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- Title
ESTATE PLANNING WITHOUT ESTATE TAX ISSUES.
- Authors
Rogers, Michael F.
- Abstract
The article presents information on estate planning without estate tax issues. Typically the most important aspect of an estate plan involves the transfer of a person's wealth acquired during lifetime. Even without a federal estate tax it is still important that such wealth is passed to the most important persons in an individual's life, and in the fashion that the individual chooses. Although the intestate provisions may be similar to what the decedent would have determined, they're often not exactly what would he chosen considering the dynamics of a given family situation. In addition to naming who will receive the property, it is desirable to specify how the beneficiary will enjoy the property. This often means that trusts will be required so that the recipient can enjoy the benefit of the property without some of the burdens. Most estate plans with any level of sophistication involve the use of life insurance. With a reduced or eliminated federal estate tax, not as much life insurance coverage, if any, will be needed to fund death taxes. Hence, even though one may see a significant change in the federal estate tax, estate planning advisers still need to advise clients on the other features of a well-developed estate plan.
- Subjects
ESTATE planning; INHERITANCE &; transfer tax; INCOME in respect of decedent; LIFE insurance; TAX planning; AUDITOR-client relationships
- Publication
Journal of Financial Service Professionals, 2005, Vol 59, Issue 6, p26
- ISSN
1537-1816
- Publication type
Article