Lost and Found

by Accettura, P. Mark; Case, Steven J.

• ISBN13: 9780966927818
• ISBN10: 0966927818
• Format: Paperback
• Copyright: 2001-07-01
• Publisher: Collinwood Pr

Table of Contents

Grieving the Loss of a Spouse
Dorothy E. Deremo
Introduction	9	(2)
Stages of Grief	11	(1)
Common Reactions to Grief	12	(1)
It is Healthy to Grieve	13	(1)
Acknowledge the Loss	14	(1)
Beth	14	(2)
The Story of Norman	16	(2)
Helping others Help you Grieve	18	(1)
The Story of Susan	18	(2)
The Importance of Self-Care	20	(1)
Beginning a New Life	20	(1)
The Story of John	21	(1)
Holidays and Special Occasions	22	(1)
Keeping the Memory of your Spouse Alive	22	(1)
In the End, This is your Journey	23	(5)
Getting Organized
P. Mark Accettura
Lynn Gross
Getting Started	28	(1)
Whom to Contact	29	(2)
Income Taxation of Inherited Property	31	(1)
Locating and Organizing Important Papers	32	(2)
Asset Inventory with Values Worksheet	34	(3)
Obtain Date of Death Value of all Assets	37	(1)
Determine your Expenses	38	(2)
Identify Available Sources of Cash Flow	40	(1)
Summary Checklist	40	(5)
Navigating Social Security
Doreen Benson
History	45	(1)
Survivor Benefit Overview	46	(1)
Earnings Requirement	47	(1)
Benefit Amounts	47	(2)
Benefits from Two Accounts	49	(1)
Remarriage	50	(1)
How to Apply for Benefits	50	(2)
Other Programs or Benefits	52	(1)
Lump Sum Death Payment	52	(1)
Medicare	52	(2)
Medigap Insurance	54	(1)
Medicaid	54	(1)
Supplemental Security Income (SSI)	55	(1)
Miscellaneous Social Security Issues	55	(1)
Benefit Estimate	55	(1)
Direct Deposit	55	(1)
Full Retirement Age Increases	56	(1)
Early Benefit Option Remains	56	(1)
Delayed Retirement	57	(1)
Automatic Cost of Living Adjustment	57	(1)
Annual Earnings Test	57	(1)
Divorced Spouse	58	(1)
Taxes	58	(1)
Government Pension Offset	58	(1)
Leaving the United States	58	(1)
Services are Free	59	(3)
Insurance: Claims, Life, Health and Long Term Care
James M. Knaus
Locating Life Insurance Policies	62	(1)
Claim Procedure	62	(1)
Settlement Options	63	(1)
Lump Sum	64	(1)
Life Income	64	(1)
Life Income, Period Certain	64	(1)
Life Income, Installment Refund	64	(1)
Fixed Period	65	(1)
Interest Only	65	(1)
Determining your own life insurance needs	66	(1)
Types of Life Insurance	67	(2)
Term Insurance	68	(1)
Whole Life	68	(1)
Universal Life	69	(1)
Variable Life	69	(1)
Tax Aspects	69	(1)
Health Insurance	70	(1)
``COBRA'' Coverage	70	(1)
``Medigap'' Coverage	70	(2)
Long Term Care	72	(2)
Medicaid	74	(1)
Planes, Trains, and Automobiles	75	(1)
Conclusion	75	(4)
Putting Your Financial House in Order
Steven J. Case
Determine Your New Worth	79	(1)
Determine Monthly Income the Expenses	79	(1)
Define Your Goals	80	(1)
Can You Get There From Here?	81	(2)
The Impact of Inflation	83	(1)
Investment Risk	84	(1)
Diversification	85	(1)
Tax Considerations	86	(1)
Your Financial Plan	86	(1)
Understanding Investments	87	(8)
Guaranteed Investments	87	(1)
Money Market Account	87	(1)
Passbook Account	88	(1)
Certificate of Deposit	88	(1)
Treasury Bill	88	(1)
Bonds	88	(1)
Equity Investments	89	(1)
Stocks	89	(1)
Mutual Funds	90	(1)
Individual Stocks versus Mutal Funds	91	(1)
Load versus No Load	92	(1)
Load Funds	92	(1)
No Load Funds	92	(1)
Annuities	93	(1)
Deferred Annuities	93	(1)
Variable Annuities	93	(1)
Fixed Annuities	94	(1)
Market Indexed Annuities	94	(1)
Immediate Annuities	94	(1)
Real Estate	94	(1)
Tangible Investments	95	(1)
A Word of Caution	95	(1)
Life Insurance and Retirement, Distribution Options	96	(1)
Choosing a Financial Advisor	97	(1)
Conclusion	98	(4)
Ira and Retirement Distributions
P. Mark Accettura
The ``Stretch'' Philosophy	102	(1)
Rollover	103	(1)
Required Minimum Distributions ``RMDs''	103	(2)
Rolling Over Versus Not Rolling Over	105	(2)
Distributions at death before required beginning date	105	(2)
Distribution on death after RMDs have begun	107	(1)
Post-Death Planning	107	(1)
Ten Year Averaging	108	(1)
Conclusion and Course of Action	108	(5)
Settling the Estate: Probate and Trust Administration
P. Mark Accettura
Samuel A. Hurwitz
Fiduciary Responsibilities	113	(1)
Categorizing Assets	114	(1)
Assets passing by operation of law	114	(1)
Joint ownership and survivorship rights	114	(1)
Assets passing by beneficiary designation	115	(1)
Assets passing through probate	115	(1)
Assets owned in trust	116	(1)
Applicable Law	117	(1)
Ongoing Administration	117	(1)
Step One: Appointment of Fiduciary	118	(1)
Appointment of Personal Representative in formal probate	118	(1)
Appointment of Personal Representative in informal probate	119	(1)
Appointment of Trustee	119	(1)
Step Two: Admission of Will	120	(1)
Admission of the Will in formal probate	120	(1)
Admission of the Will in informal probate	121	(1)
Admission of the Will in trust administration	121	(1)
Step Three: Asset Inventory and Administration	121	(1)
Asset Inventory and Administration in formal probate	121	(1)
Asset Inventory and Administration in informal probate	122	(1)
Asset Inventory and trust administration	122	(1)
Family/Marital trust division	123	(2)
Step Four: Dealing with creditors	125	(1)
Dealing with creditors in formal probate	125	(2)
Compromising Claimse	127	(1)
Personal Liability of the Personal Representative	128	(1)
Creditors and informal probate	129	(1)
Dealing with creditors in trust administration	129	(1)
Step Five: Making final decisions	129	(1)
Distribution of property in formal probate	129	(1)
Disinherited spouse	129	(1)
Divisions of assets	130	(1)
Minors as beneficiaries	130	(1)
Procedure for Distribution	131	(1)
Distribution of property in informal probate	131	(1)
Distribution of property in trust administration	131	(1)
Small Probate Estate Procedures	132	(1)
Compensation of Fiduciaries	132	(1)
Conclusion	132	(1)
Finding a lawyer	133	(1)
Comparison of Formal Probate, Informal Probate, and Trust Administration	133	(5)
Tax Reporting
P. Mark Accettura
Form 1040	138	(2)
1040 Estimated Tax Payments	140	(1)
Replace Social Security Number with New Tax Identification Number	141	(1)
Medical Expenses	142	(1)
Income Tax Deduction for Estate Tax Paid	142	(1)
Form 1041	143	(6)
Avoiding the Tax Trap	146	(3)
1041 Estimated Tax Payments	149	(1)
Costs of Administration	149	(1)
You and your CPA	149	(1)
Form 706	150	(3)
Disclaimer	153	(1)
State Inheritance Tax	153	(1)
Gifts and Form 709	153	(2)
Other Returns	155	(1)
Word to the Wise	155	(1)
Record Retention	155	(1)
Choosing a CPA	156	(4)
Basic Estate Planning
P. Mark Accettura
Estate Planning Building Blocks	160	(2)
Last Will and Testament (``Will'')	160	(1)
Durable Powers of Attorney	161	(1)
Revocable Trusts	162	(1)
How to Get Started	162	(2)
Choose Fiduciaries	162	(1)
Name Beneficiaries	163	(1)
Control From the Grave	163	(1)
Joint Ownership as a Trust Substitute	164	(1)
Funding Your Revocable Trust	165	(2)
Real Estate	166	(1)
Qualified Plans and IRAs	166	(1)
Personal Property	167	(1)
Often Missed Items	167	(1)
Planning to Avoid Estate Tax	167	(4)
Gifting	171	(1)
Special Needs Trusts	171	(20)
Disabled Children	172	(1)
Elderly Parents	173	(3)
Advanced Estate Planning
P. Mark Accettura
Irrevocable Trusts	176	(3)
Family Limited Liability Companies	179	(4)
Charitable Transfers	183	(1)
Charitable Remainder Trusts	184	(2)
Pooled Income Fund	186	(1)
Gift annuity	187	(1)
Charitable Lead Trusts	187	(1)
Wealth Replacement Trusts	187	(4)
Prenuptial Agreements
P. Mark Accettura
Prenuptial Agreements	191	(7)
Losing Independence
P. Mark Accettura
Medicare	198	(1)
Private Pay	199	(1)
Medicaid	200	(3)
Divestment	201	(1)
Spousal Protection	202	(1)
Planning Techniques and Strategies	203	(5)
Making Funeral Arrangements
P. Mark Accettura
Choosing a funeral home	208	(1)
Funeral Costs	209	(1)
The arrangement conference	209	(1)
Itemized statement	210	(1)
The Funeral Rule	211	(1)
Cremation	211	(1)
Caskets, Urns, Vaults and Grave Liners	212	(1)
Obituaries and Death Notices	213	(1)
Rites and Rituals: The Funeral Service	213	(1)
Visitation	213	(1)
The Service	214	(1)
Interment	214	(1)
Cemeteries	214	(1)
Alternative Plans	214	(1)
Pre-Planning	214	(3)
Tract- an excerpt from The Undertaking: Life Studies from the Dismal Trade	217	(6)
Thomas Lynch
Summary of Interior Photography	223	(2)
Appendix A: Asset Inventory with Values Worksheet	225	(2)
Glossary	227	(16)
Index	243	(10)
Directory of Resource	253