Stewart H. Welch - AARP JK Lassers New Rules for Estate and Tax Planning

MAKING YOUR MONEY WORK FOR YOU

Maybe youre thinking its time to review your investment strategy and make the most of the money you have today. Maybe youve already built a financially successful retirement egg and want to protect what youve built. Or maybe you need to bulk up your earnings to ensure your familys future.

Welcome to money for grown-ups. Where do you turn for credible information?

Dedicated to helping you protect your assets, stretch your dollars, and bolster your longterm security, AARP can offer you powerful solutions. Whatever your strategy for managing money, weve got suggestions that will help from saving money on that next big purchase to planning your charitable giving. If youre taking your job to the next level or building up a second career, weve got strategies that will help you make your mark.

You may think your money or your financial advisor should be working harder for you. You may be watching market trends and seeing new opportunities. And, of course, you want to protect yourself and your loved ones from scams and data breaches. We can give you the support you need.

And turn to us for fun, too. (Is it time for that car, that trip, that weekend home youve always wanted?) Because that, too, is what this time of your life is about.

AARP is a nonprofit, nonpartisan membership organization that helps people 50 and older improve their lives. For more than 50 years, AARP has been serving our members and society by creating positive social change. AARPs mission is to enhance the quality of life for all as we age; lead positive social change; and deliver value to members through information, service and advocacy. This information in this book is for educational purposes and does not constitute financial advice.

Look for these and other titles from J.K. LasserPractical Guides for All Your Financial Needs

J.K. Lasser's Small Business Taxes by Barbara Weltman

J.K. Lasser's 1001 Deductions and Tax Breaks by Barbara Weltman

J.K. Lasser's Real Estate Tax Edge by Scott Estill and Stephanie Long

J.K. Lasser's The New Bankruptcy Law and You by Nathalie Martin and Stewart Paley

Copyright 2012 by Harold Apolinsky, Stewart Welch, and Craig M. Stephens.
All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data

Welch, Stewart H.
J.K. Lasser's new rules for estate and tax planning : keep more today, leave more to your heirs tomorrow / Stewart H. Welch, III, Harold I. Apolinsky, Craig Stephens. 4th ed.
p. cm. (J.K. Lasserpractical guides for all your financial needs)
Includes index.
ISBN 978-1-118-11355-4 (pbk.); ISBN 978-1-118-16644-4 (ebk); ISBN 978-1-118-16645-1 (ebk); ISBN 978-1-118-16646-8 (ebk)
1. Inheritance and transfer taxLaw and legislationUnited States. 2. Estate planningUnited States. I. Apolinsky, Harold I. II. Stephens, Craig M. III. Title. IV. Title: New rules for estate and tax planning revised.
KF6585.A66 2012
343.73053dc23
2011029302

Acknowledgments

Harold Apolinsky, Esq., Estate Tax Law Specialist

It would not have been possible to write a book of this magnitude without the support, assistance, and encouragement of our law firm, Sirote & Permutt. We owe a special thank you to the 13 other members of our Estate and Probate Department: Katherine N. Barr, Elizabeth Hutchins, Shirley Justice, Leigh Kaylor, Melinda Mathews, Joel Mendler, Sandy Mullins, Tanya Shunnara, Melissa May, Peter Wright, Mike Thomas, John Baggette, and George Gastonbright and gifted lawyers who believe in top-quality legal care, outstanding service to clients, and innovation.

We are all constantly seeking and studying new estate planning ideas to help clients not only accumulate wealth, but keep wealth within their families. I want to acknowledge the encouragement of my wife, Marissa Levine Apolinsky, who exhibited unlimited patience as I spent time writing. Also, the years of encouragement from my children, Steve Apolinsky, Felice Apolinsky, and Craig Apolinsky, who convinced me that with hard work and determination nothing was impossible to achieve. Finally, without the help of our loyal assistants, Marsha Self and Beverly Stradford, and our top estate planning associates Tanya Shunnara, Esq., and Melissa May, Esq., the demanding publishing deadlines could never have been met. The most fun for me has been to work with Stewart Welch, a most gifted individual and innovative financial advisor.

Craig Stephens, Esq.

I would like to thank my wife, Jenna S. Stephens, who provided me with uninterrupted time working on this book. Juggling this book revision, a blessed practice, teaching Estate Planning at Cumberland School of Law, and parenting two-year-old twins required significant support from my loving wife, and I thank her for it.

I would also like to thank Harold Apolinsky and Stewart Welch III for providing me with the opportunity to be a part of the fourth edition of this book and a coauthor of the fourth edition. I am fortunate to have worked with Harold and Stewart on many projects, and our collaborative efforts will hopefully lead many families to produce a lasting legacy for decades to come.