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interest on installment note
deductible from BUYER income
installment note at death
in SELLER gross estate
GRAT
FUTURE interest gift
community property
CA TX
WI WA
LA ID
AZ NV New Mexico
retirement planning
at least 5 years prior to retirement
loan from life insurance cash value
NO income tax at time of loan
life insurance proceeds included in estate
incident of ownership
payable to estate
residuary trust planning
- exemption ($11.82)
2. marital deduction
lump sum insurance
- burial, travel, bereavement
- 6/12 living expenses
- legacy plan. inheritance
- buy/sell
gift to closely held business
future interest (no annual exclusion)
charitable deduction on AGI
60% AGI
Code of Ethics
integrity objectivity competence fairness confidentiality professionalism
312(I)
= savings program for employees not eligible to participate in State Retirement System
- money-purchase - tandem - target benefit
neoclassical economic theory
full info, utility max, rational preference
S corp taxation
losses deductible by shareholder
cross-purchase
premium: after tax $ buyer tax (income tax): basis = purchase price
annual gift exclusions
NOT included in estate tax computation
charitable adjustments
= deduction
- business expense of business owner
- loss of sale
- alimony
QTIP
DECEASED SPOUSE (1st to die) decides who remained beneficiary (remainder interest)
private annuity
NO estate tax
sprinkle trust
ONLY while alive
living trust (intervivos) –> irrevocable
NOT probate avoidant
** living trust/ revocable (will) never avoids probate
child resources before age of majority
INCLUDED in eligibility income tax
legal and appraisal fees in divorce
NOT deductible for federal income tax
parents income before 18 (minor)
INCLUDED in income limitation
straw man
Intentionally misrepresented proposition/ no integrity
ABLE
max contribution = adjusted ANNUALLY (for inflation)
asset allocation = adjust BIANNUALLY
Medicaid resource test
cash value of life insurance vehicle
property settlement in divorce
= DIVISION (not gift)
installment note
= lock in value
- regular
- annuity
- SCIN
establish REVOCABLE
NOT completed gift
inheritance
separate property in divorce
capital gain exclusion
before two years and move for job = prorated
months/ 24 x 250
fringe benefits (extra)
only C corp
entity type
life insurance increases value of business –> increasing estate tax of owners
