CONTENTS
Dedication............................................................................................................................................ iii
About the Authors............................................................................................................................. v-vii
Acknowledgments................................................................................................................................ vii
Preface............................................................................................................................................. ix-x
Introduction and Bibliography........................................................................................................... xi-xiv
Part 1: The Purpose and Practice of Estate Planning
Chapter 1: Overview of Estate Planning............................................................................................. 1
Chapter 2: Data Gathering and Analysis........................................................................................... 41
Chapter 3: Death-Sensitization for the Estate Planner........................................................................ 65
Chapter 4: The Unauthorized Practice of Law.................................................................................. 75
Chapter 5: Ethics............................................................................................................................ 79
Chapter 6: Malpractice in Estate Planning........................................................................................ 83
Part 2: Ownership and Transfer of Property
Chapter 7: Ownership and Transfer of Property............................................................................... 95
Chapter 8: Wills............................................................................................................................ 101
Chapter 9: How to Review a Will................................................................................................... 109
Chapter 10: Power of Appointment.................................................................................................. 119
Chapter 11: Disclaimers.................................................................................................................. 127
Chapter 12: Selection of Executor, Trustee, and Attorney.................................................................. 133
Chapter 13: Probate........................................................................................................................ 151
Chapter 14: Executor’s Primary Duties............................................................................................ 157
Part 3: Taxes
Chapter 15: Estate Tax................................................................................................................... 159
Chapter 16: Extensions of Time to Pay Estate Tax............................................................................ 171
Chapter 17: Gift Tax....................................................................................................................... 179
Chapter 18: Generation-Skipping Transfer Tax................................................................................. 209
Chapter 19: Federal Income Tax Issues........................................................................................... 225
Chapter 20: Non U.S. Persons in the Estate Plan.............................................................................. 235
Chapter 21: Post Mortem Tax Elections........................................................................................... 241
Part 4: Gifts
Chapter 22: Gifts............................................................................................................................ 245
Chapter 23: Uniform Gifts/Transfers to Minors Acts......................................................................... 259
Part 5: Trusts
Chapter 24: Marital Deduction and Bypass Trusts............................................................................. 263
Chapter 25: Section 2503(b) and 2503(c) Trusts................................................................................ 279
Chapter 26: Grantor Retained Interest Trusts (GRAT, GRUT, QPRT)............................................... 285
Chapter 27: Defective Trust............................................................................................................ 295
Chapter 28: Revocable Trust........................................................................................................... 301
Chapter 29: Tax Basis Irrevocable Trust.......................................................................................... 311
Part 6: Life Insurance
Chapter 30: Life Insurance.............................................................................................................. 315
Chapter 31: Irrevocable Life Insurance Trust................................................................................... 335
Part 7: Charitable Giving
Chapter 32: Charitable Contributions................................................................................................ 343
Chapter 33: Charitable Split Interest Trusts....................................................................................... 357
Chapter 34: Conservation Easement Exclusion.................................................................................. 367
Part 8: Intrafamily and Other Business Transfers Techniques
Chapter 35: Installment Sales and SCINs......................................................................................... 371
Chapter 36: Private Annuity............................................................................................................ 385
Chapter 37: Interest-Free and Below Market Rate Loans.................................................................. 395
Chapter 38: Split Interest Purchase of Property (Split)....................................................................... 401
Chapter 39: Sale (Gift) – Leaseback................................................................................................ 405
Chapter 40: Buy-Sell (Business Continuation) Agreement.................................................................. 415
Chapter 41: Section 303 Stock Redemption....................................................................................... 435
Chapter 42: Family-Owned Business Deduction................................................................................ 441
Chapter 43: Family Limited Partnerships.......................................................................................... 445
Chapter 44: Limited Liability Companies........................................................................................... 463
Chapter 45: Personal Holding Company........................................................................................... 469
Chapter 46: S Corporation............................................................................................................... 475
Chapter 47: Incorporation................................................................................................................ 485
Part 9: Planning for Employee Benefits and Retirement
Chapter 48: Deferred Compensation (Nonqualified).......................................................................... 501
Chapter 49: Employee Stock Ownership Plan................................................................................... 515
Chapter 50: HR-10 (Keogh) Retirement Plan for the Self-Employed.................................................. 527
Chapter 51: Individual Retirement Plans (and SEPs)......................................................................... 535
Chapter 52: Profit Sharing/401(k)/Pension Plan................................................................................. 547
Chapter 53: Survivor’s Income Benefit Plan..................................................................................... 571
Chapter 54: Health Reimbursement Arrangement............................................................................. 577
Part 10: Miscellaneous
Chapter 55: Elderly and Disabled (Planning for)................................................................................ 581
Chapter 56: Durable Power of Attorney........................................................................................... 589
Chapter 57: Planning for Non-Traditional Relationships..................................................................... 595
Part 11: Valuation Issues
Chapter 58: Valuation Planning........................................................................................................ 611
Chapter 59: Freezing Techniques – Corporations and Partnerships..................................................... 645
Appendices
Appendix A: Tax Rates and Credits.................................................................................................. 655
Income Tax Rate Schedules.......................................................................................... 655
Gift and Estate Tax Rate Schedules............................................................................... 657
Unified Credit............................................................................................................... 658
Maximum Credit Table for State Death Taxes................................................................ 659
Appendix B: Valuation and Life Expectancy Tables........................................................................... 661
Working with the IRS Valuation Tables.......................................................................... 661
1980 Commissioners Standard Ordinary Mortality Table.................................................. 692
Table V – One Life-Expected Return Multiples.............................................................. 693
Figuring Compound Interest and Annuity Values............................................................. 694
Appendix C: Anatomical Gifts........................................................................................................... 697
Appendix D: Internet in Estate Planning............................................................................................. 701
Index................................................................................................................................................. 703