Download JK Lasser's New Rules for Estate Planning and Tax by Stewart H. Welch III, Harold I. Apolinsky, J. Winston Busby PDF

By Stewart H. Welch III, Harold I. Apolinsky, J. Winston Busby

Making plans Your property below the hot Tax legislations is simple with J. okay. Lasser

The fiscal development and Tax aid Reconciliation Act of 2001 will impact a variety of features of your monetary life–none extra very important than the way you plan your property. This new tax legislations contains the 1st significant property tax revision in over 20 years. Use J.K. Lasser’s New ideas for property and Tax making plans to profit how the principles have replaced and what you are able to do now to successfully plan your property.

Learn what the hot legislations capability for you and your loved ones, and how you can use it to maintain what has taken a life-time to amass.

With this publication, you’ll comprehend:

  • The repeal of the property Tax
  • Wealth-transfer exemption
  • How the hot laws will influence trusts and inheritances
  • The position of wills, executors, guardianship, and trusts
  • Treatment of charitable contributions


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Additional resources for JK Lasser's New Rules for Estate Planning and Tax

Example text

Step 6 Calculate your gross federal estate tax. 2 to determine the gross federal estate tax. This represents your tentative tax. Step 7 From the gross federal estate tax, you now get to subtract the unified federal estate tax credit, more commonly referred to as the unified credit. The unified credit allows you to give a certain amount of your estate to anyone without owing federal estate taxes. The Tax Relief Act–2001 established a schedule of increases in the unified credit, thus increasing the amount you can give to anyone tax-free (called the applicable exclusion amount).

You don’t want the court to make this decision for you. In this situation, your estate plan should also address when your children will receive your assets free of trust. When children receive substantial assets before they are mature enough to handle them properly, the results can be devastating. There was a case involving a child movie star. Because he was a minor, his earnings were held in trust until he was legally an adult (age 18 in his state of residence). We are sure you can imagine what happened when he turned 18.

Due to budgetary restrictions, the new law allows the estate tax rules, rates, and exemptions in effect prior to passage of the Tax Relief Act–2001 to come back in force in 2011. The prospect of an automatic reinstatement of the current estate, gift, and generation-skipping tax rules in 2011 ensures that Congress will have to face this entire issue again. 10 provides a summary of the changes under Tax Relief Act–2001. Estate Planning Issues under the Tax Relief Act–2001 Because of the breadth and scope of the Tax Relief Act–2001, it becomes necessary for everyone with a net worth of more than $1,000,000 to review their estate plan.

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