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Table of Contents
Preserving and Transferring Wealth

Chapter 1: Estate Tax Computation

• How Are Estate Taxes Computed?
• What Are the Current Gift and Estate Tax Rates?
• What Items Are Includable?
• What Items Are Deductible?
• What Credits Are Allowed?
• What Is the Valuation Date?

Chapter 2: The Marital Deduction

• What Is the Marital Deduction?
• What if My Spouse Is Not a U.S. Citizen?
• What Property Is Eligible for the Marital Deduction?
• What Is Qualified Terminable Interest Property?
• Should I Leave All My Assets to My Spouse?
• What if I Want All My Assets Transferred to My Spouse?
• What if Our Joint Estate Exceeds $2 Million?

Chapter 3: Life Insurance

• When Is Life Insurance Included in My Estate?
• What Is an Irrevocable Life Insurance Trust?

Chapter 4: Pension, Profit-Sharing, and Stock Plans

• What Value Is Included in My Gross Estate?

Chapter 5: Jointly Held Property

• Are There Advantages to Holding Property Jointly?
• What Is Included in My Estate for Property Owned Jointly with My Spouse?
• What About Property Held Jointly with an Individual Other Than My Spouse?

Chapter 6: Farms and Closely Held Businesses

• What if I Own a Farm or Closely Held Business?
• What Value Will Be Included in My Estate?
• Will My Business Have to Be Sold to Generate Cash to Pay Taxes?
• Are There Provisions for the Redemption of Closely Held Stock to Receive Capital Gain Treatment?
• Can I Limit the Estate or Gift Tax Value of the Business to Current Fair Market Value by Transferring All or Part of the Business to a Family Member or Intended Party?

Chapter 7: Lifetime Gifts

• How Much May I Give Away Without a Gift Tax Liability?
• What Are the Advantages of Gifting?
• Are There Disadvantages to Gifting?
• Is It More Beneficial to Receive Property by Gift or Inheritance?
• Are Gift Taxes Payable on Gifts to a Spouse?

Chapter 8: Generation-Skipping Transfers

• What Are Generation-Skipping Transfers?
• Are There Exemptions to the Generation-Skipping Tax?

Chapter 9: Community Property

• Do All States Recognize Community Property Law?
• What Is the Community Property Law?

Chapter 10: Nontax Considerations Related to Estate Planning

• Changing Circumstances
• Evaluating Assets
• Liquidity Needs
• Living Trust
• Durable Power of Attorney
• Living Will
• Specific Bequest of Personal Property with Sentimental Value
• Naming Advisers in Addition to Executors
• Selecting a Trustee

Appendix B: Computation of Gift Tax and Estate Tax

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Disclaimer: This guide is not intended to be a substitute for specific individual tax, legal, or investment planning advice, as certain of the described considerations will not be the same for every taxpayer or investor. Accordingly, where specific advice is necessary or appropriate, consultation with a competent professional adviser is strongly recommended.

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