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9781614386650

Federal Gift, Estate, and Generation-skipping Transfer Taxation of Life Insurance

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  • ISBN13:

    9781614386650

  • ISBN10:

    161438665X

  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2016-02-07
  • Publisher: American Bar Association
  • Purchase Benefits
List Price: $129.95

Summary

Concise and clearly written, this primer examines the federal transfer tax aspects of life insurance. It considers all issues related to the federal transfer taxation of life insurance. With its guidance, planners can minimize the transfer tax of an estate plan and avoid the many pitfalls that can occur in these transactions. Beginning with a discussion of life insurance as a gift, the authors explain the valuation of policies and their qualification for the gift tax annual exclusion. Among the areas discussed are:
  • Outright transfers, transfers in trust, and indirect gifts
  • The uses and issues relating to Crummey powers
  • The gift tax marital deduction

Following this, the authors explain the gift tax in further detail, including cases when a gift occurs with respect to a life insurance policy, the valuation of the gift, and the availability of the gift tax annual exclusion and the gift tax charitable or marital deduction. Subsequent chapters address other relevant topics, including:
  • Estate taxation of life insurance, with emphasis on the two IRC sections that have particular application to life insurance: sections 2035 and 2042
  • Generation-skipping transfer tax and its application to life insurance and irrevocable life insurance trusts
  • Community property considerations

Author Biography

Lawrence Brody is a partner of Bryan Cave LLP in their St. Louis office. He is also an Adjunct Professor at Washington University School of Law, a visiting Adjunct Professor at the University of Miami Law School, and has written numerous articles and books on the use of life insurance in estate and employee benefit planning.

Norman H. Lane is of counsel in the Los Angeles office of Greenberg Traurig, LLP, where he focuses his practice on advising business and individual taxpayers concerning tax laws and related administrative material, and on estate planning and trust administration.

Mary Ann Mancini is a partner at Williams Mullen, in Washington, D.C., where her practice focuses on estate and business planning and taxation.

Table of Contents

TABLE OF CONTENTS

CHAPTER I—INTRODUCTION
1.1 THE ROLE OF LIFE INSURANCE IN ESTATE PLANNING
1.2 CONSIDERATIONS IN SELECTING A LIFE INSURANCE POLICY TO GIVE AWAY
1.3 ORGANIZATION AND CONTENT OF THIS BOOK

CHAPTER II—GIFT TAXATION OF LIFE INSURANCE
2.1 GIFTS WITH RESPECT TO LIFE INSURANCE IN GENERAL
2.2 GIFT TAX CONSEQUENCES OF GIFTS TO LIFE INSURANCE TRUSTS
2.3 THE GIFT TAX ANNUAL EXCLUSION
2.4 CRUMMEY WITHDRAWAL POWERS

CHAPTER III—ESTATE TAXATION OF LIFE INSURANCE
3.1 TAXATION OF LIFE INSURANCE DEATH BENEFIT IN THE INSURED'S ESTATE UNDER INTERNAL REVENUE CODE SECTION 2042
3.2 TAXATION OF DEATH PROCEEDS IN THE INSURED'S ESTATEUNDER INTERNAL REVENUE CODE SECTION 2035
3.3 TAXATION OF LIFE INSURANCE PROCEEDS IN THE INSURED'SGROSS ESTATE UNDER OTHER CODE SECTIONS
3.4 ESTATE TAX CHARITABLE DEDUCTION
3.5 ESTATE TAX MARITAL DEDUC ON

CHAPTER IV—GENERATION-SKIPPING TRANSFER TAXATION OF LIFE INSURANCE
4.1 INTRODUCTION
4.2 THE USE OF LIFE INSURANCE IN GENERATION-SKIPPING TRANSFER TAX PLANNING

CHAPTER V—COMMUNITY PROPERTY CONSIDERATIONS
5.1 ESTATE TAX CONSIDERATIONS
5.2 GIFT TAX CONSIDERATIONS
5.3 GENERATION-SKIPPING TRANSFER TAX CONSIDERATIONS
5.4 CONCLUSION

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