Top Ten Estate Planning Techniques
Learn about the latest techniques in estate planning and use them to protect your wealth.
- Revocable Living Trust:
Device used to avoid probate and provide management of your property, during life and after death.
- Property Power of Attorney:
Instrument used to allow an agent you name to manage your property if you become incapacitated.
- Health Care Power of Attorney:
Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.
- $12,000 Annual Gift Tax Exclusion:
Technique to allow gifts without the imposition of estate or gift taxes.
- Irrevocable Life Insurance Trust:
A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.
- Family Limited Partnership:
An entity used to: 1) provide asset protection for partnership property from the creditors of a partner, 2) provide protection for limited partners from creditors, 3) enable gifts to children but parents maintain day-to-day management control, and 4) reduce transfer tax value of property.
- Children's or Grandchildren's Irrevocable
Education Trust:
A trust used by parents and grandparents for a child's or grandchild's education.
- Charitable Remainder Interest Trust:
A trust whereby donors transfer property to a charitable trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids capital gains tax on transferred property.
- Fractional Interest Gift:
Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.
- Private Foundation:
An entity used by higher wealth families to receive any otherwise taxable property so as to eliminate estate taxes on the death of a surviving spouse.
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