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By The American Academy of Estate Planning Attorneys
- Revocable Living Trust: Device used to avoid probate and provide management of your property, during life and after death.
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Property Power of Attorney: Instrument used to allow an agent you name to manage your property if you become incapacitated.
- Health Care Power of Attorney: Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.
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$10,000 Annual Gift Tax Exclusion: Technique to allow gifts without the imposition of estate or gift taxes.
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Irrevocable Life Insurance Trust: A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.
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Family Limited Partnership: An entity used to: 1) provide asset protection for partnership property from the creditors of a partner, 2) provide protection for limited partners from creditors, 3) enable gifts to children but parents maintain management control, and 4) reduce transfer tax value of property.
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Children's or Grandchildren's Irrevocable Education Trust: A trust used by parents and grandparents for a child's or grandchild's education.
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Charitable Remainder Interest Trust: A trust whereby donors transfer property to a charitable trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids capital gains tax on transferred property.
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Fractional Interest Gift: Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.
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Private Foundation: An entity used by higher wealth families to receive any otherwise taxable property so as to eliminate estate taxes on the death of a surviving spouse.
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