Complete Guide to Planning Your Estate in California: A Step-By-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes Are Ful
What happens to your estate after you are gone is very much within your control. Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after your death. For those people who wish to preserve their assets for designated purposes — such as family or special charities — it becomes necessary to make special advance preparations.\ To ensure your assets are protected and final wishes are carried out, there are...
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What happens to your estate after you are gone is very much within your control. Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after your death. For those people who wish to preserve their assets for designated purposes - such as family or special charities- it becomes necessary to make special advance preparations.The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. The Complete Guide to Planning Your Estate in California will help you glide through this complicated process. This new book has been adapted to offer California residents state-specific advice for estate planning. Coauthors Linda C.Ashar, attorney at law, and Sandy Baker have crafted an estate planning primer, allowing California residents to become more informed and more involved during the process.California-specific information is offered throughout this book, including: California's probate code; California rules, regulations, and laws specific to estate planning; elements of a valid California will; planning your living will in California; explanations of California laws regarding durable health care power of attorneys, do not resuscitate (DNR) orders, and directives to withhold CPR. The book's easy-to-understand context clarifies this complicated and sensitive subject and gives readers the power to take control of their future.
Foreword 15Introduction 19Chapter 1 An Introduction to Estate Planning 21What is an Estate? 22Property Types 24Property Interest Defined 25Who Will Help You Plan Your Estate? 26A Closer Look: The Attorney 27A Closer Look: The Financial Planner 28A Closer Look: The Accountant 30A Closer Look: The Insurance Agent 32Getting Started with Your Estate Planning 34Your Method for Success 35Are You Ready? 39Chapter 2 What Are You Worth? 41What is Your Home Worth? 42What Other Property is Out There? 44Real Property beyond Real Estate 45Your Debts Subtracting Debt from Property 49What Does the Future Hold in Worth? 51Factoring in Settlement Costs 53Chapter 3 Your Will: The Definition of Your Estate Plan 55Your Will is a Backup 57Getting Your Will Started 59Developing a Will 68What Cannot be Included in a Will? 73Additional Will Contents and Concerns 74Monitoring Your Will throughout Your Life 80Your Will's Status 83Chapter 4 Laws That You Have to Deal With 85Abatement Statutes and Laws 86Antilapse Statutes 90Ademption Statutes 90Death and Divorce: Two Common Considerations 92Sometimes Laws Get in the Way No Matter What 95Chapter 5 Probate: Avoid It at All Costs 103The Cost of Probate 105Avoid It if Possible 108Can Probate Be a Good Thing? 115Chapter 6 Will Substitutions That Can Conserve Your Estate 119When to Consider Substitutes 120Which Will Substitute Should You Consider? 121What is a Living Trust? 121Joint Tenancy Bank Accounts 126Tenancy by the Entjrety 126Payable-on-Death Accounts 127Other Will Substitutes 128Summing It Up131Chapter 7 Trusts: Trusting and Your Estate 133How Trusts Work 134Trusts for Couples 136Creating the Trust 136Making Your Trust Valid 142Abstract of Trust 145Summing It Up 147Chapter 8 Taxes: Estate Tax and Other Taxes 149Federal Estate Tax Exemptions 151State Estate Tax and Inheritance Tax 152Gift Tax 154GSTT - Generation Skipping Transfer Tax 156Estate Recovery Act 156How is Inherited Property Valued? 157Chapter 9 Lowering Your Federal Estate Taxes 159Making Gifts during Your Life 160AB trusts 162Is There Anything Else? 166Disclaiming Gifts 169Chapter 10 A Comprehensive Estate Plan: Putting the Insurance Pieces Together 173Insurance Protection 174Types of Insurance Coverage 177Life Insurance and Taxes 186Summing It Up 188Chapter 11 Planning for Long-Term Care 191It Will Not Happen to Me 191Medical Decisions to Consider 192Final Arrangements 199Making Financial Decisions 200Chapter 12 Your Estate Plan and Your Retirement Money 205First, Invest 205Into Your Estate Plan 206Planning for Your Retirement Funds 208Chapter 13 What Happens When...? 221Children and Estates 221What Happens with Divorce? 229Chapter 14 Putting It All Together 231Step 1 Why Are You Planning? 231Step 2 What Do I Want to Cover? 232Step 3 Who Are Your Beneficiaries? 233Step 4 Caring for Your Children 234Step 5 etermine Where You Are Currently 235Step 6 Who is Your Team? 236Step 7 Whom Should You Tell? 237Step 8 Did You Get Everything? 237Step 9 Revisit Your Estate Plan Yearly or More 239Step 10 Work to Accomplish Your Goals 240Conclusion 241Appendix A 243Appendix B 257Living Will 257Designation of Health Care Surrogate 260Power of Attorney 262Considerations in Planning Your Estate 265Tentative Tax 288Appendix C 289Glossary of Terms 323Bibliography 329Author Biographies 331Index 333
