TITLE

A PLANNING DISASTER: A TEAM WITHOUT A QUARTERBACK

AUTHOR(S)
Burt, Marvin R.
PUB. DATE
April 1995
SOURCE
Journal of Financial Planning;Apr95, Vol. 8 Issue 2, p81
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Complex estates require someone such as a financial planner to serve as a "quarterback" for the estate-planning team. Otherwise, even the best-intentioned of plans can go awry. This article provides a case study of a real-life situation in which the disparate elements of a complex estate plan caused significant problems and conflicts due to a lack of proper planning and coordination. The case, involving children from two marriages, examines a charitable remainder trust that failed to fully utilize the charitable deduction, two irrevocable life insurance trusts that included inappropriate policies, and an improperly drafted will. The article describes remedies the author was able to take to help partially rectify the situation.
ACCESSION #
5559610

 

Related Articles

  • When Defective Is Effective. MILLER, HARRY S. // Financial Planning;Mar1999, Vol. 29 Issue 3, p97 

    Provides information on the intentionally defective irrevocable trust, an estate planning technique developed by financial planners. Purpose of the strategy; Important points to remember when selling property to the trust.

  • Irrevocable insurance trust valuable estate planning tool. Serra, James J. // Hudson Valley Business Journal;8/19/96, Vol. 7 Issue 8, p20 

    Discusses the importance of irrevocable insurance trusts for estate planning in the United States. Two celebrities serving as examples of poor estate planning; Features of federal estate taxes; Estate planning tools available to taxpayers; Features of irrevocable life insurance trusts.

  • A Little Trust Can Go a Long Way. Woods, Richard // National Public Accountant;Nov2000, Vol. 45 Issue 9, p8 

    Focuses on a survey by Fidelity Investments which revealed the adult persons in the United States have no will or estate plan. Role of accountants in estate planning; Considerate way to manage estates; Uses of irrevocable trusts.

  • Defective Irrevocable Trusts. Dean, Greg // Advisor Today;Jun2000, Vol. 95 Issue 6, p56 

    Deals with the intentional use of defective language in establishing an irrevocable life insurance trusts (ILIT) in the United States in line with estate planning issues. Use of the tax provisions called the grantor trust rules; How intentional use of defective language can solve issues...

  • Spousal ILITs Provide Access To Cash Value For Family Members. Zipse, Randy L. // National Underwriter / Life & Health Financial Services;2/7/2000, Vol. 104 Issue 6, p7 

    Reports that the irrevocable life insurance trust (ILIT) is the time-honored standard for estate planning concepts in the United States. Overview on the drafting of ILIT; Uses of life insurance.

  • Estate planning can be GRAT-ifying. Talsma, Julia // Dermatology Times;Oct99, Vol. 20 Issue 10, p42 

    Offers estate planning advice for dermatologists in the United States. Advantages and disadvantages of irrevocable life insurance trust; Advantages of grantor retained annuity trust (GRAT); Risks associated with GRAT.

  • Creating flexibility in an irrevocable trust. FERGUSON, CURT // Prairie Farmer;Feb2014, Vol. 186 Issue 2, p80 

    The article focuses on power of appointment and discusses creating changeable irrevocable trust and the reasons for creating the same including estate tax planning, protection of the trust assets and distribution of the assets equally.

  • The Survivorship Spousal ILIT. Jones, Lawrence T. // Advisor Today;Feb2000, Vol. 95 Issue 2, p42 

    Describes an estate planning tool called irrevocable life insurance trust (ILIT). Reason for the popularity of a Survivorship ILIT; How to design and create a Survivorship Spousal ILIT; Goals that can be accomplished by a properly drafted Survivorship Spousal ILIT.

  • For Large Estates, Consider Grantor Retained Annuity Trusts. Halloran, Michael W.; Wordell, Michelle // National Underwriter / Life & Health Financial Services;12/10/2007, Vol. 111 Issue 46, p19 

    The authors reflect on the approaches in managing irrevocable life insurance trust (ILIT) when compensating estate taxes. They explain the usefulness of ILITamong clients with middle-sized estates, as well as the challenges occurring when applied in large estates. One solution the authors...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sign out of this library

Other Topics