J.k. Lasser''s New Rules for Estate, Retirement, and Tax Planning

The popular handbook to estate planning, now updated for 2018
 
Since its first publication in 2002, New Rules for Estate, Retirement, and Tax Planning has sold more than 40,000 copies, providing a solid, accessible introduction to estate planning for any age or income bracket. Now in its sixth edition, Estate, Retirement, and Tax Planning continues this tradition, covering such topics as trusts, donations, life insurance, and wills in easy-to-understand language that offers valuable insights and solid strategies to help you preserve your wealth and plan your estate so that your assets go where you want with a minimum of taxes and government interference. This comprehensive guide answers such common questions as: How much do I need to retire comfortably? How do I protect my children's inheritance? How do I ensure planned donations are made after I'm gone? And many more.
 
The Sixth Edition is also fully updated to reflect changes following the 2018 Tax Cuts and Jobs Act, so that you can learn how new regulations could impact your inheritance and trusts. Other notable features include advice on working with elderly parents and introducing financial planning to children and teenagers, in addition to a list of professional advisers and a glossary of estate planning terms.
* Understand estate planning and obtain solid strategies for growing your wealth
* Explore asset protection and succession planning strategies
* Discover how recent updates to the tax code could affect you and your heirs
* Stay informed of any relevant law changes with an author-managed web site
 
Estate, Retirement, and Tax Planning contains a wealth of valuable information for any adult who needs help planning their financial future, from the established professional heading toward retirement, to the young adult looking to understand the basics. Wherever you are in your journey, use Estate, Retirement, and Tax Planning to ensure your legacy is protected.

List of contents

Acknowledgments xi
 
Introduction xv
 
1 Tax Cuts and Jobs Act of 2017 1
 
Ordinary Income Tax Rates 2
 
Capital Gains Tax Rates and Qualified Dividends 2
 
Educational Provisions 2
 
Business and Corporate Tax Relief 5
 
Estate, Gift, and Generation-Skipping Transfers 6
 
Dangers of Relying on Portability 9
 
Limitations on Deductions 11
 
2 Estate Planning 15
 
What Is Estate Planning? 15
 
The Benefits of Estate Planning 16
 
The Nightmares of Poor Planning 18
 
The Myths of Estate Planning 19
 
Guidelines for Successful Estate Planning 20
 
3 The Estate Tax System 23
 
Determining Your Estate Net Worth 23
 
Your Estate Tax Picture 29
 
Your Future Estate 33
 
Overview of Estate-Planning Strategies 35
 
4 Investment Strategies for Maximizing Estate Growth 37
 
Growth Strategy with a Safety Net(r) 38
 
Prioritizing Your Investment Dollars 43
 
Retirement Planning: Choosing the Best Investment
 
Environments 43
 
Roth Conversions 46
 
Some Final Thoughts on Investing 53
 
5 Retirement Planning: Living Your Dream 55
 
Your Retirement Requirements 56
 
Best Retirement Strategies 61
 
Reverse Mortgages 67
 
Social Security Strategies 70
 
Customizing Your Health Care Plan 75
 
6 You Don't Have a Will? Big Trouble! 79
 
Property Transfers at Death 80
 
Transfers via Probate 81
 
Direct Transfers by Title 84
 
Other Methods of Property Ownership 88
 
Choosing the Best Methods of Ownership 90
 
Setting Estate-Planning Goals 91
 
7 Where There's a Will, There's Your Way! 93
 
What Is a Will? 93
 
Types of Wills 93
 
Advantages and Disadvantages of Wills 95
 
Intelligent Decisions Concerning Your Will's Basic Provisions 97
 
Executing Your Will 110
 
Where to Store Your Will 111
 
Other Important Documents 111
 
Working with Your Attorney 115
 
When to Review Your Estate Plan 121
 
8 Using Trusts in Your Estate Plan 125
 
The Credit Shelter Trust Will 126
 
Disclaimers 131
 
Marital Trusts 132
 
Spendthrift Trust 136
 
Standby Trust 137
 
Other Trusts 137
 
9 Understanding the Living Trust 139
 
Advantages of Living Trusts 139
 
Disadvantages of Living Trusts 141
 
How a Living Trust Operates 142
 
Transferring Property into Your Living Trust 145
 
Types of Property Likely to Be Transferred 148
 
Living Trust Myths 150
 
Transacting Business with Your Trust 152
 
10 Using Insurance in Your Estate Plan 153
 
Life Insurance 153
 
Using Life Insurance to Replace Income 156
 
How Much Life Insurance Do You Need? 157
 
What Type of Life Insurance Is Best for You? 160
 
Insurance on a Homemaker 161
 
Insurance on Adult Children 161
 
How to Get the Best Deal on Term Life Insurance 161
 
What Type of Life Insurance Is Best for Estate Liquidity? 164
 
The Irrevocable Life Insurance Trust 166
 
Getting Your Life Insurance into Your Trust 167
 
Using Life Insurance to Leverage Your Estate 170
 
About Your Cash Values 173
 
11 Smart Strategies for Gifting Assets to Family Members 179
 
The Annual Gift Tax Exclusion 179
 
Unintended Gifts 181
 
Filing a Gift Tax Return 182
 
The Lifetime Applicable Exclusion Amount 182
 
Outright Gifts 183

About the author

STEWART H. WELCH, III, AEP^®, CFP^®, is a nationally recognized, fee-only financial advisor. The author of six books, he is founder of The Welch Group, which manages in excess of $1 billion for a nationwide clientele. J. WINSTON BUSBY, ESQ, LLM, counsels clients on tax and estate planning. He is co-author of the New Rules for Estate, Retirement, and Tax Planning, Fifth Edition, and writes regularly on income and transfer tax planning.

Summary

The popular handbook to estate planning, now updated for 2018

Since its first publication in 2002, New Rules for Estate, Retirement, and Tax Planning has sold more than 40,000 copies, providing a solid, accessible introduction to estate planning for any age or income bracket. Now in its sixth edition, Estate, Retirement, and Tax Planning continues this tradition, covering such topics as trusts, donations, life insurance, and wills in easy-to-understand language that offers valuable insights and solid strategies to help you preserve your wealth and plan your estate so that your assets go where you want with a minimum of taxes and government interference. This comprehensive guide answers such common questions as: How much do I need to retire comfortably? How do I protect my children's inheritance? How do I ensure planned donations are made after I'm gone? And many more.

The Sixth Edition is also fully updated to reflect changes following the 2018 Tax Cuts and Jobs Act, so that you can learn how new regulations could impact your inheritance and trusts. Other notable features include advice on working with elderly parents and introducing financial planning to children and teenagers, in addition to a list of professional advisers and a glossary of estate planning terms.
* Understand estate planning and obtain solid strategies for growing your wealth
* Explore asset protection and succession planning strategies
* Discover how recent updates to the tax code could affect you and your heirs
* Stay informed of any relevant law changes with an author-managed web site

Estate, Retirement, and Tax Planning contains a wealth of valuable information for any adult who needs help planning their financial future, from the established professional heading toward retirement, to the young adult looking to understand the basics. Wherever you are in your journey, use Estate, Retirement, and Tax Planning to ensure your legacy is protected.

Product details

• Authors: Harold I. Apolinsky, J Winston Busby, J. Winston Busby, Busby J. Winston, Craig M. Stephens, Stewart H Welch, Stewart H. Welch, Stewart H. (Birmingham Welch, Stewart H. Busby Welch, Stewart H. Stephens Welch, Welch Stewart H.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 28.02.2019
• EAN: 9781119559139
• ISBN: 978-1-119-55913-9
• No. of pages: 352
• Series: J.K. Lasser; J.K. Lasser
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration; United States of America, USA, Private Finanzplanung, Finance & Investments, Finanz- u. Anlagewesen, Private Finanzen / Verbrauchsteuern, Personal Finance / Consumer Tax