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Simplifying Your Estate (303)
Author: Holmes F. Crouch
Pages: 224
List Price: $19.95
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  • Summary

    SIMPLIFYING YOUR ESTATE (T/G 303) covers the 9 asset categories that comprise your gross estate, culling and reducing the number of items in each category, clarifying spousal and co0ownership portions, setting estate planning goals, and estimating your death tax (after the "up to" $1,000,000 exemption amount). Also covered:

    • The 44-page Form 706 (Death Return)
    • 16 "Yes-No" questions to your Executor
    • Resurrection of "during life" transfers
    • Purging of personal & business "clutter"
    • Gift tax returns & documentation
    • Spending down for building up liquidity

    Table of Contents
    Simplifying Your Estate
    Book: 303
    
    Table of Content
    
    1.  YOUR “GROSS ESTATE”                         1-1
    
        Transfer Tax Imposed                        1-2
        Unified Exemption Amounts                   1-4
        Gross Estate Defined                        1-6
        Schedule A—Real Estate                      1-7
        Schedule B—Stocks, Bonds, Etc.              1-9
        Schedule C—Mortgages, Notes, & Cash         1-10
        Schedule D—Life Insurance                   1-11
        Schedule E & F—Other Property Items         1-13
        Schedule G—Transfers During Life            1-14
        Schedules H & I—Powers & Annuities          1-16
        Other Items on Form 706                     1-17
    
    2.  A FEW BAD EXAMPLES                          2-1
    
        Small Estate:  No Executor                  2-2
        Critique No. 1                              2-3
        Joint Trust: No Thought                     2-4
        Critique No. 2                              2-6
        U.S. Executrix: Foreign Heirs               2-7
        Critique No. 3                              2-9
        Major Death Bed Change                      2-10
        Critique No. 4                              2-11
        Toughing It with the IRS                    2-12
        Critique No. 5                              2-14
        The Common Denominator                      2-15
    
    3.  GOALS TO PURSUE                             3-1
    
        Get Form 706 Now                            3-2
        Prepare Your Executor                       3-3
        Coordinate with Spouse                      3-5
        Discuss the Marital Deduction               3-7
        Read the “Yes-No” Questions                 3-8
        Resurrect “Contemplation” Transfers         3-10
        More on Contemplations                      3-12
        Percentile your Distributable Estate        3-14
        Establish Liquidity Ratio                   3-15
        Organize Your Records                       3-16
    
    4.  CULLING REAL ESTATE                         4-1
    
        Canvass Your Children’s Wants               4-2
        Offer to Sell to Children                   4-4
        Example of Culling Need                     4-5
        The “Never Sell” Plan                       4-8
        Do Culling in 5 Phases                      4-10
        Phase 1:  Undeveloped Land                  4-12
        Phase 2:  Low Income Rentals                4-13
        Phase 3:  Single Unit Rentals               4-14
        Phase 4:  Multiple Property Exchanges       4-15
        Phase 5:  Trust Designated Property         4-17
    
    5.  SLIMMING PORTFOLIO ASSETS                   5-1
    
        The “Unit Value” Problem                    5-2
        What If No Market                           5-4
        Converting Fractions to Cents               5-5
        Descriptive Details Required                5-7
        The “Accrued Dividend” Problem              5-10
        Other Schedule B Instructions               5-11
        Dispositions Before Alternate Date          5-14
        Anticipate Via Form 1040                    5-15
        Tax Now (20%), or Tax Later (37%)           5-17
    
    6.  CLARIFYING CO-OWNERSHIPS                    6-1
    
        Basic Law: Section 2033                     6-2
        Husband & Wife Property                     6-3
        Joint Tenancy vs. Tenancy in Common         6-5
        Overview of Schedule E                      6-6
        Part 2 Inclusions Are Daunting
        Joint Tenancy Examples                      6-11
        Tenants in Common Example                   6-12
        Close Corporation Example                   6-14
        The Ultimate Clarification: Sale, Etc.      6-16
    
    7.  PURGING COLLECTIBLES, ETC                   7-1
    
        Schedule F: The Focus                       7-2
        Articles Having Intrinsic Value             7-4
        The “Safe Deposit” Question                 7-6
        Household Furniture & Things                7-8
        Personal Clothing & Memorabilia             7-10
        Vehicles, Machinery, & Equipment            7-11
        Depreciable Business Assets                 7-12
        Assist Parents & Relatives                  7-14
        Executor Experience Preferred               7-15
    
    8.  COMPILING PRIOR TRANSFERS                   8-1
    
        Umbrella Law: Section 2043                  8-2
        Addressments on Schedule G                  8-4
        Inclusions & Exceptions                     8-5
        Certain More Than 3 Years                   8-7
        Include “Lapsing Rights”                    8-9
        Three Compilation Periods                   8-10
        Powers of Appointment                       8-12
        Inclusion of Annuities                      8-15
    
    9.  FILING GIFT TAX RETURNS                     9-1
    
        Death Bed Usage                             9-2
        Overview of Form 709                        9-4
        Transfers Subject to Form 709               9-6
        Schedule A, Part 1 Listings                 9-7
        Columns B, E, & C Explained                 9-9
        How Gift Tax Computed                       9-11
        Prior Gifts on Schedule B                   9-14
        Tax Effect of Prior Gifts                   9-15
    
    10. BUILDING NEEDED LIQUIDITY                   10-1
        
        Estimating the Tax                          10-2
        Filing Thresholds & Credits                 10-4
        Overcoming Sticker Shock                    10-6
        Assign Liquidity Ratings                    10-7
        Prepare to Sell Assets                      10-10
        The Ultimate Liquidity Plan                 10-11
        Tax Reduction Efforts                       10-13
        Acceptance Letter by IRS                    10-15
    
    11. UPDATING YOUR WILL                          11-1
    
        Have Separate Instruments                   11-2
        Check Preamble Paragraphs                   11-4
        Verify Heirs & Legatees                     11-6
        Instruct Your Executor                      11-7
        Clarify Property Interests                  11-9
        Prior Transfers & Disclaimers               11-10
        Property Intended for Trust                 11-12
        Treat Will as “Centerpiece”                 11-14
        Editing & Witnessing                        11-14
    
    12. INITIATING YOUR OWN 706                     12-1
        
        Fill Out Part 1 on Page 1                   12-2
        Three Checkboxes in Part 1                  12-4
        Four Elections by Executor                  12-5
        Importance of “Letters Testamentary”        12-6
        Overview of Part 4                          12-9
        General Information: Continued              12-10
        Schedules A through U                       12-12
        Part 5: Recapitulation Now                  12-14
        The GST Tax Explained                       12-16
        Schedules R and R-1                         12-17
        Putting It All Together                     12-20
        Completion and Conclusion                   12-22

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