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Essay / Research Paper Abstract
This 8 page paper looks at a case study provided by the student with an estate worth US$5 million. The paper considers how wills could be drawn up as well as the use of revocable and irrevocable trusts to avoid estate taxes. The paper is based on US tax law. The bibliography cites 6 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEestatepl.rtf
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Unformatted sample text from the term paper:
planning can be longer term and include elements such as life assurance and trusts as well as wills. They are happy to transfer 40% of the company they own so
they can retain control, and possibly transfer more at a later date. They want to pass the estate onto their children and
minimise the tax bill, but there are some complications such as the son going through a divorce and the financial settle not yet finalised, making it difficult to pass any
gifts onto the son at the moment. There are also grandchildren who assets may be left to in order to avoid death duties. To consider the best advice for
Mr and Mrs Jones we need to first look at the current position if they do nothing. The wills are currently leaving everything to each other, Whilst having wills is
good there are some costly consequences to this estate planning structure. The couple are both 65, on average it will be the female that will outlive the male. This means
the likelihood is that Wilda Jones will inherent the estate and then when she dies there will be estate taxes to pay on the relevant level of the estate above
the zero threshold. The couple appear happy to make some gifts of up to 40% of the company but are concerns about gifting taxes (Paget, 2002). There is not
an option supply to give assets away to try and avoid estate taxes as there may be a gift tax, or if the assert is passed to the grandchildren then
it is the generation skipping transfer tax that will be payable (Paget, 2002). There is a current change taking place that allows some gifts to take place without any tax
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