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<DIV>Disclaimers, and trusts, don’t necessarily offer any tax
reduction by themselves. Both of those things are tools in a tool
kit, and they can work to reduce estate taxes when they are combined
correctly with other tools. An inter vivos trust, for example,
can be an appropriate substitute for a Will in some circumstances. But an
inter vivos trust <U>does not</U>, by itself, make any difference
re: estate taxes. Neither does a disclaimer.</DIV>
<DIV> </DIV>
<DIV>Once an unmarried person goes above the limit for a taxable estate,
their options for estate tax reduction are more onerous and less efficient than
the credit shelter trust available to married couples. The most efficient
estate tax reducer would be that your client wants to make such large gifts to
501(c)(3) beneficiaries that his taxable transfers fall well below the estate
tax amount. Beyond that, it gets pretty complex, expensive and
unwieldy. If your client doesn’t like inter vivos trusts, he
probably won’t like ILITs and FLPs. Respectfully, you might want to
pass him to a higher level practitioner. I do it all the time.
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<DIV>Good luck!</DIV>
<DIV> </DIV>
<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">Felicia
Value<BR>Attorney at Law<BR>PO Box 578/116 North Third Street<BR>La Conner, WA
98257<BR>(360) 466-2088<BR>www.skagitprobate.com<BR><BR>NOTE: I do not use
encrypted email. Messages sent to or<BR>from my office via email are not secure
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the<BR>sender and delete the copy you received. Thank you.<BR></DIV>
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<DIV style="font-color: black"><B>From:</B> <A title=johntyip@gmail.com>John
Yip</A> </DIV>
<DIV><B>Sent:</B> Saturday, July 29, 2017 12:55 PM</DIV>
<DIV><B>To:</B> <A title=WSBARP@lists.wsbarppt.com>WSBARP@lists.wsbarppt.com</A>
; <A title=wsbapt@lists.wsbarppt.com>wsbapt@lists.wsbarppt.com</A> </DIV>
<DIV><B>Subject:</B> [WSBAPT] Estate Planning for Single Person (Might Involve
EstateTax)</DIV></DIV></DIV>
<DIV> </DIV></DIV>
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<DIV>Hello,<BR><BR></DIV>
<DIV>Here is the hypothetical situation: Single person wants estate planning,
and his estate may be slightly over the Washington State estate tax
threshold. He wants to leave his estate to multiple beneficiaries.
However, he does not want an inter vivos trust.<BR><BR></DIV>
<DIV>In that case, would a Will with disclaimer trust provisions make
sense? Disclaimer trusts rely upon the Marital Deduction and the QTIP
exceptions, which are unavailable to single persons, correct? Also,
wouldn't it be messy to set up a disclaimer trust when there are multiple
beneficiaries, as some might not be willing to disclaim?<BR><BR></DIV>
<DIV>If a Will with disclaimer trust provisions would not make sense for the
above hypothetical, what are some alternatives I could use for the single
person's estate planning other than to set up an inter vivos
trust?<BR><BR></DIV>
<DIV>Thanks,<BR></DIV>
<DIV>John<BR></DIV></DIV>
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