FHCE 4220 Lecture Notes - Lecture 2: Uniform Probate Code, Estate Planning, Gift Tax

• School: University of Georgia
• Department: Financial Planning, Housing and Consumer Economics
• Course: FHCE 4220
• Professor: W O O D Y A R D

Document Summary

Estate planning is the process of accumulation, management, conservation, and transfer of wealth considering legal, tax. Fees: attorney, accountant, document, valuation, court, transfer, maximize net assets to heirs. Liquidity and healthcare: provide liquidity at death a. i. a. ii. a. iii. a. iv. *main goal is to fulfill client"s health care wishes. Fear of mortality, procrastination, current good health, cost of estate plans, lack of knowledge, lack of awareness of asset value. Answer: trillion $ will be moving soon. *** memorize 6 steps in estate planning from slides. *gifts are still a part of donors tax obligation. Atra limits (american taxpayers relief act: atra 2012 mde 2010 legislation permanent. Marginal rate for estate, gift, gst taxes is 40% Lifetime exemption for 2016 is ,450,000. (double for a married couple) Annual exclusion for 2016 is ,000. (all numbers adjusted for inflation) There were no estate taxes in the year 2010.