Write a paper on Estate-Planning Strategy. I. Introduction A. Create an estate planning strategy, showing versatility of
Question:
Write a paper on “Estate-Planning Strategy”.
I. Introduction
A. Create an estate planning strategy, showing versatility of thought, that will minimize estate and gift tax liability over the course of the client’s life span, potentially another 30 years. Assure that as little future tax liability as possible accrues to his children.
B. Utilize family limited partnerships to accomplish long-term minimization of the client’s tax liability. Consider the mechanics of these estate planning vehicles and the appropriate authority to cite.
II. Life Insurance, Annuity, and Charitable Giving Strategies
Evaluate life insurance products, annuities, and charitable giving for possible estate tax advantages in the taxable estate or in the children’s estate, while finding use of the cash flow from the sale and the real estate business. Consider charitable remainder annuities or other advanced estate planning vehicles involving life insurance, annuities, and charitable giving.
Recommend an ethical compliance strategy based on the client’s comments about a valuation discount on the family limited partnership that is consistent with Internal Revenue Service (IRS) Circular 230 and the American Institute of Certified Public Accountants (AICPA) Code of Conduct. Consider the client’s cash constraints, economic impact over time, IRS Circular 230, and the AICPA Code of Conduct.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill