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Hypothetical Family The family consists of a husband and wife, 3 children, and 5 grandchildren The husband and wife are in their 80s, retired, and living from their investments in forest management and stocks 3
Family Assets The couple’s joint estate consists of: A house and lot with a fair market value of $300,000 A forest holding consisting of 2,000 acres of land – the fair market value of the land alone is $3 million, but its value in its current use is only $1 million, plus Timber valued at $5 million 4
Page 1 and 2:
Estate Planning
Page 3 and 4:
Forestland and Estate Planning Adva
Page 5 and 6:
Essential Steps in Estate Planning
Page 7 and 8:
Selecting Your Team 1. YOU 4. Trust
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Selecting Your Team 4. Trust office
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Reviewing Your Plan 1. Make sure th
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Uses of Wills 4. Provide for contin
Page 15 and 16:
Uses of Trusts 1. Retain management
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Estate Planning Tools Specific: •
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Estate Planning Toolkit Just an int
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Gifts Gifts with a value less than
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Gifts In addition, there is an UNLI
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Gifts Advantages: Permits you to tr
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Bequests The giving of money or pro
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Bequests Valuation date is decedent
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Bequests Disadvantage: Inability y
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Marital Deduction Disadvantage: Doe
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Effective Exemption Amount The “u
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Effective Exemption Amount Once cum
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Bipartisan Estate Tax Bills Current
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Effective Exemption Amount As well,
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Effective Exemption Amount Disadvan
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Special Use Valuation Before 1998 t
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Special Use Valuation Advantages: R
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Special Use Valuation Elect to use
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Special Use Valuation The property
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Special Use Valuation … benefits
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Special Use Valuation Non‐qualifi
Page 57 and 58: Special Use Valuation At least one
Page 59 and 60: Special Use Valuation … in accord
Page 61 and 62: Exclusion for Interest in a Family
Page 63 and 64: Exclusion for a Qualified Conservat
Page 73 and 74: Disclaimer Advantage: Lets the tran
Page 75 and 76: Disclaimer The transferee must not
Page 77 and 78: Deferral and Extension of Estate Ta
Page 79 and 80: Deferral and Extension TRA and EGTR
Page 81 and 82: Deferral and Extension Advantages R
Page 83 and 84: Other Tools Estate planning profess
Page 85 and 86: Forms of Business Organization Two
Page 87 and 88: Family Limited Partnership The limi
Page 89 and 90: Limited Liability Company But unlik
Page 91 and 92: Lessons Learned But BE AWARE the IR
Page 93 and 94: Lessons Learned The partners/member
Page 95 and 96: Trusts An arrangement by which a pe
Page 97 and 98: Lifetime Trusts A LIFETIME TRUST is
Page 99 and 100: Testamentary Trusts A TESTAMENTARY
Page 101 and 102: Four Kinds of Trusts and What They
Page 103 and 104: Four Kinds of Trusts Qualified Term
Page 105 and 106: Other Tools Generation‐skipping t
Page 107: Economic Advantage of Estate Planni
Page 111 and 112: Hypothetical Family In addition, it
Page 113 and 114: Hypothetical Family Say the husband
Page 115 and 116: “I Love You” Will Is a guarante
Page 117 and 118: Value of the Joint Estate at the Hu
Page 119 and 120: Federal Estate Tax Payable at the W
Page 121 and 122: Balanced Estate Plan The effective
Page 123 and 124: Balanced Estate Plan The effective
Page 125 and 126: Balanced Estate Plan Special use va
Page 127 and 128: Value of the Joint Estate at the Hu
Page 129 and 130: Federal Estate Tax Payable at the W
Page 131: Additional Strategies … children
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