Estate Tax Planning Concepts in a Nutshell

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What’s the difference between an inheritance tax and an estate tax?

The estate tax tax is tax inclusive and the gift tax is tax exclusive. What does that mean and does it matter?

A gift made within three years of death it’s not included in the gross estate but it is considered in the estate tax computation. Why?

Why is property that is expected to increase in value an excellent asset for gifting as opposed to an inheritance?

When may transfers within three years of death make special estate tax provisions designed to help owners of farms and closely held businesses inapplicable ?

What is the trouble with establishing deeds, trusts, other instrument in which the gift donor retains “strings” over the donated property?

Annuities and retirement benefits are included in the gross estate

How are joint interests treated differently as between spouses and individuals other than spouses?

What happens if jointly owned property was received by the decedent and other tenants by gift or inheritance?

What is the tax treatment of jointly held property by spouses at the death of the decedent?

What is a power of appointment?

What is the difference between a general and limited power of appointment?

What are some of the benefits of Limited Powers of Appointment?

Life Insurance, the Gross Estate and the three-year rule

Why is life insurance a good asset to give?

Is the Adjusted Gross Estate the same as Taxable Estate?

What is a section 303 stock redemption?

What are two major deductions, other than expenses, from the gross estate to determine the taxable estate?

What are the basic requirements for entitlement to the marital deduction?

What is the QTIP election?

Why is the net estate increased by gifts made by the decedent?

What is the difference between tax exemptions, deductions and credits?

What are the three tax credits available to an estate?

When is an estate entitled to a credit for the federal estate tax paid on prior estate?

Powers of Appointment – An incredibly flexible estate planning tool

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