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Balanced Estate Plan The result of the transfer is to reduce the effective exemption amount for the first spouse to die by $228,000 They could have could have transferred the policies entirely by using the annual exclusion for gifts, OR They could have placed dthe policies i in an irrevocable life insurance trust (ILIT) 17
Balanced Estate Plan The effective exemption amount for estates: The spouses structure their wills so that at the death of the first spouse, the surviving spouse receives at least $1 million and the children receive the rest, up to the full amount shielded by the effective exemption amount 18
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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
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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 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 and 120: Federal Estate Tax Payable at the W
Page 121: 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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