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Basic Estate and Gift Taxation and Planning--2001

Estate planning has been affected by significant changes in the estate and gift tax provisions resulting from the Taxpayer Relief Act of 1997 and now the Economic Growth and Tax Relief Reconciliation Act of 2001. These changes include the increase in the applicable exclusion amount from $675,000 in 2001 to $1,000,000 in 2002, the reduction in the top tax rate beginning with a reduction to 50% in 2002, increased restrictions on charitable gifts through trusts, increased opportunities to pay the estate tax in installments, and an expanded exception to the generation-skipping transfer tax. In addition, new 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. Finally, the 2001 legislation repeals the estate tax and generation skipping tax effective January 1, 2010 (but reinstates them at the end of that year), creates a new $1,000,000 lifetime gift tax exclusion, changes gift tax rates, and applies carryover basis to assets transferred at death (with limited exceptions). The application of the current changes and planning for prospective changes is going to result in heightened emphasis on ethics, professional responsibility, and malpractice.

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Fundamentals of Estate and Gift Tax (0 pp) $29.00

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Property Owned by the Decedent; Powers of Appointment; Joint Tenancy (0 pp) $29.00

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The Tax Consequences of Retained Interests and Powers (0 pp) $29.00

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Income, Gift, and Estate Tax Planning with Life Insurance (0 pp) $49.00

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An Introduction to Valuation Principles and Rearranging Estates Post-Mortem (0 pp) $29.00

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Estate Planning with Qualified Plans and IRAs (0 pp) $39.00

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Marital Deduction (0 pp) $29.00

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Inter Vivos Transfers – Gift Taxation (0 pp) $29.00

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Transfers Within Three Years of Death (0 pp) $29.00

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An Overview of the Generation-Skipping Transfer Tax (0 pp) $29.00

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Estate Planning Problem (0 pp) $29.00

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