Listed below are some of the most well-researched manuals and guides on estate taxes, gift taxes, generation skipping transfer taxes, and charitable giving law in the U.S. When selecting any U.S. tax reference guide, be aware that many tax changes occurred as a result of the Tax Cut and Jobs Act or TCJA. You may want to select a tax guide that was published or updated recently and incorporates these tax law changes.
Estate and Tax Planning Guide
One of the best guides on how to preserve your wealth, minimize taxes, and plan your estate is JK Lasser's New Rules for Estate, Retirement, and Tax Planning, 6th edition for 2019. This concise guide provides a clear overview of the current estate tax system, including the Tax Cuts and Jobs Act. It explains how to determine whether your estate is likely to owe estate taxes. It features guidelines for successful estate planning and strategies for maximizing the amount you can pass to your heirs.JK Lasser's New Rules for Estate, Retirement, and Tax Planning by Stewart H. Welch is an excellent primer on estate planning with its coverage of topics such as types of wills, probate, inheritances,
life insurance, charitable giving, business succession planning, nonprobate transfers, gifting to minors, gift taxes, and estate taxes. It also discusses the use of various estate planning trusts, such as living trusts, spendthrift trusts, grantor retained annuity trusts, charitable trusts, and marital trusts.If you want a complete overview of how to plan your estate in 2019 with federal taxes in mind, JK Lasser's New Rules for Estate, Retirement, and Tax Planning by Stewart H. Welch is an extremely affordable guide.
Using Charitable Gifts to Reduce Taxes
One of the most satisfying ways to reduce taxes is through charitable giving. However, unless you have professional guidance on how to plan your charitable gifts, you may be missing out on some of the benefits of this type of tax strategy.Review your charitable giving with a tax professional at least once a year and read a guide on applicable tax rules, such as
Charitable Giving Law Made Easy by Bruce R. Hopkins. This book provides practical tips and suggestions on charitable giving and explains in laymanís terms some of the most difficult concepts in federal tax law. Refer to our page on charitable giving for more information.
U.S. Tax Guides for 2019 and 2020 Taxes
For a comprehensive guide to 2019 taxes, get a copy of The U.S. Master Tax Guide 2019 by CCH Tax Law Editors. In addition to its coverage of the taxation of trusts and estates, it covers taxation of individuals, corporations, partnerships, charitable organizations, nonprofits, and private foundations. If you need information for 2020 taxes, refer to The U.S. Master Tax Guide 2020 by CCH Tax Law Editors.The U.S. Master Tax Guide 2019 is the ultimate tax reference guide, featuring tax rates, helpful checklists, due dates for filing returns, and information on new tax legislation. This guide also covers estate, gift, and generation skipping tax, as well as taxation of IRAs, 401Ks, other retirement accounts, charitable contributions, capital gains, community property, college savings plans, and much more.Whether you need information about filing tax returns for the deceased or for a trust, using charitable giving to reduce taxes, or a general tax issue, the U.S. Master Tax Guide is the preferred guide. Note, if you only need information on federal estate taxes, gift taxes, and generation skipping transfer taxes, the U.S. Master Estate and Gift Tax Guide 2019 by CCH Tax Law Editors provides more in depth coverage of these issues and provides guidance on relevant tax forms.
Taxation of Estates, Gifts, and Trusts
To gain a solid understanding of federal estate, gift, and generation skipping transfer taxes, read
Taxation of Estates, Gifts and Trusts by Regis Campfield, Martin Dickinson, and William Turnier. It takes you through the maze of federal taxation of wealth transfers from beginning to end in an organized manner.While this is a law book, it is fairly easy to read. It explains estate tax issues relating to community property, joint tenancy, the marital deduction, the unified credit, life insurance, life estates, UTMA accounts, annuities, powers of appointment, charitable bequests, and revocable trusts. Taxation of Estates, Gifts and Trusts covers gift taxes, including issues such as gift splitting, the gift tax exclusion, and charitable deductions. It also provides an overview of
tax returns due for the deceased, taxation of estate and trust income, capital gains, relevant tax forms, and the liability of executors.This book features references to private letter rulings, tax laws, tax cases, and IRS notices. If you want a thorough review of the federal estate and gift tax system Taxation of Estates, Gifts and Trusts is one of the best books written on the subject.
Books on Estate Planning and Taxes
The following books also provide information on taxes and estate planning:1. Estate planning made easy: your step-by-step guide to protecting your family, safeguarding your assets, and minimizing the tax bite by David T. Phillips and Bill S. Wolfkiel2. Estate planning and administration: how to maximize assets, minimize taxes, and protect loved ones by Edmund T. Fleming3. The ABA Practical Guide to Estate Planning by Jay A. Soled and the American Bar Association4. Disclaimers in estate planning by Christopher P. Cline and the American Bar Association5. Price on Contemporary Estate Planning by John R. Price6.
The tools & techniques of estate planning by Stephan R. Leimberg7. A CPA's guide to sophisticated estate planning techniques by David Thomas, III, Margaret L. Toal8. Pre-mortem estate planning checklist by Edward S. Schlesinger and Robert D. Howard9. Page on the law of wills: including probate, will contests, evidence, taxation, conflicts, estate planning, forms, and statutes relating to wills by Jeffrey A. Schoenblum and William Herbert PageThe Pennyborn.com list of estate tax books was updated November 27, 2019.
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