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Gifts For 2009–2010 is $13,000 per year ($26,000 for married couples making a “split gift”) You –and your spouse –can make excludable gifts to as many different persons each year as you wish You also can make as many larger gifts as you wish, ihbut tthey will count against tthe effective exemption amount for gifts 5
Gifts In addition, there is an UNLIMITED exclusion for qualifying gift payments of educational or medical costs (IRC Sect. 2503(e)) Educational –Only for tuition paid to a qualifying i educational organization; you must pay the organization, not the student Medical – Only for qualifying medical costs not reimbursable by insurance; you must pay the provider, not the patient 6
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: Gifts Gifts with a value less than
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
Page 31 and 32: Bequests Disadvantage: Inability y
Page 33 and 34: Marital Deduction Disadvantage: Doe
Page 35 and 36: Effective Exemption Amount The “u
Page 37 and 38: Effective Exemption Amount Once cum
Page 39 and 40: Bipartisan Estate Tax Bills Current
Page 41 and 42: Effective Exemption Amount As well,
Page 43 and 44: Effective Exemption Amount Disadvan
Page 45 and 46: Special Use Valuation Before 1998 t
Page 47 and 48: Special Use Valuation Advantages: R
Page 49 and 50: Special Use Valuation Elect to use
Page 51 and 52: Special Use Valuation The property
Page 53 and 54: Special Use Valuation … benefits
Page 55 and 56: 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
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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
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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
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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
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Family Assets The couple’s joint
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Hypothetical Family In addition, it
Page 113 and 114:
Hypothetical Family Say the husband
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“I Love You” Will Is a guarante
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Value of the Joint Estate at the Hu
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Federal Estate Tax Payable at the W
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Balanced Estate Plan The effective
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Balanced Estate Plan The effective
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Balanced Estate Plan Special use va
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Value of the Joint Estate at the Hu
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Federal Estate Tax Payable at the W
Page 131:
Additional Strategies … children
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