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Gifts Disadvantages: May y be hard to divide some assets – like forest land –into small enough pieces The recipient does not get a step‐up in basis, as with inherited assets Some gifts made within 3 years of death may be pulled back into the estate – incomplete gifts, gifts of life insurance policies 9
Bequests The giving of money or property by one person to another after the donor’s death, through a will or under intestacy t CartoonLibrary\BadHeirDay.ppt Bequests of money or property are not taxable to recipients at the federal level, but may be taxable to the decedent’s estate NOTE: Bequests of income or income from bequests of money or property ARE taxable to recipients 10
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: Gifts Advantages: Permits you to tr
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
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
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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
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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
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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