TITLE

Estate Planning for the Very Elderly

AUTHOR(S)
Jurinski, James John; Zwick, Gary A.
PUB. DATE
May 2002
SOURCE
Journal of Financial Planning;May2002, Vol. 15 Issue 5, p94
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article focuses on the prevalence of the incidence of very elderly people in need of estate planning in the U.S., as of May 2002. Because repeal of the estate tax will come too late to help these clients, planners need to employ creative strategies designed specifically for the very elderly, such as annual exclusion gifts or a family limited partnership. Gifts to defective grantor trusts and the use of qualified personal residence trusts also offer valuable planning opportunities for the very elderly. Although life insurance often is sold as a solution, planners will normally have to formulate strategies to remove the insurance from the taxable estate. Finally, any estate planning for the very elderly needs to include preserving the income tax step-up for spousal transfers. The article also discusses some creative strategies to deal with the wealthy elderly client whose goal is to preserve as much of his or her estate for heirs as possible.
ACCESSION #
6658345

 

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