THE TEN BEST WAYS TO SAVE ESTATE TAXES   by Gilbert M. Cantor and Robert L. Franklin       Institute for Business Planning, Inc.       TABLE OF CONTENTS             1 Marital Deduction 1       ¶100 The Marital Deduction and How to Take Advantage of It 1 ¶101 The Tax Impact and How to Compute It 5 ¶102 When Should the Marital Deduction Be Used 11 ¶103 Four Ways to Obtain the Marital Deduction 17 ¶104 Marital Deduction Formulas–Four Ways to Quantify the Marital Deduction 36 ¶105 Time Delay and Common Disaster Condition 48 ¶106 Correcting Marital Deduction Decisions–Elections and Renunciations 49       2 Charitable Deduction 53       ¶200 Opportunities Available–Their Nature and Scope 53 ¶201 Estate Tax Impact and How to Compute It 59 ¶202 When Should Charitable Transfers Be Considered for Estate Tax Savings 62 ¶203 How to Reduce Estate Taxes Via Charitable Transfers 63       3 Generation-Skipping Trusts 93       ¶300 Opportunities Available–Then and Now 93 ¶301 The Generation-Skipping Tax–Close-up 98 ¶302 When to Use Generation-Skipping Trusts 105 ¶303 How to Design the Generation-Skipping Trust 109       4 Joint Ownership 115       ¶400 Pros and Cons of Joint Ownership 115 ¶401 When Should Joint Ownership Be Terminated? 117 ¶402 Estate Tax Savings Through Termination 124 ¶403 How to Terminate Joint Ownership without Taxable Gifts 125 ¶404 How to Terminate Joint Ownership with Taxable Gifts 132             5 Lifetime Gift Program 133       ¶500 Important Considerations–Then and Now 133 ¶501 Tax Benefits of a Lifetime Gift Program 146 ¶502 Estate Tax Hazards and Disadvantages 150 ¶503 Elements of a Sound Gift Program 151       6 The Private Annuity 160       ¶600 Opportunities Available 160 ¶601 When to Use a Private Annuity 161 ¶602 Tax Treatment 162 ¶603 Private Annuity Compared with Gift and Installment Sale 173       7 Irrevocable Life Insurance Trust 176       ¶700 Opportunities Available 176 ¶701 When to Use the Irrevocable Life Insurance Trust 176 ¶702 Tax Aspects 180 ¶703 Hazards and Disadvantages 184       8 Qualified Pension and Profit-Sharing Plans 188       ¶800 Opportunities Available 188 ¶801 When to Use Them 192 ¶802 How to Select the Plan Best Suited to the Client 194 ¶803 Pension Reform Act Strictures 196 ¶804 Preparation, Submission to Internal Revenue Service, and Administration of Plan and Trust 198       9 Close Corporation Recapitalization and Tax Saving Alternatives 200       ¶900 Opportunities Available 200 ¶901 Nature of a Recapitalization 201 ¶902 Stock, Purchase Agreements 205 ¶903 ESOP 211       10 Postmortem Options 221       ¶1000 Opportunities Available 221 ¶1001 Elections to Take against the Will 223 ¶1002   Renunciations and Disclaimers 227 ¶1003 Options with Respect to Deductions 231 ¶1004 Alternate Valuation 233 ¶1005 Valuation Options–Farm and Small Business Property 235 ¶1006 Valuation of Closely Held Corporation Stock 238 ¶1007 Private Annuity Transactions 244       11 How to Multiply Your Estate Planning Fees by Ten 246       ¶1100 How to Multiply the Value of Your Services by Ten 246 ¶1101 How to Get Full Value for Your Services 247 ¶1102 Planning Fees v. Estate Fees 267 ¶1103 Suggested Fee Schedule 269 ¶1104 When and How to Discuss Fees with Client 270 ¶1105 When Should Fees Be Billed 271 ¶1106 How Should Fees Be Billed 272 ¶1107 Ancillary Equipment and Techniques 273             Appendix A:     Forms to Help You Develop the Estate Plan 277       Appendix B:     Tables to Help You Develop the Estate Plan 315       Appendix C:     Forms to Carry Out the Estate Plan 335