The Estate Planning Kit

  • How to give money to your heirs so the creditors canít touch it. Look up "spendthrift provision" in the Kit. P. 125.
  • Why you should not be the custodian of an account set up for the benefit of your children. P. 234.
  • A planned gift-giving program, say to your children, may help you reduce income taxes as well as minimize your estate taxes. P. 231.
  • How to make a will that will stand up to the scrutiny of courts, disgruntled heirs, the IRS - and reduce estate taxes. Chapters 3, 4, and 5.
  • Husband and wife die simultaneously in a disaster. "Unlimited marital deduction" may be lost unless their wills contain a proper "survivorship clause." Read the Kit and protect your kids from estate tax. P. 154, 371.
  • Give an income-producing property to a charity. Take a full deduction now for the income the charity will receive in the future. After 10 years, get your property back. Sounds good? It is. See Chapter 21.
  • The law provides a special estate tax break for owners of closely held businesses. Few accountants and lawyers know about it. The Kit will tell you. P. 338.
  • Probate is costly and time-consuming. But there are times when you shouldn't avoid it. P.114.
  • If you make this mistake in your will, you could lose your marital deduction and incur estate taxes. P. 367,371.
  • The estate tax taw allows each individual a credit of up to $192,800. However, the manner in which you and your spouse own the family assets may mean that part or all of this credit will be lost. The Kit shows you how to get the maximum benefit
  • Gifts. The law allows you to exclude $10,000 ($20,000 for a married couple) per donee per year from your estate. Are you using this provision to reduce your estate tax and income tax and avoid probate? The Kit shows you how. Chapter 19.
  • Joint wills. Sounds simple and attractive but could cost a bundle in estate taxes. P. 369.
  • Use life insurance in your estate planning. Get the additional benefit as "tax shelter" - even under the new law. Chapter 16.
  • Sell your home and avoid paying any capital gains tax. know all the rules. P. 385.
  • Planning to retire early? Use this worksheet to figure out what it will take. P.314.
  • Employing your children in the business can be a smart move. P. 384.
  • Proper estate planning means minimizing the impact of three different kinds of taxes: income tax, gift tax, and estate tax. The Estate Planning Kit shows you how you may achieve this.
  • Annuity. Here's a way to make a gift of an asset, stilt receive income in the form of an "annuity" and reduce your gross estate. Chapter 22.
  • Last minute estate planning can save your heirs a bundle. P. 309.
  • Business owners, see Chapter 25. Real estate investors, see Chapter 26. Unmarried individuals, see P. 10.