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Bequests A recipient’s basis in an inherited asset is its fair market value on the valuation date (IRC sec. 1014 (a)(1)) Usually results in a “stepped‐up” basis 11
Bequests Valuation date is decedent’s date of death OR earlier of 6 months after death or the date any estate asset is sold (alternate valuation date) Alternate valuation date may be used if it lowers the estate value AND the estate tax due But tif used, it must be used for ALL estate tt assets, not just some 12
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: Bequests The giving of money or pro
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
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 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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