The Seventh Edition confronts continued and, indeed, increased instability. The new instability follows a relatively short lull after a period of unprecedented instability, including since 2001, increases in exemptions, reductions in rates, the repeal and restoration of the estate tax and the generation-skipping tax, the installation of a system of portability of the unused portion of the estate tax exemption of a predeceasing spouse, the advocacy by leading politicians of repeal of the taxes and, by others, of drastic increases in the taxes and the enactment of wealth taxes, and, probably most importantly, of a worldwide plague against which individuals, groups and even nations were unable to protect themselves.Variations of techniques that have appeared in all prior editions of this book are the techniques of choice for the present environment. More than ever, flexibility is the hallmark.
FORMAT Paperback LANGUAGE English CONDITION Brand NewJerold I. Horn, a member of the Illinois and Pennsylvania bars, practices law in Peoria, Illinois. He is a graduate of Princeton University (AB, summa cum laude) and Yale University Law School. He is a fellow and past president of the American College of Trust and Estate Counsel, a fellow of the American College of Tax Counsel, a member of the American Law Institute, and a former visiting adjunct professor at the University of Miami Law School. He has written numerous articles about estate planning, authored both editions of Planning and Drafting for the Generation-Skipping Transfer Tax (ALI-ABA 2d ed. 1994), coauthored many editions of Drafting Wills and Trust Agreements (Ill. Inst. Cont. Leg. Ed. 1990), and lectured frequently at tax plan-ning institutes and continuing education programs.
About the Author PrefaceDisclaimerxxxixxli xliiiCHAPTER 1 INTRODUCTION1CHAPTER 2 THE REAL ATTRACTION OF BYPASS TRUSTS 1 CHAPTER 3 THE BUILDING BLOCKS FOR PAYMENTS TOCHAPTER 4 USE OF EXEMPTIONS 159CHAPTER 5 INCREASE OF BASIS 197CHAPTER 6 DISPOSITIVE CONFIGURATIONS 199CHAPTER 7 ALLOCATION OF DEATH COSTS 211CHAPTER 8 SPECIAL DISPOSITIVE PROVISIONS 227CHAPTER 9 DIFFERENT INTERESTS AND POWERS BUT EQUAL VALUES FOR DIFFERENT CHILDREN: ALLOCATIONS, ADVANCEMENTS, CHARGES, CONTROL DEVICES, MERGERS,MIXING BOWLS, AND OPTIONS 263CHAPTER 10 SPECIAL DISPOSITIVE PROVISIONS FOR GIFTSCHAPTER 11 SEVERANCES OF TRUSTS INTO GST EXEMPT,GST NONEXEMPT, AND OTHER PORTIONS 305 CHAPTER 12SPECIAL DISPOSITIVE PROVISIONS MISCELLANEOUS333CHAPTER 13 AVOIDING AND ATTRACTINGCHAPTER 14ACCOMMODATION OF CODE SECTION 2032A ASSETS423CHAPTER 15 ACCOMMODATION OF S CORPORATION STOCK 433CHAPTER 16 ACCOMMODATION OF QUALIFIED PLANS AND IRA INTERESTS 437CHAPTER 17 INTER VIVOS MARITAL DISPOSITIONS 547CHAPTER 18 INTEGRATION OF EXEMPT AND NONEXEMPTDISPOSITIONS 571CHAPTER 19 PERPETUITIES AND POWER-OF- APPOINTMENT ISSUES: THE DELAWARE TAX TRAP, SAVINGS CLAUSES, AND SPECIALADMINISTRATION OF APPOINTED ASSETS 583CHAPTER 20 IRREVOCABLE LIFE INSURANCE TRUSTS 611CHAPTER 21 TRUST MANAGEMENT 653CHAPTER 22 CONCLUSION 685Table of Forms 687I.Revocable Trusts and Wills 687II.Other Revocable Documents 689III.Irrevocable Trusts 690Appendix Form #1 693Appendix Form #2 733Appendix Form #3 741Appendix Form #4 759Appendix Form #5 765Appendix Form #6 793 Appendix Form #7 823Appendix Form #8 829Appendix Form #9 879Appendix Form #10 887Appendix Form #11 915Appendix Form #12 921Appendix Form #13 925Appendix Form #14 929Appendix Form #15 933Appendix Form #16 949Appendix Form #17 975Appendix Form #18 999Appendix Form #19 1011Appendix Form #20 1027Index 1045
The Seventh Edition confronts continued and, indeed, increased instability. The new instability follows a relatively short lull after a period of unprecedented instability, including since 2001, increases in exemptions, reductions in rates, the repeal and restoration of the estate tax and the generation-skipping tax, the installation of a system of portability of the unused portion of the estate tax exemption of a predeceasing spouse, the advocacy by leading politicians of repeal of the taxes and, by others, of drastic increases in the taxes and the enactment of wealth taxes, and, probably most importantly, of a worldwide plague against which individuals, groups and even nations were unable to protect themselves.Variations of techniques that have appeared in all prior editions of this book are the techniques of choice for the present environment. More than ever, flexibility is the hallmark.
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