California Tax Attorney Blog

Northern Trust has a brochure entitled: "Estate Planning: Strategic Wealth Transfers During Life and at Death". It contains an estate planning overview worth looking at. The topics include:

Fundamental Questions

Who Should Receive Your Assets?
Which Assets Should They Receive?
When and How Should You Transfer Wealth?

Basic Estate Planning Documents

Will
Living Trust

Recruiting the Right Team

Who Should Draft Your Estate Plan?
Who Should be Your Executors and Trustees?
Who Should be the Guardian for Your Children?

Estate Settlement

Transferring Property After Death
Receiving Benefits After Death
The Probate Process

Determining Potential Estate Taxes

How Much is Your Estate Worth?
How the Federal Estate Tax System Works
State Estate Tax
Step-up or Step-down in Basis At Death

SELECTED TRANSFER TAX SAVINGS STRATEGIES

Strategy #1: Using The Marital Deduction Wisely

Plan to Use Both The Marital Deduction and Your Estate Tax Exemption
Control Wealth With a QTIP Trust
Give Your Spouse Control with General Power of Appointment Trust
Create a Qualified Domestic Trusts

Strategy #2: Lifetime Wealth Transfers

Gift Tax Exclusion
Uniform Transfers to Minors Act (UTMA) Accounts
Qualified Trusts for Minors
Crummey Trusts
Irrevocable Life Insurance Trusts

Strategy #3: Using the Gift Tax Exemption Wisely

Grantor Retained Annuity Trust (GRAT)
Family Limited Partnerships (FLP)

Strategy #4: Consider Carryover Basis

General Rule: “Carryover Basis” for Gifts
Don’t Transfer Assets With a Built-In Loss
What about Step-Up At Death?

Strategy #5: Trusts That Benefit Both Individuals and Charity During .

Life or At Death
Charitable Remainder Trust: Cash Flow and Flexibility
Charitable Lead Trusts: Passing Wealth to Future Generations

Strategy #6: Private Foundations and Donor Advised Funds

Grant Making: Private Foundations
Donor Advised Funds

Strategy #7: Focusing on the Family-Owned Business

Who Will Manage the Business?
Who Should Own Your Business?
How Will the IRS Value Your Company?

Strategy #8: Planning to Avoid Generation Skipping Transfer Tax

Allocating GST Exemption
Tax Strategies

Strategy #9: Evaluating Your Need For Life Insurance

Is Lost Earning Power an Issue?
Is Liquidity an Issue?
Choose the Best Owner
Consider an ILIT

Strategy #10: Understanding Community Property Issues

Remember, Marital Rights Are Expanded
Plan Carefully When Using a Living Trust
Community Property and Tax Cost

IMPLEMENTING AND UPDATING YOUR PLAN

Where Do You Go From Here? No endorsement of Northern Trust or its agents is intended. So, call a qualified California estate planning attorney for help with your tax planning. Call Mitchell A. Port at (310) 559-5259.