Estate Planning

Format(s)			Title and Description
			How can I determine what my business is worth for estate and gift tax purposes? Valuation is more an art than a science, in spite of all of the numbers, mathematics, and economic analysis that surround it.
			How can I minimize taxes on my estate? Estate tax liability depends on the year in which you die and the value of your estate when you die.
			How will estate taxes be paid if I leave no provision in my will? The IRS places an automatic lien against your estate for any estate taxes that may be due.
			I just made a gift. Do I have to file a gift tax return? If you believe you have made gifts that might be subject to gift tax, you should consult an experienced tax specialist.
			The death benefit from insurance on my life will be paid to an irrevocable life insurance trust (ILIT). What if those funds are needed to pay my estate taxes? Life insurance death proceeds paid to a valid ILIT may escape estate taxation in your estate as long as the trust owns the policy and you haven't retained any incidents of ownership in the policy.
			What is a family limited partnership, and will it help reduce estate taxes? A family limited partnership (FLP) is a partnership created and governed by state law and generally comprises two or more family members.
			What is the applicable exclusion amount? If you are a U.S. citizen or resident, you will be able to leave a certain amount of your property free from gift tax or estate tax.