Printer Friendly

Introduction and bibliography.

Estate planning is a fascinating subject. No two problems are ever quite the same and no perfect answers or well-established rules exist to solve all problems. Estate planning is not merely planning to save or reduce taxes during lifetime or at death; it is far more complex because a person and his or her relationship with property and other people is involved.

There is no easy way to learn estate planning. The field is vast, deceptively complex, and covers not only income, estate, generation-skipping, and gift tax law (on both the federal and state levels) but also requires the practitioner to assimilate and incorporate many facets of corporate, probate, estate, trust, charitable, asset protection planning, and securities law.

The essential concern is to ascertain all the relevant facts, whether they may seem material or not at the time, and place them in context with the clients(s) desires and objectives and the beneficiaries' needs, abilities, desires, and circumstances. From those facts and goals, the professional must then identify, prioritize, and clearly and convincingly communicate the problems.

Then the second level of challenge begins: finding or creating the appropriate solutions.

A good library of up-to-date texts, audio, and articles is essential. The following is a list of some of the many books and information sources we have personally found useful for professional research, reference, review, or to explain complex topics to clients: (It is extremely important to check with the publisher before you purchase a book to see if the version you are purchasing or using (1) is the most recent version, and (2) encompasses all of the most recent and prior major tax law changes. Out of date tax resources are dangerous!)

Abbin, Toce, Pace, and Vorsatz, Tax Economics of Charitable Giving (New York, NY: RIA Group), 800950-1216.

Abbin, Carlson, Vorsatz, Income Taxation and Fiduciaries and Beneficiaries (Chicago, IL: CCH), 800775-5730.

Adkisson and Riser, Asset Protection, McGraw-Hill-Adler, Rules of the Road: A Guide to the Law of Charities in the United States (Washington, DC: Council on Foundations), 888-239-5221.

Baldwin, The Lawyer's Guide to Insurance (Chicago, IL: ABA,), 800-285-2221.

Bittker and Eustice, Federal Income Taxation of Corporations and Shareholders (New York, NY: RIA Group), 800-950-1216.

Blattmachr, Income Taxation of Estates and Trusts (New York, NY: PLI), 800-260-4754.

Bove, The Complete Book of Wills, Estates, & Trusts (N.Y. N.Y.: Holt)

Bureau of National Affairs, Tax Management Income, Estates, Gifts and Trusts Portfolios (Washington, DC: BNA).

Brody, The Irrevocable Life Insurance Trust (Chicago, IL: ABA) 800-285-2221.

Brody and Weinberg, The Insured Stock Purchase Agreement (Chicago, IL: ABA), 800-285-2221.

Casner and Pennell, Estate Planning, (Chicago, IL: CCH), 800-248-3248.

Catherall and Feld, Estate and Gift Tax Digest (New York, NY: RIA Group), 800-950-1216.

Choate, Life and Death Planning for Retirement Benefits (Boston, MA: Ataxplan Publications), 800-247-6553.

Choate, The QPRT Manual (Boston, MA: Ataxplan Publications), 800-247-6553

Collier, Wealth in Families (Boston, MA: Harvard University Press), 617-495-5040

Commerce Clearing House, Inc., Federal Tax Articles, (Chicago, IL: CCH), 800-248-3248.

Commerce Clearing House, Inc., Financial and Estate Planning Reporter, (Chicago, IL: CCH), 800-248-3248.

Commerce Clearing House, Inc., Inheritance Estate and Gift Tax Reporter, (Chicago, IL: CCH), 800-248-3248.

Commito, Comprehensive Buy-Sell (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Commito, Working with LLCs and FLPs (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Cunningham, Drafting Limited Liability Company Operating Agreements (New York, NY: Aspen), 800-638-8437.

Domino and Rosenfeld, The 401(k) Advisor (Cincinnati, OH: National Underwriter Company), 800543-0874.

Donner and Finmann, Planning for Retirement Distributions (New York, NY: Aspen), 800-638-8437.

Eber, A CPA's Guide to Today's Hottest Device in Estate Planning: The Family Limited Partnership (New York, NY: AICPA, 2000).

Esperti and Peterson, The Encyclopedia of Estate and Wealth Strategies and The Journal of MultiDisciplinary Practice (The Academy of Multidisciplinary Practice), 800-741-4358.

Etkind, The ESOP Handbook (Leimberg Associates, Inc.), 610-924-0515.

Evans, Wills, Trusts, and Technology: An Estate and Trust Lawyer's Guide to Automation (Chicago, IL: ABA)

Evans, How to Build and Manage an Estates Practice (Chicago, IL: ABA)

Ferguson, Freeland, and Ascher, Federal Income Taxation of Estates, Trusts and Beneficiaries, (Chicago, IL: CCH).

Fithian, Values-Based Estate Planning--A Step-by-Step Approach to Wealth Transfers for Professional Advisors (New York, NY: John Wiley), 800-879-4539.

Gallagher and Ratner, Federal Income Taxation of Life Insurance (Chicago, IL: ABA), 800-285-2221.

Gallo and Gallo, Silver Spoon Kids (Contemporary Books)

Giamarco and Mittra, Estate Planning with Insurance (Troy, MI: Cox Hodgman & Giamarco), 248-528-2200.

Grassi, A Practical Guide for Drafting Irrevocable Life Insurance Trusts (Philadelphia, PA: ALI-ABA), 800-253-6397.

Grassi, A Practical Guide for Drafting Marital Deduction Trusts (Philadelphia, PA: ALI-ABA), 800-253-6397

Hendrickson, Interstate and International Estate Planning, (New York, NY: Practicing Law Institute).

Jordan and Quynn, Planned Giving for Small Nonprofits (New York, NY: Wiley), 800-225-5945.

Kasner, Post Mortem Tax Planning, (Boston, MA: WG&L), 800-950-3055, and Guide to Practical Estate Planning (Ft. Worth, TX: Practitioner's Publishing Co.), 800-323-8724.

Keebler, Stretch IRA Advisor's Reference Guide (Clearwater, FL: Wealth Advisory Group), 727-462-0404,

Keebler, The Professional's Guide to the Roth IRA: Implementing the 2001 Tax Act (New York, NY: AICPA).

Klein and Bahls, S Corporations and Life Insurance (Chicago, IL: ABA), 800-285-2221.

Leimberg, The Cutting Edge, Leimberg Associates, Inc.

Leimberg and Doyle, The Tools and Techniques of Life Insurance Planning (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Leimberg et al, The Tools and Techniques of Charitable Planning (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Leimberg et al, The Tools and Techniques of Income Tax Planning (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Leimberg and McFadden, The Tools and Techniques of Employee Benefit and Retirement Planning (Cincinnati, OH: National Underwriter Company), 800543-0874.

Leimberg, Plotnick, Miller, and Evans, The Book of Trusts (Leimberg Associates, Inc.), 610-924-0515

Leimberg, Rosenbloom, and Yohlin, The Corporate Buy-Sell Handbook (Leimberg Associates, Inc.), 610924-0515 Manning, Rosenbloom, and Halperin, Manning on Estate Planning (New York, NY: PLI), 800-260-4754.

McCoy and Miree, Family Foundation Handbook Chicago, IL: CCH), 800-234-1660.

McGovern and Kurtz, Wills, Trusts and Estates (Eagan, MN: West Group), 800-328-9352.

Mertens, Law of Federal Gift and Estate Taxation (New York, NY: Lofit Publications, Inc.).

Mertens, Law of Federal Income Taxation (Chicago, IL: Callahan and Co.).

Mezzullo, An Estate Planner's Guide to Family Business Entities (Chicago, IL: ABA), 800-285-2221.

Mezzullo, An Estate Planner's Guide to Buy-Sell Agreements for the Closely-Held Business (Chicago, IL: ABA), 800-285-2221.

Mezzullo, An Estate Planner's Guide to Life Insurance (Chicago, IL: ABA), 800-285-2221.

National Underwriter Company, Tax Facts on Insurance & Employee Benefits (Tax Facts 1) and Tax Facts on Investments (Tax Facts 2) (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Nossaman and Wyatt, Trust Administration and Taxation (New York, NY: Matthew Bender and Co.).

Nudelman and Blumenthal, Federal Taxation of Estates and Trusts, ALI-ABA.

Olson and Kitces, The Annuity Advisor (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Osborne and Schurig, Nenno, Delaware Dynasty Trusts, Total Return Trusts, and Asset Protection Trusts (Thompson West) 800-328 4880.

Plotnick and Leimberg, How to Settle an Estate (New York, NY: Plume).

Rabkin and Johnson, Current Legal Forms With Tax Analysis (New York, NY: Matthew Bender and Co.).

Rabkin and Johnson, Federal Income, Gift and Estate Taxation (New York, NY: Matthew Bender and Co.).

Shenkman and Klein, Living Wills & Health Care Proxies (Teaneck, N.J. Law Made Easy Press) 888-LAW-EASY

Slavutin, Guide to Life Insurance Strategies (Ft. Worth, TX: PIA), 800-323-8724.

Schlesinger & Howard, Pre-Mortem Estate Planning Checklist (Philadelphia, PA: ALI-ABA), 800-253-6397.

Stephens, Maxfield, Lind, and Calfee, Federal Estate and Gift Taxation (New York, NY: RIA Group), 800-950-1216.

Stocker, Rikoon, Champine, and Racanelli, Stocker and Rikoon on Drawing Wills and Trusts (New York, NY: PLI), 800-260-4754.

Wagner, Ultimate Trust Resource (including Trust Calculator) (Cincinnati, OH: National Underwriter Company), 800-543-0874.

Warren and Surrey, Federal Estate and Gift Taxation (Brooklyn, NY: Foundation Press).

Weber, Revealing Life Insurance Secrets (Ellicott City, MD: Marketplace Books) 800-272-2855

Weisz, Supertrust IV (Plymouth Meeting, PA: Wise-stone Financial Publishing).

Westfall and Mair, Estate Planning Law and Taxation (New York, NY: RIA Group), 800-950-1216.

Westin, WG&L Tax Dictionary (New York, NY: RIA Group), 800 950 1216

Wynn, Split-Dollar Life Insurance (Chicago, IL: ABA), 800-285-2221.

Zaritsky, Structuring Buy-Sell Agreements (New York, NY: RIA), 800-950-1216.

Zaritsky, Tax Planning for Family Wealth Transfers (New York, NY: RIA Group), 800-950-1216.

Zaritsky and Leimberg, Tax Planning with Life Insurance, (New York, NY: RIA Group), 800-950-1216.

We highly recommend tax services such as Research Institute of America, Commerce Clearing House, and Tax Management. The Advanced Sales Reference Service, published by The National Underwriter Company, has a strong following within the life insurance community. Additionally, journals such as the Estate Planning, Journal of Taxation, Tax Law Review, Taxes, Taxation for Lawyers, Taxation for Accountants, Trusts and Estates, The Practical Tax Lawyer, and The Journal of the Society of Financial Service Professionals are highly useful.

Two of the best tools for "Keeping Current" are a quarterly CD service of the same name available from the Society of Financial Service Professionals, and the e-mail tax commentary and database service, LISI, at www.leimbergservices.com that provides almost daily information and analysis on recent cases, rulings, and legislation, as well as podcasts on specific topics of interest to tax professionals.

A service that specializes in the taxation and uses of life insurance in business and estate planning is Think About It, a monthly newsletter by Leimberg Associates, Inc. used extensively by life underwriters associations and insurance companies throughout the country.

Keep in mind that TOOLS AND TECHNIQUES is a survey text. It is not meant to be a detailed examination of any one particular area. We have tried to design the text to give you enough familiarity with an area so that when doing research, you will have an initial understanding of that area and a source-guide to where you can broaden and deepen your understanding.

We strongly recommend the Advanced Sales Reference Service, referred to earlier. References to "ASRS" appearing immediately above the "Chapter Endnotes" are to this service.
COPYRIGHT 2006 ALM Media, LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Tools & Techniques of Estate Planning, 14th ed.
Date:Jan 1, 2006
Words:1621
Previous Article:Preface to the 14th edition.
Next Article:Chapter 1: Overview of estate planning.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters