Top Ten Estate Planning Techniques
Learn about the latest techniques in estate planning and use them to protect your wealth.
- Revocable Living Trust:
Device used to avoid probate and provide management of your property, during life and after death.
- Property Power of Attorney:
Instrument used to allow an agent you name to manage your property if you become incapacitated.
- Health Care Power of Attorney:
Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.
- $12,000 Annual Gift Tax Exclusion:
Technique to allow gifts without the imposition of estate or gift taxes.
- Irrevocable Life Insurance Trust:
A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.
- Family Limited Partnership:
An entity used to: 1) provide asset protection for partnership property from the creditors of a partner, 2) provide protection for limited partners from creditors, 3) enable gifts to children but parents maintain day-to-day management control, and 4) reduce transfer tax value of property.
- Children's or Grandchildren's Irrevocable
Education Trust:
A trust used by parents and grandparents for a child's or grandchild's education.
- Charitable Remainder Interest Trust:
A trust whereby donors transfer property to a charitable trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids capital gains tax on transferred property.
- Fractional Interest Gift:
Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.
- Private Foundation:
An entity used by higher wealth families to receive any otherwise taxable property so as to eliminate estate taxes on the death of a surviving spouse.
“I have been a member of the American Academy of Estate Planning Attorneys for six years. The Academy is the single most important professional tool I have found in my sixteen years of practice. AAEPA provides me with top-notch educational training, turn-key business systems, marketing expertise, financial acumen and colleagues, now friends, who readily share information and support without worrying about competition. While initially deciding to join was scary and expensive, the rewards have far exceeded my expectations.”
Cheryl D. — North Carolina Member