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Deferral and Extension And EGTRRA increased the maximum number of partners or stockholders to qualify for a closely‐held business from 15 to 45 EGTRRA also made the extension provision available lbl to closely‐held l ldlending and financing businesses – but for 5 years, not 10 63
Deferral and Extension Advantages Reduces the pressure to fragment holdings or liquidate timber, and helps ensure the passing of a family enterprise intact from one generation to another Reduces the need to disrupt an established forest management plan in order to pay the federal estate tax 64
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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
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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
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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
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: Deferral and Extension TRA and EGTR
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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