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More About This Title JK Lasser's New Rules for Estate and Tax Planning
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STEWART H. WELCH III, CFP, AEP, is a nationally recognized financial advisor who is widely quoted in the press. He has been listed as one of the top financial advisors in the country by several magazines including Worth, Mutual Funds magazine, and Medical Economics. Welch’s company, The Welch Group LLC, is a fee-only, wealth management advisory firm in Birmingham, Alabama.
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Introduction.
1. Tax Relief Act?2001?An Overview.
Retirement Savings and Pension Reform.
Marginal Tax Rates.
Education Funding Incentives.
Estate, Gift, and Generation-Skipping Transfers.
2. Estate Planning: You Need It?Here?s Why.
Why Do You Need Estate Planning?
What Is Estate Planning?
The Benefits of Estate Planning.
The Nightmares of Poor Planning.
The Myths of Estate Planning.
Guidelines for Successful Estate Planning.
3. The Estate Tax System: How Much Are You Really Worth?
Determining Your Estate Net Worth.
Understanding the Estate Tax System.
Your Estate Tax Picture.
Your Future Estate.
Overview of Estate Planning Strategies.
4. Investment Strategies for Maximizing Estate Growth.
Growth Strategy with a Safety Net TM.
Prioritizing Your Investment Dollars.
Retirement Planning: Choosing the Best Investment Environments.
Some Final Thoughts on Investing.
5. Retire with Dignity: How Much Is Enough?
Your Retirement Requirements.
6. You Don?t Have a Will? Big Trouble!
Property Transfers at Death.
Transfers via Probate.
Direct Transfers by Title.
Other Methods of Property Ownership.
Choosing the Best Methods of Ownership.
Setting Estate Planning Goals.
7. Where There?s a Will,There?s YourWay!
What Is a Will?
Types of Wills.
Advantages and Disadvantages of Wills.
Intelligent Decisions Concerning Your Will?s Basic Provisions.
Executing Your Will.
Where to Store Your Will.
Other Important Documents.
Working with Your Attorney.
When to Review Your Estate Plan.
8. Using Trusts in Your Estate Plan.
The Credit Shelter Trust Will.
Disclaimers.
Marital Trusts.
Spendthrift Trust.
Standby Trust.
Other Trusts.
9. Understanding the Living Trust.
Advantages of Living Trusts.
Disadvantages of Living Trusts.
How a Living Trust Operates.
Transferring Property into Your Living Trust.
Types of Property Likely to Be Transferred.
Living Trust Myths.
Transacting Business with Your Trust.
10. Using Insurance in Your Estate Plan.
Life Insurance.
Using Life Insurance to Replace Income.
How Much Life Insurance Do You Need?
What Type of Life Insurance Is Best for You?
Insurance on a Homemaker.
Insurance on Adult Children.
How to Get the Best Deal on Term Life Insurance.
Insurance Warnings!
Using Life Insurance for Estate Liquidity.
How Much Is Enough?
What Type of Life Insurance Is Best for Estate Liquidity?
The Irrevocable Life Insurance Trust.
Getting Your Life Insurance into Your Trust.
Using Life Insurance to Leverage Your Estate.
About Your Cash Values.
Long Term Care Insurance.
11. Smart Strategies for Gifting Assets to Family Members.
The Annual Gift Tax Exclusion.
Unintended Gifts.
Filing a Gift Tax Return.
The Applicable Exclusion Amount.
Outright Gifts.
When the Donee Is a Minor.
Other Tax-Free Gifts.
Family Gifts Utilizing Trusts.
Grantor Retained Annuity Trust.
Grantor Retained Unitrust.
Qualified Personal Residence Trust.
Taking Advantage of Generation Skipping Transfers.
Sales to Family Members.
Loans to Family Members.
12. Strategic Planning with Charities.
Outright Gifts to Charities.
Testamentary Gifts to Charities.
Gifts Using Charitable Trusts.
Using Your Charitable Trust for Retirement Planning.
The Private Foundation.
13. Family Limited Partnerships.
General Structure of the Family Limited Partnership.
Family Limited Partnership Rules.
14. Succession Planning for the Family Business or Farm.
Special Estate Tax Benefits for Farmers and Closely Held Business Owners.
Valuing Your Business or Farm.
Succession or Sale?
Succession Planning: Keeping the Family Business in the Family.
Maximizing Your Business?s Value through a Sale.
Structuring Your Buy-Sell Agreement.
Types of Buy-Sell Agreements.
Funding the Buy-Sell Agreement.
One Final Strategy?the Employee Stock Ownership Plan.
15. Asset Protection Strategies.
The Concept of Fraudulent Transfers.
A Word about Jointly Held Property.
Retirement Plans.
Life Insurance.
Using Trusts to Protect Assets.
Using Corporations to Protect Assets.
Use of Multiple Corporations.
Asset Protection Using Family Limited Partnerships.
Foreign Asset Protection Trusts.
Domestic Asset Protection Trusts.
Epilogue?Dealing with Parents and Their Money.
Appendix A?State-by-State Listing of Top Professional Advisors.
Appendix B?Estate Planning Terms.
Index.
