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Effective Exemption Amount PART I: From 1971 through 2001, the federal estate and gift taxes were combined into a “unified” tax on the value of a decedent’s estate, plus the value of any lifetime gifts above the annual exclusion that he or she made 17
Effective Exemption Amount The “unified credit,” a credit against tentative estate tax due, effectively exempted a portion of the combined values from federal tax (IRC sec. 2010) The h effective exemption – $600,000 through h 1997 – shielded all of smaller estates and a portion of larger estates from the federal tax 18
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 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: Marital Deduction Disadvantage: Doe
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
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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
Page 123 and 124:
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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