Plan Your Estate
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Plan Your Estate covers everything from the basics of wills and living trusts to sophisticated tax-saving strategies. The authors give you straightforward, plain-English explanations of every significant estate-planning option available, so you can make the best decisions for you and those you love. The book covers:*federal estate and gift taxes*trusts used to control property left to beneficiaries*charitable remainder trusts*durable powers of attorney*living wills*funerals and burials Completely updated, the 7th edition discusses new state estate tax rules, the new "disclaimer trust" for couples who aren't sure whether they need an AB trust, educational saving plans for kids, transfer-on-death deeds to avoid probate for real estate – and much more. Good for all states except Louisiana. Washington Times Probably one of the most comprehensive estate-planning books available to mature adults. It is also written so that everyone can understand new and complex theories, laws, regulations, advantages and disadvantages, with issues ranging from basic estate planning to sophisticated tax-savings strategies.
Introduction: How to Use This BookAHow This Book Works3BWill You Need Professional Help?4COther Nolo Resources5Part ISetting Your Goals1Selecting Your Estate Planning GoalsPart ISetting Your Goals2Part IILaying the Groundwork2Part IIIChildren4Part IVWills4Part VProbate and How to Avoid It5Part VIUnderstanding Estate and Gift Taxes6Part VIIReducing or Eliminating Estate Taxes8Part VIIIImposing Controls Over Property9Part IXTaking Care of Personal Issues9Part XFamily Business Estate Planning11Part XIGoing Further11Part XIISample Estate Plans112Personal Concerns and Estate PlanningAAvoiding Conflict2BLeaving Unequal Amounts of Property to Children5CProviding Care for Minor Children7DSubsequent Marriages8ELong-Term Care for a Child With Special Needs10FConcerns of Unmarried Couples11GWorries About the Effect of Inheriting Money12HDisinheriting People, Including Children13ICommunicating Your Decisions to Family and Friends14Part IILaying the Groundwork3Special Property Ownership Rules for Married PeopleAWhat You Need to Know3BMarital Property in Community Property States5CMarital Property in Common Law States8DMoving to a Different State104Inventorying Your PropertyAInstructions for the Property Inventory Worksheet2BYour Property Worksheet105Your BeneficiariesATypes of Beneficiaries3BPrimary Beneficiaries3CLife Estate Beneficiaries and Final Beneficiaries6DAlternate Beneficiaries6EResiduary Beneficiaries7FGifts Shared by More Than One Beneficiary7GEstablishing a Survivorship Period8HExplanations and Commentary Accompanying Gifts8IDisinheritance9JSimultaneous Death10KProperty You Give Away by Will or Trust That You No Longer Own at Your Death11Part IIIChildren6ChildrenANaming Someone to Take Custody of Your Minor Children2BNaming an Adult to Manage Your Child's Property5CHow Your Children's Property Should Be Managed6DTax Saving Educational Investment Plans14ENaming Children as Beneficiaries of Life Insurance15FLeaving Property to Children Who Are Not Your Own16GDisinheritance17Part IVWills7WillsAA Will as the Centerpiece of Your Estate Plan2BA Backup Will With a Comprehensive Estate Plan2CWhat Makes a Will Legal?4DTypes of Wills5EWhat Property Cannot Be Transferred by Will?8FExplanatory Letters Accompanying Your Will9GCan My Will Be Successfully Challenged?10HKeeping Your Will Up to Date10Part VProbate and How to Avoid It8Probate and Why You Want to Avoid ItAWhat Is Probate?2BProbate Fees3CAvoiding Probate4DWhen You May Want Probate8EDebts, Taxes, and Probate Avoidance8FProbate Reform99Living TrustsADoes Everyone Need a Living Trust?2BLiving Trusts Explained4CMajor Decisions in Creating a Living Trust8DCreating a Valid Living Trust13EKeeping Your Living Trust Up to Date1610Joint Tenancy and Tenancy by the EntiretyAWhat Is Joint Tenancy?2BJoint Tenancy Bank Accounts3CJoint Tenancy Safe Deposit Boxes4DTenancy by the Entirety5EJoint Tenancy in Community Property States5FTax Concerns Affecting Joint Tenancy7GDrawbacks of Joint Tenancy12HWhen Joint Tenancy Makes Sense13ICreating a Joint Tenancy for Property With Documents of Title15JCreating Joint Tenancy for Personal Property Without Documents of Title1611Pay-on-Death DesignationsAChoosing Beneficiaries2BPay-on-Death Bank Accounts3CNaming a Pay-on-Death Beneficiary for Government Securities5DNaming a Beneficiary for Stocks and Bonds5ECar Registration6FTransfer of Death Deeds for Real Estate612Life InsuranceADo You Need Life Insurance?2BTypes of Life Insurance5CLife Insurance and Probate10DChoosing Life Insurance Beneficiaries10EReducing Estate Tax by Transferring Ownership of Life Insurance Policies1113Retirement BenefitsASocial Security2BIndividual Retirement Plans3CPensions6DWhen You Retire7EChoosing Beneficiaries for Your Retirement Plans8FUsing Disclaimers for Retirement Accounts11GProbate and Taxes1114State Law Exemptions From Normal ProbateAWill Your Estate Qualify?2BUsing These Rules to Plan3CSummary of State Law Exceptions to Normal Probate3DCalifornia Exemptions From Normal Probate7ENew York Exemptions From Normal Probate9FTexas Exemptions From Normal Probate10GFlorida Exemptions From Normal Probate10Part VIUnderstanding Estate and Gift Taxes15Estate TaxesAFederal Estate Tax Exemptions2BThe Big Picture: Estate and Gift Taxes4CWill Your Estate Have to Pay Taxes?6DCalculating and Paying Estate Taxes9EReducing Federal Estate Taxes13FThe Federal Income Tax Basis of Inherited Property14GState Inheritance and Estate Taxes1716Gifts and Gift TaxesAThe Federal Gift Tax: An Overview2BWhat Is a Goft?4CHow Federal Gift Tax Works7DUsing Gifts to Reduce Estate Taxes9EWhen Not to Give Property Away: Tax Basis Rules15FUsing Gifts to Reduce Income Taxes16Part VIIReducing or Eliminating Estate Taxes17An Overview of Ongoing TrustsATrusts to Reduce Estate Tax2BOngoing Trusts Used to Control Property3COngoing Trusts and Avoiding Probate4DWhat Ongoing Trusts Can't Do5EWhen Ongoing Trusts Begin and End5FThe Trustee6GTaxation of Ongoing Trusts1118Estate Tax-Saving Bypass TrustsAOverview of Bypass Trusts2BIRS Restrictions on Bypass Trusts4CAB Trusts: Bypass Trusts for Married Couples6DBypass Trusts for Unmarried People1819Other Estate Tax-Saving Marital TrustsAQTIP Trusts2BTrusts for Noncitizen Spouses: QDOTs13CMarital Deduction Trusts1520Charitable TrustsAAn Overview of Charitable Trusts2BThe Income Tax Deduction4CA Closer Look at Charitable Remainder Trusts7DA Closer Look at Charitable Lead Trusts12ETypes of Charitable Trusts: A Comparison1521Other Estate Tax-Saving TrustsAGeneration-Skipping Trusts (GSTT Trusts)2BIrrevocable Life Insurance Trusts8CGrantor-Retained Interest Trusts: GRATs, GRUTs, and GRITs1022Disclaimers: After-Death Estate Tax PlanningAAdvantages of Disclaimers2BCouples and Disclaimers4CIRS Rules for Disclaimers5DDisclaimers and Living Trusts823Combining Estate Tax-Saving TrustsACombining Two Estate Tax-Saving Trusts2BCombining a Charitable Trust With Other Estate Tax-Saving Trusts4CCombining Three Different Estate Tax-Saving Trusts5DUsing Ongoing Trusts and Gift-Giving to Reduce Estate Tax6Part VIIIImposing Controls Over Property24Property Control Trusts for Second or Subsequent MarriagesAEvaluating Your Situation2BHow a Marital Property Control Trust Works3CRestricting the Surviving Spouse's Rights Over Trust Property5DThe Role of the Trustee6ESavings on Estate Taxes8FWorking With a Lawyer925Trusts and Other Devices for Imposing Controls Over PropertyAEducational Trusts3BTrusts for People With Special Needs4CSpendthrift Trusts6DSprinkling Trusts7ETrusts to Manage Your Own Property9FPowers of Appointment10GCombining a Property Control Trust With Estate Tax-Saving Trusts12Part IXTaking Care of Personal Issues26Incapacity: Making Medical and Financial DecisionsAMedical Decisions2BFinancial Decisions9CGuardianships and Conservatorships1227Body and Organ Donation, Funerals and BurialsAMaking Your Own Choices2BLeaving Written Instructions3CDonating Your Body or Organs4DDeath Notices4EServices and Ceremonies Following a Death5FFunerals6GCremation9HBurials9Part XFamily Business Estate Planning28Family Business Estate PlanningAOperation of the Business2BReducing Estate Taxes5CAvoiding Probate of a Family Business9Part XIGoing Further29Using LawyersAHiring a Lawyer2BDoing Your Own Research630After You Complete Your Estate PlanAStoring Your Estate Planning Documents2BRevising Your Estate Plan331After a Death OccursAWills2BProbate-Avoidance Living Trusts2COngoing Trusts for Estate Tax Savings or Property Management4DPreparing and Filing Tax Returns5ETrustee's Reports to Beneficiaries6FCollecting the Proceeds of a Life Insurance Policy6GObtaining Title to Joint Tenancy Property7Part XIISample Estate Plans32Some Estate PlansAA Prosperous Couple in Their 60s and 70s2BA Wealthy Couple in Their 70s2CA Single Man in His 60s3DA Younger Couple4EA Widow in Her 80s5FA Couple in Their 60s, in a Second Marriage6GAn Unmarried Couple in Their 40s7GlossaryAppendixState Inheritance Tax RulesIndex
