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Hypothetical Family The couple’s objectives are to ensure that the surviving spouse is well cared for and to keep the land in timber for the children and grandchildren The h wife does not remarry The children’s marriages are sound, and The family works together harmoniously 7
Hypothetical Family Say the husband dies in 2008 and the wife in 2009 How much estate tax is due over both deaths? 8
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
Page 9 and 10:
Selecting Your Team 4. Trust office
Page 11 and 12:
Reviewing Your Plan 1. Make sure th
Page 13 and 14:
Uses of Wills 4. Provide for contin
Page 15 and 16:
Uses of Trusts 1. Retain management
Page 17 and 18:
Estate Planning Tools Specific: •
Page 19 and 20:
Estate Planning Toolkit Just an int
Page 21 and 22:
Gifts Gifts with a value less than
Page 23 and 24:
Gifts In addition, there is an UNLI
Page 25 and 26:
Gifts Advantages: Permits you to tr
Page 27 and 28:
Bequests The giving of money or pro
Page 29 and 30:
Bequests Valuation date is decedent
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Bequests Disadvantage: Inability y
Page 33 and 34:
Marital Deduction Disadvantage: Doe
Page 35 and 36:
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
Page 49 and 50:
Special Use Valuation Elect to use
Page 51 and 52:
Special Use Valuation The property
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Special Use Valuation … benefits
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Special Use Valuation Non‐qualifi
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Special Use Valuation At least one
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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 and 108: Economic Advantage of Estate Planni
Page 109 and 110: Family Assets The couple’s joint
Page 111: Hypothetical Family In addition, it
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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