xt75qf8jfr68 https://exploreuk.uky.edu/dips/xt75qf8jfr68/data/mets.xml   Kentucky Agricultural Experiment Station.  journals kaes_circulars_004_628 English Lexington : The Service, 1913-1958. Contact the Special Collections Research Center for information regarding rights and use of this collection. Kentucky Agricultural Experiment Station Circular (Kentucky Agricultural Experiment Station) n. 628 text Circular (Kentucky Agricultural Experiment Station) n. 628  2014 true xt75qf8jfr68 section xt75qf8jfr68 PLANNING YOUR
JOSEPH G. DUNCAN, FREDERICK W. WHITESIDE, JR., and HELEN M. STEVENS
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UNIVERSITY of KENTUCKY
COLLEGE of AGRICULTURE • COOPERATIVE EXTENSION SERVICE
Agriculture • Home Economics • 4-H P Development

 CONTENTS
Page
Introduction ................... 3
Purposes and Goals of Estate Planning ......... 4
Steps in Estate Planning ............... 6
Choosing Your Professional Aides .......... 7
Information You and Your Lawyer Will Need ..... 7
Evaluation of Your Situation and Recommendations . . 12
Means or Tools Used in Estate Planning ......... 13
Wills ..................... 14
Life Insurance and Annuities ............ 15
Outright Gifts ................. 16
Establishingjoint or Co-ownership Arrangements . . . 16
Trusts .................... 17
Taxes Involved in Estate Planning and Estate Settlement . . 19
Federal Estate Tax ............... 19 .
Federal Gift Tax ................ 23
Kentucky State Inheritance Tax .......... 25
Planning Farm Property Transfer ........... 26 P
Methods of Farm Transfer ............ 27
Bibliography ................... 30
Ack nowleziqmcnt--Appreciation is expressed to Dr. john II. Bondurant, Professor of `
Agricultural Economics, and Stephen Q. Allen, Extension Specialist in Agricultural
Economics, for helpful suggestions.
2

 Planning Your Estate
By JOSEPH G. DUNC/\N,* FREDERICK \/V. WHITESIDE, JR.,*‘, and
HELEN M. STE\/ENS***
Successful Kentucky farmers carefully plan their operations to
maximize the return from their investment of land, capital and
management to insure a good living for themselves and their _
families. A similar situation applies to business and professional
persons——and, for that matter, to all of us, even though we may be
using means different from those of the farm operator.
The planning that goes along with the acquisition and
enjoyment of our property needs to be carried a step further to
take into consideration the inevitable processes of aging and
death—things which most of us push into the background of our
daily lives, to be recalled only at intervals and then without
enthusiasm.
What will happen to our property when we are gone is a matter
of great importance to us all regardless of our occupation. For
_ want of a better term, the process of the creation and use of our
property and of arranging for its transfer to those persons or other
beneficiaries whom we wish to succeed to it, with the least
possible loss of assets, is known as estate planning.
Purpose of this publication is to emphasize the need we all have
for the planning of our estates and to point out in a general way
some of the means or ways by which this can be done. lt is not
our intention to qualify you to plan your estate without
· professional guidance and counsel. However, having some informa-
tion on various phases of property holding and estate planning
should enable you to make better use ofthe time spent with your
attorney and other professional persons whose counsel may be
required.
*Research Publications Editor and Associate Professor, Department of Public
Infomiation.
**Profess0r of Law, College of Law. Member of the Bars ofKentucky, New York and
Arkansas.
***Extension Specialist in Home Management.
3

 PURPOSES AND GOALS OF ESTATE PLANNING
Estate planning usually involves more than the mere disposal of
property after the death of the owner. If that were our only
purpose, it could be effected by the terms of a relatively simple
will, or by doing nothing thus allowing the disposal to be governed
by the Kentucky statutes on property descent and distribution.
Either course, however, in many instances would result in e
unnecessary financial hardship to our remaining spouse and
heirs-at-law and would not be in accord with our intent or wishes.
Estate planning to be most effective should involve both
the husband and wife and, as will be discussed later, the children
and other persons concerned. The objectives, of course, will differ
among families because of varying circumstances such as differ-
ences in assets, number of children, value judgments, and personal
desires. The following purposes may be considered although they
would not all apply to all estates:
l. To promote the financial security of you and your family
during your working and retirement years.
A properly executed estate plan should help you arrange your
financial affairs to provide an adequate income for you, your wife
(or husband), and your family during your working years; for you .
and your wife when you retire; and, finally, for the ultimate
transfer of your property to your heirs or other intended
recipients. To achieve this may involve some changes in your `
current money management, some changes in your current farm
program or your investment program, and possibly some changes _
in your life insurance setup, to be discussed later.
2. To minimize federal estate taxes, state inheritance taxes,
and probate and settlement costs. `
An estate plan will provide the means for reducing a possible _
large loss of assets in your estate through an unnecessarily high
federal estate tax. This tax is levied by the federal government on
the estate itself before your heirs receive their portions. Because of
size, however, not all estates must pay a federal estate tax. On the
other hand, in this era of inflation and rising property values, more
and more property owners, without their being aware, have
accumulated sufficient assets that. unless proper planning is done,
their estates will be subject to this tax. Planning, if done in
4

 sufficient time, may also help reduce the Kentucky inheritance tax
paid by your heirs on what they may receive from you. (See pages
19-26 for a more complete discussion of taxes involved in estate
settlement.)
3. To insure equitable treatment of your children.
Planning will enable you to treat all of your children equitably
but not necessarily equally. Some may have already received
special gifts from you, such as money for their college education
or for investing in some enterprise such as a farm or a business. ·
Thus, you may wish to compensate the other children who have
not yet received any substantial funds from you. Also, you may
wish to compensate one or more who have made or who may now
be making special personal contributions to you and your spouse.
We are all familiar with the case of the son or the daughter who
never left home and who later bore the principal responsibility of
caring for the parents in their declining years. Yet, because of a
lack of testamentary provision (will) by the parents, when the
parents died all the children shared equally in the estate with no
compensation for the one or ones who did the most for the
parents. Suitable planning would have prevented such an occur-
l rence and might have prevented later bitterness or ill feeling
among some of the heirs.
. 4. To anticipate and satisfy the need for cash in settling your
estate.
Settlement of an estate always involves some costs. These
include payment of the debts incurred by and for the person who
has died, his unpaid federal and state income taxes and local
~ property taxes as of the time of death, and administration or
probate expenses such as fees for attorney, executor or administra-
tor, and for court costs. Perhaps the estate will be subjected to the
federal estate tax. Many times the immediate financial drain after
a death may be most severe. Unless steps have been taken to
provide available cash, the proceeds from a life insurance policy,
or some other assets that can be readily converted into cash, it
may be necessary for the executor or administrator to borrow the
necessary funds, thus adding still further to the cost of settling the
` estate. ln the case of a farmer’s estate, it might even be necessary
to sell some of the land or other assets which should have been
kept intact. A similar situation might arise in the case of a
businessman’s estate.
5

 5. To inform your heirs about your plans.
Although it is highly desirable for all of your heirs to have
some idea as to what your estate plan contains, it is especially
important for those who will be operating the family farm.
Knowing about your plan will help them in making their own
plans; accordingly, any future transfer of property can be done
more smoothly, and many problems attending change of owner-
ship can be avoided. Understandably, we often are reluctant to
discuss money matters with our children and others who may be
our heirs. We may still consider them as we did when they were
growing up and depending on us for many of their decisions. But
when a man or woman, for instance, is 25-SO years old or even
older, that person is certainly no longer in the category of a
dependent child. The children themselves probably are also
reluctant to raise the matter of what you may have in mind for
them. lt’s a morbid subject, they may feel, and they do not wish
you to gain the impression that they are anxious for their portion
of your estate. Nevertheless, if the desires and goals of both you
and your children are to be fulfilled, you cannot postpone
indefinitely a discussion of mutual financial matters.
6. 'l`o aid in transfer of the family farm.
'l`he Kentucky farm family has a special need for estate °
planning. llere there is the problem of equitable treatment of the
surviving spouse and the children in case it is decided to keep the
farm in the family and ultimately to transfer ownership to one or
more of the children who would be best suited to take over for its
operation. Lack of planning or faulty farm transfer plans not only
can cause ill—feeling among the heirs but can result in financial
hardship for the surviving spouse (usually the wife) and also for .
the heir who takes over as owner. lf he has been forced to
purchase the interests of the other heirs with no extension of time
and, thus, has depleted his capital, he may be deeply in debt and
be greatly handicapped in operating the farm properly (see pages
26-30).
STEPS IN ESTATE PLANNING
With the exception of very small estates—and in most instances
it is not wise to generalize—an estate plan must of necessity be
tailored carefully to fit a particular situation. A plan suitable for
6

 your neighbor probably would not be the best for you, any more
than if you were to take medicine that had been prescribed for
another person, even though your symptoms were similar.
Having decided that you should have an estate plan, you will
need to make some preliminary decisions and take steps to
implement your plan. As already mentioned, reading this publi-
cation is not intended to make you sufficiently expert to prepare
your estate plan alone. To do so would require long study ofthe
many details of several complex subjects and procedures. Your
requirements will likely be best served by a team of professional
persons whose interests encompass the areas represented in your
particular situation.
CHOOSING YOUR PROFESSIONAL AIDES
You will need the counsel and services of at least your lawyer.
He should be one with an interest and competency in estate
planning in all aspects. As your plan progresses and as your
situation becomes more clear, you and he may find it desirable to
include other professional persons, such as your life insurance
representative, your banker or trust officer, your securities broker,
· and possibly your accountant if you have been using one in your
business or to prepare your income tax returns.
One good reason for including a life insurance man is that
almost all estates have life insurance or annuities as a part of their
assets, or there may be need for a life insurance program. Also, for
many years life insurance companies have conducted intensive
programs on ways to help their representatives serve their clients’
, financial needs.
The services of your banker and broker may be required in
several ways. One might be to advise in regard to better use of
your current income or to propose changes in investments as a
part of your program to build your estate and to provide for
financial security for you and your family.
INFORMATION YOU AND YOUR LAWYER WILL NEED
Before your lawyer can be of service in counseling with you
V about your estate plan, you will need to assemble some basic
information for him about you and your wife (or husband), and
your property. (See pages 8-ll for more details.) Having this
7

 information, he can familiarize himself with (a) your present
situation, such as your assets and liabilities, (b) the names of your
heirs and others whom you may wish to benefit, and (c) your
desires or what you seek to accomplish by your plan.
A. YOUR PROPERTY AND YOUR PRESENT FINANCIAL
SITUATION
The information pertaining to your financial situation (and also
that of your wife) includes (a) the property that you own outright
and also that in which you have an interest; (b) your present
income from all sources; and (c) anticipated income. Because of its
importance, this information should be in writing and in a 4
systematic form. It should be as complete and accurate as possible.
It’s possible that your lawyer may give you a printed form or
checklist on which to record the information.
Very few of us have a policy of periodically reviewing our
financial situation, such as calculating our net worth at the
beginning of each year. One of the benefits that you will derive
from assembling this information is that you will learn consider-
able about your financial picture which will be well worth your
time and effort in compiling it, even if you do not proceed ·
further.
Basically, property is anything that you own. There are two
kinds: real property (also known as realty or real estate) and A
personal property. The two classes of personal property are
tangibles (such as household goods, livestock, automobiles) and .
intangbles (such as bonds, common stock shares, life insurance
policies, bank accounts). These, of course, are only approximate
time-honored classifications, still useful for most purposes. .
The general types of ownership in real property are fee simple, .
life estate and various interests in remainder. In the first, the
person designated has the exclusive use, essentially, and the sole
right to dispose of the realty by deed or other instrument of
transfer. A life estate entitles a person to the use and benefits of
the realty only for his lifetime. He is known as the life tenant, and
he cannot dispose of the realty. His rights cease upon his death.
Those to whom the property then passes are the remaindermen.
Co-ownership or joint ownership means that two or more
persons own the same property at the same time. (More
information on this type of ownership appears on pages I6-17.)
8

 When you compile the list of your assets, indicate how the title
of each is held. (Whether in your name alone or jointly owned
with your wife, husband, or someone else.) In the case of assets
for which you are still making payment, such as your farm, home,
automobile, etc., state the mortgage terms or current payment
plan.
The following checklist of some of the more common assets of
an estate may help you in compiling your list. (Give the
information for both you and your wife.): i
l. Cash assets: checking accounts, savings accounts, savings
— and loan accounts (give location and average balance).
2. Real estate: type (home, farm, city lots), location, when
purchased, cost, present market value (estimated).
3. lf employed, what your retirement plan is: Social Securi-
ty, profit-sharing, any other plan. What does it provide? What is
your current equity in the plan?
4. Business assets: name, location, nature of ownership
(whether you are the sole owner or a partner) cost, present value
Q (estimated).
5. Livestock and farm chattels: kind, location, cost, present
value.
· 6. Corporation stocks, bonds and other securities: name of
company, type, and number of shares, when purchased, cost,
present value.
7. Federal bonds (such as E-Bonds) and municipal bonds:
name of agency, type and number, when purchased, cost, present
V value, and where kept.
8. Life insurance and annuity policies: name of company,
type of policy, face amount, current cash value, date of maturity,
beneficiary provisions, any loans or assignments on policies.
9. Mortgages, notes and accounts receivable: names of
mortgages or debtors, amounts, when due.
10. Trusts in which you have an interest and any possible
inheritance which you are likely to receive.
ll. Miscellaneous assets: automobile, jewelry, antiques,
personal property not already included.
Also, you will need to compile a list of all debts you owe and
payments for which you are obligated, such as:
9

 (I) Mortgages payable: farm, home, automobile. Give
original amounts and the present balance, terms or payment
plan, name of creditor.
(2) Notes and accounts payable: name of creditor,
amount, present balance, payment plan.
(3) Obligations incurred by a former marriage, such as
alimony, property settlement, duty to maintain life insur-
ance, child support payment.
(4) Other liabilities such as unpaid taxes, unpaid judg-
ments.
Also, you will need to furnish your attorney with a copy of
your current will if you have one; he will also need to have a copy
of your wife’s current will.
B. PERSONAL AND HEIRSHIP INFORMATION l
Under this heading include information about yourself; your
birth date, birth certificate (where kept), birthplace, social
security number, place of employment if not self-employed. Give
the same type of information about your wife.
Also include facts on your marital status: when and where
married; list any previous marriages and state when and how each
terminated.
List your heirs and other intended beneficiaries, the names and ·
ages of your children, including adopted children; if any of your
children are dead, list the names of their children; names of your
parents if living; names of your brothers and sisters if living; names I
of the children of any deceased brothers and sisters.
C. \\'Il.¤\'l` YOU SEEK TO ACCOMPLISH WITH YOUR ESTATE
PLAN
As previously mentioned, estate planning includes the ,
arrangement of your affairs to provide a satisfactory living for you
and your family during your working and retirement years and for
your survivor(s) after your death. What you seek to accomplish
with your plan should represent the desires of you and your wife
in harmony with the goals of your children.
l·`or instance, it is possible that you have accumulated sufficient
assets that you may wish to start disposing of some of them in the
form of gifts while you are living. One purpose might be to avert
10

 future death taxes* on a portion of your estate; or you might wish
to aid one or more of your children in some project, such as the
beginning of an ownership interest in your farm; or you might
wish to make gifts to some charity or institution. lf you make gifts
during your lifetime you can observe and evaluate the ability of
the recipients to handle money. This might influence your
decision on how you may desire to provide for them in your will.
Some of your other purposes have likely already been
mentioned in the previous section, "Purposes and Goals of Estate
Planning," pp. 4-7, and need not be repeated here. Obviously, the
purposes that you desire for your plan will be influenced greatly
by the present net worth of your estate and what its potential
worth may be between now and some future time, such as at the
· time of your death.
As a part of what you seek to accomplish by your estate plan,
you will need to list your intentions regarding the disposal of the
items in your estate. You will need to list the names of those
persons or institutions (e.g., your chureh)** whom you wish to
remember. This might include specific amounts of money or
certain properties such as your business or farm or city property;
or these bequests might be in the form of percentages of your net
_ estates. You may wish to designate the recipients of such items as
your jewelry, silverware, books, and other personal things; also, to
whom the residue of your estate is to go (the remaining portion of
‘ your estate after debts, expenses, taxes and specific bequests have
been taken care of).
*"Death taxes" refers to all taxes that may be levied against an estate or its recipients
following death of the property owner. Included are the federal estate tax and the
Kentucky inheritance tax. Also there may conceivably be unpaid gift tax still owing at
death. (Not included are federal and state income taxes that may be due on income
received or earned by the decedent up to the date of his death in the current tax year.)
**1n the case of an institution or a charitable organization, give the formal or complete
name and address to avoid possible confusion with some other organization having a
similar name.
ll

 EVALUATION OF YOUR SITUATION
AND RECOMMENDATIONS
After you have presented the facts about you and your wife
and your estate and have indicated what you wish to accomplish,
your lawyer is in position to counsel with you regarding some of
the means to be used. He can also tell you some of the likely I
consequences as to what can happen if you take no further action.
Based on present federal and state inheritance laws and the
information you have supplied, he can estimate the approximate
current cost of settling your estate, including the federal estate tax
if applicable. ,
Several things may become apparent as the evaluation of your
situation continues, for instance:
l. Some investment changes or management decisions may be
indicated, either to enhance the accumulation of assets, or to
preserve the assets in the case of an estate already established, or
to lay the foundations for an estate of a younger individual who —
needs assets. Thus, you may need also the consultation and
services of your life insurance representative and your banker or
securities broker. lf you are a farmer, you may need the services ‘
available from your county Extension office, particularly in
respect to farm management practices. _
2. It may be desirable for you to call on your life insurance
representative for counsel also on what to do with some of your
policies regarding alternatives available to your beneficiaries. In -
addition, the estimate of the cost of your estate settlement may
reveal that your estate will likely need more cash available. This
could be accomplished by having more life insurance or by
changing the method of payout on a policy you already have. .
When buying life insurance or providing for readily available cash
to insure estate liquidity, one needs to keep in mind the problems
resulting from inflation. Inflation increases the value of estate A
assets over a period of years, and thus increases administration
expenses and death taxes.
3. You and your wife (or husband) both need wills. Or, if you
already have wills executed several years ago they may need to be
updated to reflect all the subsequent changes in your personal and
financial situation or in applicable property or tax legislation.
.-\lso, your wills may not be drawn to take advantage of certain
I2

 tax-saving features, such as the marital deduction. Thus, new wills
may need to be prepared. ("Marital deduction," a rather complex
concept, is explained on pages 21-23.)
4. As for the way certain items of your property are now
owned, your lawyer may suggest the desirability of making
changes. For example, in one instance, he may counsel that you _
dissolve ajoint ownership; in another instance, and under different
circumstances, he may suggest that you create one. The reasoning V
behind such recommendations may be based on the size of your
estate or some other factor apparent to one trained in property
. law.
The foregoing items are typical of some of the matters that
may be discussed during your estate planning process.
To help you understand better some of the rnore common legal
terms and the many problems associated with estate planning and
to enable you to work more effectively with your "planning
‘ team," we include in the sections which follow:
1. Means or tools used in estate planning;
2. Taxes involved in estate planning and settlement; and
I 3. Planning farm property or small business transfers.
. MEANS OR TOOLS USED IN ESTATE PLANNING
With the information you gave your lawyer about yourself and
your wife (or husband) he will be able to help you evaluate your
situation and to make some recommendations on how to carry out
your desires. In helping you prepare your estate plan, your lawyer
and your other consultants will likely make use of several means
or "tools." The selection of the particular ones, of course, will be
made on the basis of your situation and the goals or purposes that
you have indicated.
Much of what is included here might well be labeled "I#low
ownership is transferred," for consideration of methods of transfer
is a concern in much of estate planning. However, as previously
stated, some of our efforts may need to be directed also towards
the creation or building of an estate in order to have anything to
enjoy and, ultimately, to pass on to our heirs or other benefici-
aries.
Following are some of the more common means or "tools"
used in estate planning:
13

 WILLS
Virtually all comprehensive estate plans have as their corner-
stone a will. The importance of a correctly planned and executed
will, thus, cannot be overemphasized.
It may be the only instrument in a person’s estate plan or it
may be one of several. lf a person retains the complete ownership
of all of his assets, or makes no arrangements during his lifetime,
such as establishing a joint ownership with right of survivorship or
setting up a lifetime (inter vivos) trust or making other arrange-
ments to keep some of his assets out of probate, then his will is .
essentially his estate plan. However, even though he does make
such arrangements as mentioned, he will still need a will to provide
for the disposal of many other items that he may own at death.
Under such conditions, his will may not be of great significance
hut it is necessary.
'f`he most important feature of a will is that the maker can
direct the distribution of his property in the manner he most
prefers. Also, if there are minor children, the parents, by their
wills, may state their preference as to the custodian or guardian to i
be appointed by the court should either or both parents die.* By
its provisions, the maker ol a will not only can simplify
administration of his estate but also can help preserve the value of
his estate that is passed on to his beneficiaries.
(l·`or more information regarding wills, you are directed to
Kentucky lixtension Circular 538-E, "Property Rights in
Kentucky: llow Property is Owned and How It Descends By Law
or Will.")
*In the absence of a valid will the disposal of the estate is in accordance with the
Kentucky statutes on descent and distribution. When a husband or wife dies, the
surviving spouse shall have an absolute estate in one-half of t.he surplus real estate and
personal property left by the deceased person (that is, the assets remaining after the
funeral expenses, charges of administration, taxes and debts have been paid). Personal
property or money on hand or in the bank tothe amount ofSl,50O can be set aside for
the use of the widow and minor children or to the orphan children until the estate can
he settled or provision made to support the family. The remaining half of the real estate
guid personal property then descends in the following manner:
To his (or her) children and their descendants. If none, 4
Then, to his (or her) father and mother, equal part to each, if both are living, or all to
the one living. If none,
Then, to his (or her) brothers and sisters and their descendents.
(l·`or more information on disposal of estates not provided by will, see Kentucky
lixtcnsion Circular 538-E.)
14

 LIFE INSURANCE AND ANNUITIES
Previously mentioned was the role of life insurance in aiding
estate liquidity by helping provide a source of readily available
cash for paying debts and death taxes when an estate is being
settled. Also, as will be explained in a later section (page 18) life
insurance is sometimes used to establish a trust.
Aside from their life insurance, many individuals have no
sizable asset in their estate. In such instances family protection is
_ uppermost. A young, reasonably healthy person may be well
advised by his counselors to consider increasing his coverage while
his premium cost is relatively low. A short term or a family plan
might also be considered.
After family protection and the provision of a sum sufficient
for payment of last sickness and funeral expenses, we usually
think of life insurance as one means of providing some retirement
income. There are many variations among the policies offered,
each of which is designed to accomplish one or more goals of the
I purchaser. Some may be combined with an annuity, which is a
contract with a life insurance company providing for a fixed
amount of money to be paid at stated intervals to a person during
his lifetime.
An annuity is considered one of the safest ways for one to
assure himself of income after retirement or for life. ln addition,
because both principal and interest are received by the annuitant
(the person who receives the annuity payment), the return is
higher than that from any other form of safe investment.
The two general types of annuities are the immediate and the
deferred which differ in respect to the time when payments begin.
As indicated, an immediate annuity starts paying when purchased
_ and the other starts at some future time as stated in the contract
or policy. Among the options available is that oi continuing
payments to the surviving spouse after the death of the annuitant.
In estate planning one must recognize that, like life insurance
and other fixed—dollar-amount payments, an annuity of the regular
· type provides no hedge against inflation. ln recent years, however,
the variable annuity is being offered by several companies in
Kentucky. ln general terms, the amount of the payments made to
the annuitant is based on the fluctuating value of common stocks
and other assets in the investment portfolio of the insurance
15

 company. Thus, the amount of the payments is intended to reflect
changing economic conditions.
Sometimes in estate planning a so-called private annuity may
be used. It usually consists of the transfer of property such as a
farm by an older member of the family to a younger one in
exchange for an annuity to be financed or paid for by the latter.
Because of possible tax involvement on the part of the older
person and for other reasons, an annuity of this type should be set
up only after careful study with legal counsel.
A thorough consideration of the insurance and annuity assets I
of your estate will require the services of your insurance
representative. Selecting the type of life insurance best suited for
your situation, choosing the settlement options, coordinating your
life insurance and any annuity with social security benefits are all
important matters for you and him to discuss. _
OUTRIGHT GIFTS
lf you are in position to do so, one way of reducing death taxes _
and estate settlement costs is by the regular making of gifts to
your beneficiaries. For economic and other reasons many persons
hesitate to make such gifts during their younger years. And in ‘
many cases one may need to retain all his property to provide
income for himself in later years. _
If you have a sizable estate, however, during your discussion
with your lawyer he may mention the possibility of your making
annual gifts to your heirs as a means of saving taxes later. And, of
course, there might be personal reasons for so doing; for instance,
such gifts might be very useful for one or more of your adult I
children in furthering their own estate planning.
ESTABLISHING JOINT OR CO-OWNERSHIP ARRANGEMENTS
As previously mentioned, after studying the facts pertaining to
your situation your lawyer may advise that some o