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Estate Planning

Estate Planning

Author: William P. Streng
Publisher: John Wiley & Sons
ISBN: 9781119157120
Published In: February 2016
Format: Hardback , 736 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Plan ahead: estate planning to secure your wishes

Estate Planning is your overview of the estate planning concepts that are necessary to consider when advising your clients about the different facets of wealth transfer planning. This fundamental reference presents the basic estate, gift, and trust planning ideas in a descriptive and accessible manner—allowing you to easily and conveniently access the information you need when you need it. This essential text covers the development of estate planning strategies for your clients, the fundamentals of the federal transfer tax system, relevant federal income tax rules, lifetime donative asset transfers, gratuitous property transfers at death, generation-skipping transfers, special property transfer planning considerations, and post-mortem planning.

When done effectively, estate planning enables your clients to make both lifetime and testamentary transfers of assets to beneficiaries of their choice. In the process, strategic, successful estate planning strategies conserve wealth for these beneficiaries, who are often family members of the client. Leveraging the right methods of estate planning can ensure that you achieve your client's objectives.

Explore the fundamentals of estate planning as they relate to wealth transfer planning
Dive into special property transfer planning considerations, including community property, life insurance, charitable transfers, closely held corporations, etc.
Better serve your clients by having access to relevant, easy to navigate information on estate planning best practices
Reinforce these new ideas with a comprehensive test bank

Estate Planning is your guide to estate planning concepts that help you protect your assets during wealth transfer—and prepare for your assets to change hands as smoothly as possible.

Acknowledgments

About the Author

Introduction

Chapter 1 Introduction

Chapter 2 Inventory of the Client’s Assets and Objectives

Scope of Factual Analysis

Family

Assets and Liabilities

Cash Flow Analysis

Present Objectives for Estate Disposition

Chapter 3 Preliminary Estate Planning Considerations

Expanded Responsibilities of the Professional Tax Advisor

Facilitating Lifetime Capital Formation

Fundamental Federal Income Tax Planning

Managing and Structuring the Closely Held Business Ownership: Family Business Succession Planning

Additional Important Preliminary Planning Inquiries

Chapter 4 The Basic Federal Transfer Tax and Income Tax Structure

Estate, Gift and Generation-Skipping Transfer Taxes

Related Federal Income Tax Considerations

Chapter 5 Fundamental Testamentary Planning

Basic Mechanisms for Transferring Property

Trusts

Credit Shelter Trust

Estate Tax Marital Deduction Transfers

Powers of Appointment

Chapter 6 Lifetime Asset Transfers

Lifetime Gifts—Arguments For and Against

Basic Federal Tax Considerations

Methods of Completing Gifts

Specific Types of Gifts

Chapter 7 Intrafamily Transfer Alternatives to Gifts

Intrafamily Sale/Leaseback or Gift/Leaseback

Intrafamily Installment Sales

Interest-Free Loans of Money

Loans of Property or Credit

Tax-Free Property Exchanges with Family Members

Private Annuities

Joint or Split Purchases

Sale of Remainder Interest in Property

Grantor Retained Annuity Trust and Unitrust

Personal Residence Trusts

Transfers of Family Properties Summarized

Chapter 8 Generation-Skipping Transfers

Purpose of the Generation-Skipping Transfer Tax

Definitional Provisions

Tax Computation

Exemptions

GST Tax Planning Considerations

Chapter 9 Special Nonprobate Planning Situations

Joint Property

Community Property

Life Insurance

Commercial Annuities

Charitable Transfers

Foreign Trusts

Chapter 10 Special Business Planning Situations

Family Business Planning Options

Closely Held Family Corporations

Closely Held Partnerships and Limited Liability Companies

Special Valuation for Family Farms and Real Property

Qualified Family-Owned Business Interests

Chapter 11 Special Executive Compensation/Deferred Benefits Estate Planning

Executive Compensation Planning

Qualified Pension and Profit-Sharing Plans

Self-Employed Individual

Individual Retirement Account

Business-Originated Life Insurance

Chapter 12 Post-Mortem Estate Planning

Planning Options

Income Tax Planning Opportunities

Renunciations and Disclaimers

Waiver of Fee by Fiduciary

Solving Estate Liquidity Problems

Alternate Valuation

Chapter 13 Estate Planner-Client Relationship

Professional’s Responsibility

Determining the Amount of the Estate Planner’s Fee

Income Tax Deduction of Estate Planning Fees

Appendix

Bibliography

WILLIAM P. STRENG is a professor at the University of Houston Law Center, where he teaches federal income taxation, corporate tax, international tax, and estate planning. During his career, he was deputy general counsel for the Export-Import Bank of the United States, an attorney with the U.S. Treasury Department, and taught at universities all over the world. He is the author of numerous books, portfolios, and articles dealing with a variety of tax subjects.