A Systematic Approach to Estate Planning

By Julius H. Giarmarco, J.D., LL.M.

There are essentially three general strategies for reducing estate taxes. A comprehensive estate plan for persons with large estates must incorporate one or more of these strategies. The first strategy is the leveraging of cash gifts through the purchase of life insurance in irrevocable trusts. The next strategy is to use techniques which reduce or shift the value of assets. The final strategy is to implement programs which take advantage of the income and estate tax deductions for gifts to charity.

Estate planning specialists will tell you that there are two estate tax systems - one for the informed taxpayer and one for the uninformed taxpayer. The less you know, potentially the more the IRS takes. This brochure is intended to help put you in the informed camp - to introduce you to the strategies mentioned above so that you can become a tax-reducer instead of a taxpayer.

The Five Levels of Estate Planning:

Disclaimer

This brochure is designed to provide accurate (at the time of printing) and authoritative information with regard to the subject matter covered. This brochure is based on the laws applicable to common law states, and not necessarily the laws of community property states. It must not be used as the basis for legal or tax advice. In specific cases, the parties involved must always seek out and rely on the counsel of their own attorneys. Thus, responsibility for modifying and guiding any party's action with respect to legal and tax matters is placed where it belongs - with his or her own legal counsel.