Estate Planning Basics

by Clifford, Denis

• ISBN13: 9781413303520
• ISBN10: 1413303528
• Edition: 3rd
• Format: Paperback
• Copyright: 2005-08-31
• Publisher: Ingram Pub Services

Summary

This [book] will be appreciated by those with modest estates who want a quick overview.- Library Journal - A search of more than a dozen books in my reference library uncovered a mention of the stepped up basis in all, but only Estate Planning Basics... makes it clear that the basis of inherited property is adjusted up or down. - Florida Sun-Sentinel

Table of Contents

Introduction
A First Look at Estate Planning
Evaluating Your Personal Situation	p. 4
Choosing Your Beneficiaries	p. 5
Providing for Young Children	p. 7
Planning for Incapacity	p. 8
Transferring Your Property After You Die	p. 9
Estate Taxes	p. 10
Making Changes	p. 11
More Estate Planning Resources from Nolo	p. 12
Your Beneficiaries
Direct Beneficiaries	p. 16
Alternate Beneficiaries	p. 18
Beneficiary Complexities	p. 22
Disinheritance	p. 30
Talking It Over	p. 32
Children
Naming Someone to Care for Young Children	p. 37
Naming Someone to Manage Your Child's Property	p. 40
Choosing How Your Children's Property Should Be Managed	p. 42
Naming Children as Beneficiaries of Life Insurance	p. 47
Tax-Saving Educational Investment Plans	p. 48
Leaving Property to Adult Children	p. 50
Leaving Property to Other People's Children	p. 50
Planning for Incapacity: Medical Care and Finances
Medical Decisions	p. 54
Financial Decisions	p. 61
Wills
Will Requirements	p. 68
Types of Wills	p. 72
Probate	p. 76
Using a Will in Your Estate Planning	p. 78
Preparing Your Will	p. 81
Challenges to Your Will	p. 82
Living Trusts
How a Living Trust Works	p. 87
Do You Need a Living Trust?	p. 90
Living Trusts and Taxes	p. 92
Living Trusts and Young Children	p. 93
Shared Living Trusts for Couples	p. 93
Making Key Decisions About Your Living Trust	p. 95
Preparing Your Living Trust Documents	p. 102
Other Probate-Avoidance Methods
Pay-on-Death Bank Accounts	p. 106
Transfer-on-Death Accounts for Securities	p. 107
Transfer-on-Death Car Registration	p. 108
Transfer-on-Death Deeds for Real Estate	p. 108
Joint Tenancy	p. 109
Tenancy by the Entirety	p. 113
Community Property with Right of Survivorship	p. 114
Simplified Probate Proceedings	p. 115
Life Insurance	p. 115
Gifts	p. 117
Retirement Plans as Estate Planning Devices
Individual Retirement Programs	p. 121
Pensions	p. 123
Choosing Beneficiaries for Individual Retirement Programs	p. 124
Retirement Plans and Taxes	p. 125
Estate Tax
Federal Estate Tax Exemptions	p. 129
State Estate and Inheritance Tax	p. 134
Gift Tax	p. 135
The Federal Income-Tax Basis of Inherited Property	p. 138
Reducing Federal Estate Taxes
Making Gifts During Life	p. 145
The AB Trust	p. 147
Other Tax-Saving Trusts	p. 156
Disclaiming Gifts	p. 161
Property Control Trusts
Marital Property Control Trusts for Second or Subsequent Marriages	p. 164
Special Needs Trusts for Disabled People	p. 169
Education Trusts	p. 170
Spendthrift Trusts	p. 172
Flexible Trusts	p. 172
Lawyers
Will You Need a Lawyer?	p. 176
Using Lawyers	p. 178
Doing Your Own Research	p. 182
Table of Contents provided by Ingram. All Rights Reserved.