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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: ratan lal who wrote (32425)	9/27/2000 4:03:32 PM
From: gingersreisse	Read Replies (1) of 54805

re: life insurance as noted, the vetoed estate tax bill would have eliminated the step up at death for most appreciated equities, meaning the survivor would inherit the original basis and capital gain liability. Several tax writers speculate the new bill will have a $3-5mn exclusion, but may exempt some 401k or IRA assets and farms owned by families from any estate tax if the limit is set lower than $3mn. Many private foundations and gift trusts are funded with equity linked life insurance as means of maximizing the $10,000 gift tax ceiling, or even exceeding it and paying the tax. There's very creative work in buy-sell plans for art and sculpture collections using life insurance. You contribute the money, the foundation uses it to buy life insurance, later, you die. Some of your art is donated at death to a museum to get a tax benefit. Your foundation uses the insurance proceeds to purchase your remaining art from your estate at fair market, which gives your estate cash to pay the remaining estate taxes. Many colleges and museums are expert in setting up these programs and are often beneficiaries of the foundation. GSR

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