Estate Planning & Admin PA

by Fleming,Edmund

• ISBN13: 9781581153965
• ISBN10: 1581153961
• Edition: 00
• Format: Trade Paper
• Copyright: 2005-01-17
• Publisher: FRWHEEL

Summary

The complexities of planning and administering an estate are clearly explained in this up-to-date and authoritative guide. This new edition covers the best techniques for transferring property through Irrevocable Life Insurance Trusts, gifting programs, paying grandchildren's medical and tuition expenses, and more. From wills, trusts, powers of attorney, and health care directives to probate and administering an estate, it's all here in easy-to-read, plain English. A five-step planning process details how to create and implement a sound estate plan. This replaces 1-58115-083-0

Author Biography

Edmund. T. Fleming a certified public accountant and attorney in private practice. He spent ten years as an auditor for the IRS. He lives in Downers Grove, IL.

Table of Contents

Update: The Economic Growth and Tax Relief Reconciliation Act of 2001	xiii
Foreword	xxv
Key to Sources Cited	xxvii
CHAPTER 1: INTRODUCTION TO ESTATE PLANNING AND ADMINISTRATION	1	(4)
Who Needs Estate Planning?
CHAPTER 2: THE PLANNING PROCESS	5	(26)
Points to Consider
Step 1: Identify Your Property
Step 2: Establish Objectives
Step 3: Select Your Advisors
Step 4: Draft and Implement a Plan
Step 5: Review Your Estate Plan
CHAPTER 3: WILLS	31	(12)
Points to Consider
General Overview of Wills
Revocation and Revival
Partial Invalidity of a Will
Simultaneous Death
Capacity
Will Provisions
Executor's Duties
Checklist for Wills
CHAPTER 4: TRUSTS	43	(16)
Points to Consider
General Overview of Trusts
Trust Agreements
Abusive Trust Arrangements
Trustee's Duties
Estate-Planning Trusts
Land Trusts
Checklist for Trusts
CHAPTER 5: LIVING TRUSTS	59	(8)
Points to Consider
General Overview of Living Trusts
Transferring Property to a Living Trust
Advantages of a Living Trust
Disadvantages of a Living Trust
Checklist for Living Trusts
CHAPTER 6: POWER OF ATTORNEY	67	(6)
Points to Consider
General Powers of Attorney
Durable Powers of Attorney for Property
Checklist for Durable Powers of Attorney for Property
Health-Care Power of Attorney
Checklist for Health-Care Power of Attorney
CHAPTER 7: INFORMATION FOR EXECUTORS AND ADMINISTRATORS	73	(16)
Points to Consider
Probate
Advantages to Going through Probate
Disadvantages to Going through Probate
Checklist for Executors
The Accountant
Checklist for Accountants
Checklist for Attorneys (Independent Administration)
CHAPTER 8: FEDERAL INCOME TAX ISSUES	89	(14)
Points to Consider
Primary Residences
Individual Retirement Accounts
Gifts
Distribution from Employer Retirement Plans
Decedent Tax Forms
Income and Deductions in Respect of a Decedent
CHAPTER 9: FEDERAL ESTATE TAX PLANNING	103	(14)
Points to Consider
Techniques to Decrease Estate Taxes
CHAPTER 10: FEDERAL ESTATE AND GIFT TAX	117	(24)
Points to Consider
Calculation of the Estate Tax
Basis of Property Acquired from a Decedent
Generation Skipping Transfers
Filing Form 706
Recapture of Estate Tax Benefits
CHAPTER 11: GIFT TAXES	141	(8)
Points to Consider
Gift-Tax Return Filing Requirements
Gift-Tax Return Filing Date
Exclusions from the Gift Tax
Present, Terminable, and Future Interests in Property
Tax Basis of Gifts
Reporting Requirements
Stock Options
Split-Dollar Life Insurance Arrangements
Calculation of the Gift Tax
Maximum Unified Credit
CHAPTER 12: MARITAL STATUS, HEALTH, AND YOUR ESTATE	149	(8)
Marriage and Divorce
Nursing Homes
APPENDICES
A Glossary	157	(16)
B Common Estate Acronyms	173	(2)
C Federal Estate- and Gift-Tax Rates	175	(4)
D Information Sources	179	(4)
E Sample Durable Power of Attorney for Property	183	(12)
F Sample Statutory Short-Form Power of Attorney for Health Care	195	(8)
G Sample Living Will	203	(2)
H Personal Information Checklist	205	(12)
I Administration Checklist	217	(6)
J Sample Small Estate Affidavit	223	(4)
K Sample Last Will and Testament	227	(8)
L Sample Living Trust Agreement	235	(12)
Index	247