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Basic Estate and Gift Taxation and Planning--2005

Even if the estate tax is repealed or the estate tax exemption is raised to a level that eliminates most Americans from the estate tax base, the gift tax will still exist and Americans with no estate tax concerns may now have a new concern: the loss of a stepped-up tax-cost basis at death. Furthermore, planning will still be necessary to achieve a client’s goals. These goals may not include estate tax avoidance, but they could include the need to plan for the transfer of a closely-held business in an equitable and fair manner; the need to structure the client’s charitable giving and the best means of achieving the client’s charitable goals; and/or the need to ensure that the wealth that will now pass to family members (such as spouses of second marriages or children and grandchildren), unreduced by any estate or generation-skipping transfer tax burden, is held and managed for the recipients in the most efficient and effective manner. Furthermore, even if the estate tax is "permanently" repealed within the next year or two, nothing is truly "permanent" in the tax law and planning for the possible re-imposition of the estate tax at a later time must be incorporated into every estate plan. Under current law, new concepts have created an entirely new framework for estate planning. These include a "dis-unified" transfer taxation system, "freeze" transactions, the use of discounts to reduce gift or estate tax asset values, and the generation-skipping transfer tax. These changes are on top of developments in marital deduction planning, planning for retirement plan distributions, and planning for the elderly. Changes wrought by the Taxpayer Relief Act of 1997 and the Economic Growth and Tax Relief Reconciliation Act of 2001 also affect planning. These changes include the increase in the applicable exclusion amount to $1,500,000 through 2005, the reduction in the top tax rate to 48% through 2005, new restrictions on charitable gifts through trusts, increased opportunities to pay the estate tax in installments, and an expanded exemption to the generation-skipping transfer tax. Further, rules requiring discounted valuations to be disclosed on gift tax returns and new restrictions on the power of the Internal Revenue Service to revalue gifts are likely to lead to a significant increase in the audits of gift tax returns. Gift and estate tax planning for life insurance is affected by the new treatment by the Internal Revenue Service for "split dollar" plans. CK26

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Income, Gift, and Estate Tax Planning With Life Insurance (With Forms) (2005) (107 pp) $49.00

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Marital Deduction (With Sample Bypass Provisions) (60 pp) $39.00

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Fundamentals of Estate Tax and Gift Tax (33 pp) $29.00

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Powers of Appointment (4 pp)

The Tax Consequences of Retained Interests and Powers (36 pp) $29.00

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Estate Planning with Qualified Plans and IRAs (43 pp) $29.00

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Post Mortem Tax Elections with Forms (33 pp) $29.00

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Estate and Gift Tax Charitable Deduction and Estate Planning Using the Charitable Deduction (63 pp) $39.00

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Valuation Principles and Disclaimers (26 pp) $29.00

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Inter Vivos Transfers – Gift Taxation (47 pp) $29.00

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Transfers Within Three Years of Death (11 pp) $29.00

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An Overview of the Generation-Skipping Transfer Tax (10 pp) $29.00

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Estate Planning Problem (2 pp)

United States Estate (and Generation-Skipping Transfer) Tax Return (76 pp)

United States Additional Estate Tax Return (8 pp)

United States Gift (and Generation-Skipping Transfer) Tax Return (16 pp)

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