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Home » Estate
and Inheritance
Importance of Estate and Inheritance Planning
As today's estate and tax laws become more complex, effective estate planning
becomes essential. Dennis Piper & Associates, P.C. can assist you in all
your estate and inheritance planning needs. Formulating an estate plan that
minimizes tax liability may be the most difficult and challenging aspect of the
estate planning process. The importance of tax planning increases with the size
of the estate, and usually becomes the primary consideration for very large
estates. As a result of the effects of inflation, particularly on real
property, a far greater number of estates now face potential tax liability.
Key topics include:
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How the new tax rate on dividends impacts Form 1041
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Income tax issues of estates and trusts
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Taxable income of estates and trusts and expense allocation issues
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Form preparation issues -- Filing requirements and line-by-line explanations of
Form 1041
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Pension plan issues and income in respect of a decedent
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Distributable net income (DNI) and the income distribution deduction
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New capital gains rules, under the final regulations
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Fiduciary accounting -- What you must know
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Tax-planning concerns and special issues, such as loss on the sale of a former
residence
Issues that Need to be Addressed
Our firm can address the problems and issues that arise in the administration
of trusts and estates. We can outline what our role would be as an executor,
trustee, or adviser to a fiduciary.
Major issues include:
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Practical issues involved when settling an estate -- Marshaling of assets,
payment of creditors, and distribution and accounting to beneficiaries
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Explaining the needs and limitations of durable powers of attorney, health care
directives, and living wills
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Legal issues in probating and contesting a will
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Comprehensive checklists on how to read a will, duties of an executor and
trustee, and much more
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Inventory of estate assets
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What to do and what not to do as a fiduciary, executor, or trustee -- Duty of
care, investment, informing, payment of debts and taxes, defending a will
contest
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How executors and trustees interact with beneficiaries
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Advising a surviving spouse on elective shares
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Special issues involving incompetents or minors
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Rights of creditors, third parties, and beneficiaries
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Key issues in transferring property to a trust and from a trust or estate to a
beneficiary
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Identifying income, estate, and inheritance taxes
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Fiduciary accounting -- Principal and income concepts
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Administration of revocable trusts
Where Our Firm Comes In
Our firm has the knowledge and experience to assist you with the fundamentals
of estate planning, including critical concepts in marital deduction planning,
credit shelter trusts, selection and powers of trustees, and titling and
funding issues.
Topics we will Address:
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Planning after the 2001 Tax Act
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Complete Code section analysis of the federal estate and gift tax
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Marital deduction planning -- Second spouse, QTIP trusts, QDOT trusts, power of
appointment trusts, and more
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Credit shelter trusts and the growing applicable credit amount
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Uses and techniques of life insurance
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Tools and techniques in gifting to minors, spouses, and other family members,
including uniform transfers (or gifts) to minors accounts, education trusts,
§§2503(b) and (c) trusts, and more
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Reducing taxes by charitable giving, special credits, and private annuities
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Use of irrevocable and revocable trusts and other will substitutes
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