Modern
Estate Planning is a comprehensive treatise covering estate,
gift, income and generation-skipping transfer taxation. It guides the
practitioner through the issues and challenges in advising a wide range of
clients. The 5 volumes cover three distinct areas of estate planning: estate
planning principles (Vols. 1 and 2); wealth transfer planning and drafting
(Vols. 3 and 4); and return filing and procedure (Vol. 5). The volumes are
loaded with practice features such as: client questionnaires; sample forms and
agreements; drafting checklists; practice and planning notes; hypothetical
examples; and filled-in estate, gift and fiduciary income tax returns. Click
the chapter links below to learn more, and purchase by chapter.
Chapter 1: Federal Estate Tax Basics
This chapter of Modern
Estate Planning summarizes the federal estate tax. It provides a brief
history of the federal wealth transfer tax, which includes the estate and gift
tax and the generation-skipping transfer tax. It also describes the decedent
estates subject to the federal estate tax. Next, the chapter generally explains
how to calculate the federal estate tax, and describes what constitutes the
taxable estate. Then, it examines the impact of lifetime gifts on the estate
tax calculation. Further, the chapter discusses the tax rate; credits against
the federal estate tax; and filing the federal estate tax return and payment of
the estate tax. Finally, it describes a special exemption for certain U.S.
military personnel, victims of terrorist attacks, and astronauts.
Chapter 2: Gift Tax Basics
This chapter of Modern
Estate Planning discusses the imposition of the gift tax. It also discusses
application of the gift tax based on citizenship and residence. Next, the
chapter defines a gift for taxation purposes. Then, it describes the
requirements for completed gifts, including delivery; retention of powers over
the gift; promise or contract; checks; notes and loan guarantees; non-statutory
stock options; transfers using a power of attorney; and government securities.
In addition, the chapter discusses the valuation of gifts. Further, it
discusses exclusions from the gift tax; the annual gift tax exclusion;
exclusions for certain medical and tuition payments; exclusion for waiver of
spousal rights under qualified retirement plans; exclusion for loans of
qualified works of art; and the exemptions for certain political contributions.
Finally, the chapter discusses available gift tax deductions; computation of
the gift tax; valuation of prior gifts for purposes of computing the gift tax;
and the election to split gifts.
Chapter 3: Nonresident Alien Estate and Gift Tax Basics
This chapter of Modern
Estate Planning deals with taxation relating to nonresident aliens. It
discusses estate taxation of nonresident aliens, including what constitutes
United States citizenship, United States residence, and residence in United
States possessions. It also considers gifts by and to nonresident aliens, as
well as the applicability of the generation-skipping transfer tax. Next, the
chapter discusses the gross estate of a nonresident alien. Then, it covers the
situs of the property, including real estate and tangible property; corporate
stock; and intangible property in the form of debt obligations, bank deposits,
and life insurance. Further, the chapter discusses testamentary transfers of
United States property; gifts within three years of death; and the computation
of a nonresident alien's estate tax. In addition, it considers deductions,
including the marital deduction. Finally, the chapter discusses credits against
estate tax; multiple taxation of the nonresident alien's estate; and estate
taxation of expatriates.
Chapter 4: Transfer of Property Owned by Decedent
This chapter of Modern
Estate Planning discusses the transfer of property tax owned by a decedent.
It describes the transfer of real and tangible personal property. It also
discusses the transfer of cash, stocks, bonds, notes, and other intangibles;
income earned prior to death; death benefits; claims and refunds; remainders
and reversions; and the elective share and homestead rights.
Chapter 22: General Principles of Income Taxation of Trusts and
Estates
This chapter of Modern
Estate Planning discusses the income taxation of trusts and estates. It
provides information on general income tax rules; the general business credit;
and the alternative minimum tax. It also discusses the final return of the
decedent. Next, the chapter examines gain from a qualified small business
stock; charitable contributions; charitable deduction for contribution paid in
the following taxable year; amounts permanently set aside for charity; the
uncertainty of charitable use and loss of the deduction; will contests and
charitable deductions; and income taxation of charitable trusts. Then, the
chapter discusses contributions from the trust's business income; charitable
donations from long-term capital gain income; and the interplay of charitable
and distribution deductions. Further, the chapter covers the throwback rules.
In addition, the chapter examines distribution of property in kind; gifts or
distributions of specific property; and distributions of property in
satisfaction of a right to a specific pecuniary distribution. Finally, the
chapter discusses the fiduciary income tax return and estimated tax payments.
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