The everything wills & estate planning book
Book - 2003
Saved in:
- Subjects
- Published
-
Avon, MA :
Adams Media Corp
2003.
- Language
- English
- Main Author
- Physical Description
- 273 p.
- Bibliography
- Includes index.
- ISBN
- 9781580628808
- Acknowledgments
- Top Ten Reasons for Creating a Will and a Sound Estate Plan
- Introduction
- 1. Why You Should Plan
- Planning Is for Everyone
- Protecting Your Family
- Protecting Your Assets from Creditors
- Avoiding Probate Costs
- Reducing Taxes
- Making Your Dreams Live On
- 2. Preplan Prerequisites
- Know What Is Available
- Get to Know the Will
- Consider the Advantages of a Trust
- Appreciate the Convenience of Joint Property
- Beware of Contractual Arrangements
- Make Your Wish List
- Shop for a Lawyer
- 3. The Five Steps of Creating a Plan
- Step 1. Learn the Rules
- Step 2. Organize Your Assets
- Step 3. Decide Who, What, and When
- Step 4. Choose Your Planning Tools
- Step 5. Implement Your Plan
- 4. Understanding the Probate Process
- Why an Estate Needs to Be Probated
- Property That Is Not Subject to Probate
- The Probate Proceeding
- Probate Takes Time
- Probate Usually Requires a Lawyer
- The Cost of Probate
- Meeting with a Lawyer
- 5. How to Avoid Probate
- Reasons for Avoiding the Probate Process
- Titling Property
- Place Property in Trust
- Make Good Use of Life Insurance
- Consider Creating Retirement Accounts
- Annuities May Be the Answer
- 6. The Parts of a Will
- An Overview
- Declarations
- Payment of Debts
- Specific Devises
- Residuary Devise
- Taxes
- The Powers of Your Executor
- How to Sign
- 7. Decisions to Include Within the Will
- Who Will Serve as Your Executor?
- Who Should Receive Your Property?
- How Should Your Property Be Distributed?
- Do You Want Your Property Sold?
- What Is Best for Your Minor Child?
- 8. Drafting Your Will
- Filling in a Form Will
- Handwritten Wills
- Using Computer Software
- Hiring a Lawyer to Prepare the Will
- Sample Will
- 9. Changing Your Will
- Four Ways to Change Your Will
- Make a New Document
- Strike a Provision
- Make Written Changes
- Add an Amendment
- Destroy the Document
- Control of the Original Will
- A Lawyer Isn't Necessary
- 10. Owning Property in Joint Name
- The Joint-Property Estate Plan
- Advantages and Disadvantages
- Jointly Owned Property with Your Spouse
- Joint Property with Someone Else
- Multiple Joint Tenants
- Gift Tax Consequences
- 11. Trusts Are for Everyone
- What Is a Trust?
- The Creator
- The Trustee
- The Beneficiaries
- Powers of Appointment
- Reasons for Creating a Trust
- Advantages of a Trust
- Disadvantages of a Trust
- 12. Decisions to Include Within a Trust
- Your Choice of Recipients
- When Your Property Is Distributed
- Triggering Events
- Restrictions and Penalties
- How Your Property Should Be Distributed
- The Power to Sell Your Property
- 13. Choosing a Trustee
- Sequence of Trustees
- Duties of the Trustee
- Important Considerations
- The Trustee and Your Property
- If Your Family Doesn't Agree
- Financial Guardian for Your Minor Child
- 14. Creating a Trust
- Identify the Parties and Describe the Property
- Assigning the Power to Control the Trust Property
- Timing and Distribution of Assets
- Assigning a Trustee
- Miscellaneous Trust Provisions
- 15. The Lowdown on Life Insurance
- Three Parties to a Policy
- Types of Life Insurance
- Life Insurance and the Probate Process
- Tax Consequences
- The Irrevocable Life Insurance Trust
- A Simpler Solution for Life Insurance
- 16. All about Annuities
- What Is an Annuity?
- Investment Choices
- Annuities and the Probate Process
- Income Tax Consequences
- Annuities Affect Cost Basis
- Death Tax Consequences
- Annuities as Part of Your Plan
- 17. Reviewing Retirement Accounts
- Retirement Accounts and the Probate Process
- Naming Your Beneficiary
- Income Tax Consequences
- Death Tax Consequences
- Planning Ahead
- 18. Death and Taxes
- What Is the Federal Death Tax?
- Property That Is Subject to Federal Death Taxes
- Taxable Gifts
- Deductions Against Your Taxable Base
- Should You Leave All of Your Property to Your Spouse?
- Figuring Your Federal Death Taxes
- 19. How to Reduce Taxes
- Credit Shelter Trusts
- Make Gifts of Your Assets
- Qualified Personal Residence Trust
- Grantor Retained Annuity Trusts
- 20. Power of Attorney
- Types of Power of Attorney
- Reasons for Having a Power of Attorney
- Sample Power of Attorney
- Decisions to Make
- Naming More Than One Person
- Creating a Power of Attorney
- 21. Funeral Arrangements and Other Considerations
- Instructions for Your Family
- Where to Keep Your Documents
- Safe-Deposit Boxes
- Prepayment Plans
- Funeral or Cremation Instructions
- Organ Donations
- Appendix A. Glossary
- Appendix B. Resources
- Appendix C. Asset Inventory Worksheet
- Appendix D. Sample Trust
- Index