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By:
Barry A. Nelson, Esq.
Marcia E. Levine, Esq.
Kevin E. Packman, Esq.

Presented to:

American Committee for the Weizmann Institute of Science
South Florida Region
My Favorite Estate Planning Technique
Fort Lauderdale, Florida
April 27, 2004

The Florida Institute of CPA's
The Florida Institute on Federal Taxation Conference
Orlando, Florida
November 14, 2003

Nelson & Levine, P.A. Eighth Annual Tax Seminar Luncheon
Avoid the Traps: Lessons Learned from the Experiences of Others
Hollywood, Florida
November 12, 2003

* Materials Supplemented through September 15, 2002.

Introduction

In the past years this outline has focused on a number of tax, asset protection and related topics. This year we are devoting time to a number of topics that typically receive little, if any, coverage and which pertain to effective planning. Based upon recent cases, failure to effectively plan has caused significant financial and emotional harm to families. Thus the first two sections are devoted to end-game manipulations: (i) how to avoid caregivers and "significant others" from over reaching late in life and (ii) how to carefully provide for trustee succession to avoid beneficiaries being held hostage by unreasonable trustees (the "vulture trustee syndrome"). A significant portion of the outline addresses Family Partnership issues from a tax savings, administration and asset protection viewpoint. Other topics which are also discussed include: intangible tax planning, GRATs, low interest loans and defective trust sales, the need for periodic review of life insurance and IRA ownership and beneficiary designations, and the need to review documents in light of the increased unified credit exemption (increasing to $1.5 million on January 1, 2004). Homestead traps, incentive trusts, Section 529 Plans and proposed 2003 Charitable Tax Law changes are also discussed.

Current Trends & Traps in
Estate Planning 2003/2004

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