Care Insurance......Page 159 The Annual Gift Tax Exclusion......Page 162 Unintended Gifts......Page 163 Filing a Gift Tax Return......Page 164 Outright Gifts......Page 165 When the Donee Is a Minor......Page 167 Family Gifts Utilizing Trusts......Page 170 Grantor Retained Annuity Trust......Page 171 Qualified Personal Residence Trust......Page 172 Taking Advantage of Generation Skipping Transfers......Page 177 Sales to Family Members......Page 179 Loans to Family Members......Page 182 The Legacy Trust......Page 183 12. Strategic Planning with Charities......Page 191 Outright Gifts to Charities......Page 192 Gifts Using Charitable Trusts......Page 194 Using Your Charitable Trust for Retirement Planning......Page 197 The Private Foundation......Page 200 General Structure of the Family Limited Partnership......Page 204 Family Limited Partnership Rules......Page 209 14. Succession Planning for the Family Business or Farm......Page 215 Special Estate Tax Benefits for Farmers and Closely Held Business Owners......Page 217 Valuing Your Business or Farm......Page 218 Succession Planning: Keeping the Family Business in the Family......Page 219 Maximizing Your Business’s Value through a Sale......Page 220 Structuring Your Buy-Sell Agreement......Page 221 Types of Buy-Sell Agreements......Page 222 Funding the Buy-Sell Agreement......Page 223 One Final Strategy—The Employee Stock Ownership Plan......Page 224 15. Asset Protection Strategies......Page 226 The Concept of Fraudulent Transfers......Page 227 Retirement Plans......Page 230 Using Trusts to Protect Assets......Page 232 Using Limited Liability Entities to Protect Assets......Page 234 Use of Multiple Limited Liability Entities......Page 236 Foreign Asset Protection Trusts......Page 237 Domestic Asset Protection Trusts......Page 239 Choosing the Right Entity for Your Business......Page 241 Closing Thoughts......Page 251 Importance of a Business Plan......Page 253 Epilogue—Dealing with Parents and Their Money......Page 255 Appendix A—Professional Advisors......Page 257 Appendix B—Estate Planning Terms......Page 261 Appendix C—IRS Life Expectancy Table......Page 266 Index......Page 269

A complete guide to planning an estate under today's tax rules

When it comes to your estate-no matter how big or small it may be-you shouldn't leave anything to chance. Proper planning is necessary to protect both your assets and your heirs. Experts Stewart Welch III, Harold Apolinsky, and Craig Stephens know this better than anyone else, and in the Third Edition of J.K. Lasser's New Rules for Estate and Tax Planning, they offer valuable advice and solid strategies to help you plan your estate under today's tax rules. Packed with up-to-the-minute facts, this practical resource covers essential issues; including how new legislation will impact inheritances and trusts, the do's and don't of gifting, retirement planning, and much more.

• Reflects the most recent changes in tax laws as applicable to estate taxation
• Offers useful planning with regard to trusts, charitable contributions, life insurance, and wills
• Outlines the best ways to preserve your wealth through proper planning strategies

Filled with in-depth insights and expert advice, this book will show you how to efficiently arrange your estate today so that you can leave more to those you care about tomorrow.

Tax relief, unemployment insurance reauthorization and Job Creation Act of 2010 Estate planning: you need it? here's why The estate tax system: how much are you really worth? Investment strategies for maximizing estate growth. "Comprehensive guide to estate planning with a focus on the new legislation which impacts trusts, inheritances and the estate tax, which is likely to be repealed gradually over the next decade"-- Provided by publisher