Lifetime Business, Financial, Retirement, and Estate Planning -- Plus A Will -- All Five Benefit You and Your Loved Ones In The Year 2000 and Beyond

By:

Patrick J. Browne, Albert Mintz,
Omer F. Kuebel, Jr., Edmond C. Haasé, III, Stephen P. Schott, and J. Scott Loeb

Table of Contents

LIFETIME BUSINESS, FINANCIAL, RETIREMENT AND ESTATE PLANNING
BUSINESS PLANNING
A WILL IS A MUST
TAXES AND OUR WISHES
ADVANTAGES TO A WILL
COMMUNITY PROPERTY
CUSTODY OF YOUR CHILDREN
SPECIAL NEEDS
MATCHING PEOPLE WITH PROPERTY
LOUISIANA FORCED HEIRSHIP
USUFRUCTS
EXECUTORS AND EXECUTRIXES
HOW WILL MY TAXES AND PROBATE EXPENSES BE PAID?
BENEFITS OF A WILL AND A LIFETIME BUSINESS, FINANCIAL, RETIREMENT AND ESTATE PLAN
CAN I DO IT MYSELF?
TRAPS AND UNINTENDED CONSEQUENCES
WHAT IS A DURABLE POWER OF ATTORNEY?
WHAT IS A LIVING WILL?
WHAT IS A LIVING TRUST?
TRUSTS
LIFETIME FAMILY TAX PLANNING FOR LARGER ESTATES
AVOIDING PROBATE
LIFETIME GIFTS
RETIREMENT PLAN DISBURSEMENTS
CHARITABLE REMAINDER TRUSTS AND LIFE ESTATE AGREEMENTS
ALTERNATIVE BEQUESTS
MAXIMUM DEDUCTIONS, EXCLUSIONS, AND EXEMPTIONS
LIFE, DISABILITY, HEALTH, AND LONG-TERM CARE INSURANCE
FOR HOW LONG IS MY WILL AND PLAN GOOD?
CRUCIAL PERSONAL DECISIONS
ALL ADULTS NEED A WILL AND A PLAN
GLOSSARY AND HELPFUL PLANNING TIPS AND EXPLANATIONS
ABOUT THE AUTHORS

GLOSSARY AND HELPFUL PLANNING TIPS AND EXPLANATIONS FOR THE YEAR 2000 AND BEYOND

• Ability, Eligibility, and Deadline Ages and Dates Affecting Your Estate and Your Lifetime Financial, Retirement, and Estate Plan
• ABCs of Your Lifetime Financial, Retirement and Estate Plan
• Abusive Tax Shelter
• Accelerated Death Benefit
• Accumulated Earnings Tax
• Adjusted Basis (Real Estate)
• Adjusted Gross Income (AGI)
• Alternative Minimum Tax (AMT)
• Alternative Valuation Date (AVD)
• Anatomical Gift
• Annuities
  • Immediate Annuities
  • Deferred Annuities
  • Variable Annuities
  • Tax Deferred Variable Annuities
• Appropriate Ownership of Property and Business Interests
• Asset Protection
• Attribution
• Basis (Real Estate)
• Book Value
• Building Restrictions (Restrictive Covenants or Title Restrictions) and Zoning
• Business Deductions
• Buy/Sell Life Insurance
• Bypass Trust
• Cafeteria Plan (Flexible Benefits Plan or Section 125 Plan)
• Capital Gain
• "Cashing Out" Assets
• Charitable Deductions Limitations
• Charitable Gifts of Life Insurance
• Charitable Lead Trust
• Charitable Remainder Annuity Trust (CRAT)
• Charitable Remainder Unitrust (CRUT)
• COBRA (Consolidated Omnibus Budget Reconciliation Act)
• College Expenses
• Community Property
• Compound Interest
• Contracts
• Contract Breaches and Enforcement
• Controlling Shareholder
• Corporate Owned Life Insurance
• Credit Cards
• Credit Shelter Trust
• Critical Illness Insurance
• Crummey Powers or Crummey Trust
• Curator
• Death Benefits
• Death Benefit Only Plan (DBO)
• Deferral of Estate Tax
• Deferred Annuity
• Deferred Compensation Plans
• Depreciation
• Disability Buy-Out Insurance
• Disability Income Insurance
• Disability Income Taxation
• Disclaimer (Renunciation)
• Dividend Reinvestment Program
• Domicile
• Donation
• Double Taxation of Qualified Pension Plans
• Durable Power of Attorney
• Dynasty Trust (Generation-Skipping Trust)
• Education Funding
• Education IRA
• Employee Stock Ownership Plan (ESOP)
• ERISA
• Estate Freeze
• Estate Liquidity Life Insurance
• Estate Plan
• Estate Tax (Federal)
• Estate Taxation of Life Insurance
• Executor or Executrix
• Exemption Equivalent Trust
• Fair Market Value
• Family Business Exclusion From Federal Estate Tax
• Family Holding Company
• Family Leases To Shift Income
• Family Limited Partnership
• Family Members As Employees To Shift Income
• Fiduciary Income Taxes (Federal and Louisiana)
• First-to-Die Insurance
• Forced Heirship
• Funeral Trust
• Generation-Skipping Transfer Tax (GSTT) (GST)
• Generation-Skipping Trust (Dynasty Trust)
• Gifts and Gift Tax Exclusion (Federal)
• Golden Parachutes
• GRATs, GRITs and GRUTs
  • GRAT
  • GRIT
  • GRUT
• Gross Estate (Under Federal Estate Tax)
• Guaranteed Purchase Option
• Health and Disability Needs
• Health Maintenance Organization (HMO)
• Heir
• HIPAA (Health Insurance Portability and Accountability Act)
• Home Equity Loan
• Immovable Property
• Income In Respect Of A Decedent (IRD)
• Income Shifting Among Family Members
• Inheritance Tax (Louisiana)
• Installment Sale
• Interdiction
• Intrafamily Leases to Shift Income
• Interest Deduction
• Interest-Free Loans
• IRA (Individual Retirement Account or Annuity, or Traditional IRA or Regular IRA)
• Key Person Insurance
• Kiddie Tax
• Legatee
• Leveraged Benefits
• Life Insurance Benefits Taxation
• Life Insurance (Group)
• Life Insurance (Term)
• Life Insurance (Transfer for Value)
• Life Insurance Trust (Irrevocable or Revocable)
• Life Insurance (Universal Life)
• Life Insurance (Variable Life)
• Life Insurance (Whole Life) (Permanent Life)
• Limited Liability Company (LLC)
• Living Trust (Probate Avoidance Trust)
• Living Will (Declaration)
• Long-Term Care Insurance
• Managed Care
• Marital Deduction
• Matrimonial Agreement (Nuptial Agreement, Pre-Nuptial Agreement, or Separate Property Agreement)
• Medical Savings Account (MSA)
• Medicare and Medicaid
• Medicare Supplement Insurance/Medigap Insurance
• Mortgage Loan Monthly Payments
• Net Taxable Estate (Federal)
• Non-Probate Assets
• Penalties and Excise Taxes (Qualified Plans and IRAs)
• Per Stirpes - Per Capita
• Personal Holding Company
• Point-Of-Service (POS)
• Post Mortem Tax Planning
• Pour-Over Will
• Power of Attorney
• Preferred Provider Organization (PPO)
• Pre-Nuptial Agreement
• Probate
• Probate Assets
• Qualified Family-Owned Business Interest (QFOBI)
• Qualified Long-Term Care Insurance
• Qualified Personal Residence Trust (Residence GRIT)
• Qualified Small Business Stock
• Qualified Terminal Interest Property Trust or Usufruct (QTIP Trust or Usufruct)
• Rabbi Trust
• Real Estate Environmental Considerations
• Real Estate Investments
• Real Estate Valuation For Investment Purposes
• Redhibition
• Renunciation
• Rescission
• Retirement Plans and Benefits
  • Pension Plan (Defined Benefit Plan)
  • Profit-Sharing Plan (Defined Contribution Plan)
  • Money-Purchase Plan
  • 401(k) Plan
  • KEOGH or HR-10 Plans
  • Highly Compensated Employees
  • Key Employees
  • Non-Discrimination
  • Participation
  • Top-Heavy
  • Vesting
  • Distributions After Death
  • Lifetime Distributions
  • Minimum Distributions (Withdrawals)
  • Premature Distributions (Withdrawals)
  • Social Security Integration
  • Retirement Plan Tax Penalties
• Reverse Mortgage
• Reverse QTIP Election
• Rollovers
• Roth IRA
• S Corporation
• Sale and Purchase of a Business
• Sale of Depreciated Property
• Sale of Residence
• Self-Canceling Installment Note (SCIN)
• SEP (Simplified Employee Pension or SEP-IRAs or Super IRAs)
• Separate Property
• Servitude
• SIMPLE (Savings Incentive Match Plan for Employees) or SIMPLE IRA Plans
• Social Security (SS) Benefits and Taxation
• Spendthrift Trust
• Split Dollar Insurance Plans
• Sprinkling Trust
• Step Transactions
• Stepped-Up Basis
• Succession
• Survivorship Life Insurance (Last-to-Die Insurance or Second-to-Die Insurance)
• Tax Deferred Annuity
• Tax-Free Exchange (Sections 1031, 1035, and 1044 Exchanges)
• Taxable Estate
• TOPS (Tuition Opportunity Program for Students)
• Trust
• Trustee
• Tutor or Tutrix
• Unified Transfer Tax and Credit
• Usufruct (Louisiana)
• Valuation of Assets and Discounts (Federal Estate Tax and Gift Tax)
• Vesting
• Viatical Settlements
• Will (Last Testament)

SUGGESTED REFERENCES AND BIBLIOGRAPHY