estate planning: an overview
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.
Wills and trusts are common ways in which individuals dispose of their wealth. (See Estates and Trusts). Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts. (See Estate Tax)
menu of sources
Federal Material
U.S. Constitution and Federal Statutes
- U.S. Code: 26 U.S.C., Subtitle B- Federal Estate Gift Tax
- CRS Annotated Constitution
Federal Agency Regulations
- Code of Federal Regulations: 26 C.F.R., Chapter 1, Subchapter B - Estate (part 20) and Gift (part 25) Taxes
Federal Judicial Decisions
- U.S. Supreme Court:
- US Circuit Courts of Appeals: Recent Estate Planning Decisions
State Material
State Statutes
- Uniform Laws:
- Uniform Probate Code
- Uniform Trust Code
- Uniform Fiduciaries Act
- State Statutes Dealing with:
State Judicial Decisions
- N.Y. Court of Appeals:
- Appellate Decisions from Other States
Other References
Key Internet Sources
- Internal Revenue Service
- American Bar Association (Section on Real Property, Probate & Trusts)
- National Association of Financial and Estate Planning
- National Network of Estate Planning Attorneys
- American Academy of Estate Planning Attorneys
- Federal Consumer Information Center
- Wills, Trusts and Estate Planning (Nolo)
- Prudential - Estate Planning Calculator
- Estate Planning Links.com
- Legal Research for Estate Planners
- Law & Estate Planning Sites
Online Use by Attorney
Useful Offnet (or Subscription - $) Sources
- Good Starting Point in Print:
- John K. McNulty, Federal and Estate Gift Taxation in a Nutshell, West Group (2003)
- Robert J. Lynn, Introduction to Estate Planning in a Nutshell, West Group (2004)