Practical Estate Planning
It's more important than ever to revisit your clients' existing estate plans. PPC’s Guide to Practical Estate Planning can help you develop practical solutions to wealth transfer challenges.
DetailsPPC’s Guide to Practical Estate Planning provides comprehensive guidance on all phases of estate planning, including: Lifetime gifting Creating family partnerships and avoiding Section 2036 gross estate inclusion Retirement plan distributions Short-term GRATs Life insurance trusts Generation-skipping, marital, and charitable transfers Using buy/sell agreements Also included are timesaving practice aids that show you how to review a will or trust instrument, perform a life insurance checkup, and effectively market estate planning engagements. The 2012 edition of includes coverage of these new developments: Wealth Transfer Planning in 2012 When the Future Estate and Gift Tax Is Uncertain. Because the current law is scheduled to change significantly, with a much lower applicable exclusion amount and no opportunity for portability (the transfer of the deceased spouse’s unused exclusion amount to the surviving spouse), wealth transfer planning in 2012 is particularly challenging. Included in this update is a new section with various planning strategies to consider, depending on the client’s level of net worth. Impact of Having Made the Modified Carryover Basis Election. Although the opportunity to make the election to use the modified carryover basis rules has passed, the impact of having made the election continues to apply to those (including the decedent’s estate) who acquired property from the decedent (or the decedent’s estate). This edition includes detailed information on how the election applies to inherited property, including community property, property with suspended passive losses, property with liabilities in excess of basis, pecuniary bequests, transfers to charitable remainder trusts or to qualified revocable trusts that are treated as part of the estate, and more. Guidance is also included on the situations in which an allocation of basis increase can be made or revised. When the Portability Election May Be Preferable to a Bypass Trust. If a married individual dies in 2012 and has a combined estate with his or her spouse of less than $10.24 million (in 2012), consisting primarily of retirement plan assets, the portability election may create tax savings. This edition explains when and why the portability election would be preferable, as well as planning strategies to create overall tax savings and achieve the client’s estate planning goals. Opportunity for Increased Lifetime Gift Tax Exclusion Amount Is Running Out. With the applicable exclusion amount scheduled to be reduced after 2012, a window of opportunity exists to make gifts without a gift tax liability. This edition includes a discussion of the issues to consider (both advantages and disadvantages) for making lifetime gifts when the future gift tax is uncertain and why lifetime gifts may be better than transfers at death.
PPC’s Guide to Practical Estate Planning provides comprehensive guidance on all phases of estate planning, including:
Also included are timesaving practice aids that show you how to review a will or trust instrument, perform a life insurance checkup, and effectively market estate planning engagements.
The 2012 edition of includes coverage of these new developments:
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