Federal Gift, Estate, and Generation-Skipping Transfer Taxation of Life Insurance

Lawrence Brody is a partner of Bryan Cave LLP in their St. Louis office. He is also an Adjunct Professor at Washington University School of Law, a visiting Adjunct Professor at the University of Miami Law School, and has written numerous articles and books on the use of life insurance in estate and employee benefit planning. Norman H. Lane is of counsel in the Los Angeles office of Greenberg Traurig, LLP, where he focuses his practice on advising business and individual taxpayers concerning tax laws and related administrative material, and on estate planning and trust administration. Mary Ann Mancini is a partner at Williams Mullen, in Washington, D.C., where her practice focuses on estate and business planning and taxation.

TABLE OF CONTENTS CHAPTER IINTRODUCTION 1.1 THE ROLE OF LIFE INSURANCE IN ESTATE PLANNING 1.2 CONSIDERATIONS IN SELECTING A LIFE INSURANCE POLICY TO GIVE AWAY 1.3 ORGANIZATION AND CONTENT OF THIS BOOK CHAPTER IIGIFT TAXATION OF LIFE INSURANCE 2.1 GIFTS WITH RESPECT TO LIFE INSURANCE IN GENERAL 2.2 GIFT TAX CONSEQUENCES OF GIFTS TO LIFE INSURANCE TRUSTS 2.3 THE GIFT TAX ANNUAL EXCLUSION 2.4 CRUMMEY WITHDRAWAL POWERS CHAPTER IIIESTATE TAXATION OF LIFE INSURANCE 3.1 TAXATION OF LIFE INSURANCE DEATH BENEFIT IN THE INSURED'S ESTATE UNDER INTERNAL REVENUE CODE SECTION 2042 3.2 TAXATION OF DEATH PROCEEDS IN THE INSURED'S ESTATEUNDER INTERNAL REVENUE CODE SECTION 2035 3.3 TAXATION OF LIFE INSURANCE PROCEEDS IN THE INSURED'SGROSS ESTATE UNDER OTHER CODE SECTIONS 3.4 ESTATE TAX CHARITABLE DEDUCTION 3.5 ESTATE TAX MARITAL DEDUC ON CHAPTER IVGENERATION-SKIPPING TRANSFER TAXATION OF LIFE INSURANCE 4.1 INTRODUCTION 4.2 THE USE OF LIFE INSURANCE IN GENERATION-SKIPPING TRANSFER TAX PLANNING CHAPTER VCOMMUNITY PROPERTY CONSIDERATIONS 5.1 ESTATE TAX CONSIDERATIONS 5.2 GIFT TAX CONSIDERATIONS 5.3 GENERATION-SKIPPING TRANSFER TAX CONSIDERATIONS 5.4 CONCLUSION