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Selecting Your Team 1. You: Set objectives and ensure they are met 2. Attorney: Coordinates process; provides legal expertise; drafts will and other legal documents 3. CPA: Knows how income, gift, and estate taxes interact; files returns and other tax documents
Selecting Your Team 4. Trust officer: Knows trust options; provides expertise for you and survivors 5. Chartered Life Underwriter: Knows insurance options; expertise for you and survivors 6. Forester: Prepares management plan tailored to estate planning objectives CartoonLibrary\DoctorLawyerCPA.ppt
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: Selecting Your Team 1. YOU 4. Trust
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 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
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Page 67 and 68:
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Page 71 and 72:
Page 73 and 74:
Disclaimer Advantage: Lets the tran
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Disclaimer The transferee must not
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Deferral and Extension of Estate Ta
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Deferral and Extension TRA and EGTR
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Deferral and Extension Advantages R
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Other Tools Estate planning profess
Page 85 and 86:
Forms of Business Organization Two
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Family Limited Partnership The limi
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Limited Liability Company But unlik
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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
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Testamentary Trusts A TESTAMENTARY
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Four Kinds of Trusts and What They
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Four Kinds of Trusts Qualified Term
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Other Tools Generation‐skipping t
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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
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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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Additional Strategies … children
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