Family Tax Planning, Including Divorce
While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. From adoption to trusts, this text covers “hot” tax and legal topics having a direct impact on the interpersonal and business issues affecting the family. Initial marital tax matters such as living together, property rights, premarital agreements, filing status, exemptions and dependents are explored. The text examines the tax treatment of costs related to children, dependent care assistance, education of family members, medical, charitable giving and casualty losses. Tax benefits and detriments associated with home ownership are explained, including rollover of gain, the $500,000 exclusion, and moving expenses. A special chapter is devoted to the complexity of home mortgage interest, points and grandfathered debt. Divisive family issues such as divorce costs, property settlements, spousal buy-outs, interspousal transfers and business divisions. Detail is given to dividing pension benefits, the use of QDROs, military pensions, insurance policies and real property. A special chapter is devoted to spousal and child support with discussion of the requirements of alimony, recapture of certain payments, COBRA and QMCSOs. Financial tax planning is reviewed with emphasis on financial goals and purposes, basic planning elements, and investment vehicles and entities. An entire chapter explains family wealth building using budgeting, cash management, tax deferral and sheltering. Important income-splitting devices to reduce the family tax burden discussed including S & C corporations, family limited partnerships, custodianships, gifts and interest free loans. Retirement plans are reviewed to optimize their selection, operation and funding. In addition, a special chapter is devoted to examining the best way to take money out of a retirement plan arrangement. Completing this full coverage family tax planning text are chapters on planning for elderly or disabled family members and basic estate planning. Eldercare devices such as joint tenancy, conservatorship, durable powers, and trust are analyzed. Catastrophic illness issues are resolved in the context of Medicare, Medicaid, private insurance, SSI and other disability benefits. Finally, the use of wills, probate avoidance, and living trusts are diagramed and discussed. This book covers all the bases!
Lecture SKU CPE140
Total Time 24
Credits by State
Price $200

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