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Synopsis:
Stay on top of your game - and your client's tax shelter options - regardless of changing regulations - with this compact, relevant new guide highlighting the 3 key elements of successful estate planning. Packed with up-to-date information for today's working professional it's also accessible enough to share with your clients. Benefit from years of estate planning expertise, and develop new skills that will allow you to provide superior client service.
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Jacket Description:
“This compact guide provides relevant, up-to-date information for today's working professional - and is accessible enough for advisor's to share with their clients.”
By Alan R. Ziegler, CEBS, CLU, ChFC President, Society of Financial Service Professionals
Stay on top of your game and your client's tax shelter options, regardless of changing regulations. Tax and estate planning expert Lou Shuntich, outlines the latest tax saving solutions that will help minimize estate taxes, provide maximum protection, and leverage client returns.
Learn to tackle the 3 key elements of successful estate planning with ease, as Lou's compact reference, guides you through the main steps. His straight-forward approach helps you…
· Gain intimate knowledge of the transfer tax laws and the challenges they present.
· Become familiar with the available solutions to estate planning problems.
· Master the process of analysis in order to identify the challenges and map out the solutions.
Benefit from Shuntich's years of legal experience in business insurance and estate planning - and the continued dedication of the Society of Financial Professionals to provide an on-going source of current, high-quality educations - as you develop new skills that will empower you to provide superior client service.
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Table of Contents:
Foreword
Introduction
CHAPTER 1
Technical Overview of Estate, Gift, and Generation-Skipping Taxes
What Is Estate Planning?
Overview of the Economic Growth and Tax Relief Reconciliation Act of 2001
The Estate Tax
The Gift Tax
Generation-Skipping Tax
CHAPTER 2
Estate-Tax Savings Techniques That Do Not Involve Gifting
No Universal Solution
The Will as the Basic Estate-Planning Document
Non-U.S. Citizen Spouse
Bracket Shifting
Special Use Valuation of Farm or Small-Business Property
Family-Owned Business Interests
Installment Payment of Estate Tax on Farm or Closely-Held Small-Business Property
CHAPTER 3
Estate-Tax Savings Through Gifting Programs
Estates Exceeding the Estate-Tax Applicable Exclusion Amount
Leveraging the Annual Gift-Tax Exclusion & the Gift-Tax Applicable Exclusion Amount
Gifts of Appreciating Property/Estate Freezing
Lack of Marketability and Minority-Interest Discounts
Split-Interest Gift Discounts
Retirement Planning
CHAPTER 4
Providing Estate-Tax Liquidity With Life Insurance
Family and Trust-Owned Life Insurance
Buy and Sell Agreements
IRC Section 303 Stock Redemption Arrangements
CHAPTER 5
Finding Premium Dollars
Corporate-Owned Life Insurance
Split-Dollar Life Insurance
IRC Section 162 Bonus Arrangements
Liquidation of Assets
CHAPTER 6
The Step-By-Step Estate Planning Process
Three Elements of Estate Planning
Step 1: Gathering the Relevant Facts
Step 2: Identifying and Prioritizing the Client's Objectives
Step 3: Recognizing Determinative Facts
Step 4: Matching the Appropriate Estate-planning Solutions to the Client's Problems
CHAPTER 7
Case Study
Factual Situation
Step 1: Gathering the Relevant Facts
Step 2: Identifying and Prioritizing the Client's Objectives
Step 3: Recognizing Determinative Facts
Step 4: Matching the Appropriate Estate-Planning Solutions to the Client's Problems
CHAPTER 8
Elder Law
Aging U.S. Population
Durable Powers of Attorney
Advance Directives
Revocable Living Trusts
CHAPTER 9
Working With Lawyers
Importance of the Relationship
Establishing Local Networks With Lawyers
Dealing With a Client's Lawyer
Avoiding Problems With the Unauthorized Practice of Law
CHAPTER 10
Developing Relationships with CPAs
The Unique Relationship of CPAs and Their Clients
Basis of Cooperation Between Agents and CPAs
Creating a Mutually Beneficial Relationship
CHAPTER 11
Recap & Review: Questions & Answers to The Estate Planning Today Handbook
Glossary
Resource Guide
Recommended Reading
Important Internet Sites
Newsletters of Interest
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Review:
In a recent study conducted by Cornell University, the baby boomer generation is poised to receive the greatest transfer of wealth in our history. So what does this mean for today's working professional? Plenty. It will require an intimate understanding of life insurance, financial products and professional services according to Lou Shuntich, author of The Estate Planning Today Handbook - a comprehensive reference to help you navigate through the latest tax saving solutions.
Shuntich shares his years of legal experience in business insurance and estate planning as he maps out the variety of techniques available for dealing with individual client's situations. There is no universal solution that works for all, as estate planning is a highly personal matter, but with this new guide in hand, professionals will develop new skills that will allow you to provide superior client service.
His straightforward approach, laden with step-by-step examples outlines the 3 key elements to successful estate planning:
- Master the process of analysis in order to identify the challenges and map out the solutions - a critical function, as it is the process that ties everything together in serving your clients.
- Discover the latest available solutions to estate planning problems and minimize estate taxes, provide maximum protection and leverage client returns in the process.
- Gain intimate knowledge of the transfer tax laws and the challenges they present while taking care of your client's lifetime needs.
A fundamental element to successful estate planning that often gets overlooked is the development of relationships with other professionals. In order to provide the most to your clients, you need to build a solid network of relationships. Lawyers and CPA's are the most crucial to establish mutually beneficial relationships with. Both professions tend to have intimate knowledge of a prospective client's financials, however they do not have the specialized knowledge required to mold coverage to a client's individual estate-planning needs. Benefiting from Shuntich's years of working in the Law Department of a major insurance company, you'll discover:
- The best way to approach another professional about establishing a relationship
- How to successfully deal with professionals to make the relationship grow
- Working with the shared client - how to define roles is the key to successful cooperation
Rules and regulations will change, however this book will not only enhance your basic understanding of tax shelters through the latest estate planning strategies, but it will also provide you with a logical framework to which any additional knowledge can be attached. A must read for professionals and their clients alike.
Recommended by Alan R. Ziegler, President, Society of Financial Service Professionals, “This compact guide provides relevant, up-to-date information for today's working professional - and is accessible enough for advisor's to share with their clients.”
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