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Scenario II: Balanced Estate Plan The husband and wife divide ownership of their assets and debts equally between themselves And they take advantage of two general estate planning tools and one specific one: The effective exemption for gifts The effective exemption for estates “Special use” valuation 15
Balanced Estate Plan The effective exemption amount for gifts: They y use the exemption to immediately transfer ownership of both insurance policies to the children The transfer directly reduces the joint estate AND prevents the difference between the face amount and cash value of each policy from entering a decedent’s estate at their death 16
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
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Special Use Valuation At least one
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Special Use Valuation … in accord
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Exclusion for Interest in a Family
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Exclusion for a Qualified Conservat
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Page 67 and 68:
Page 69 and 70: Exclusion for a Qualified Conservat
Page 71 and 72: 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 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: Federal Estate Tax Payable at the W
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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