9781598698312

Most Americans don’t have a will. They avoid estate planning because they don’t want to think about death or they think it’s too complicated. But this easy-to-follow guide takes the mystery out of the process. This book shows readers how easy it can be to plan for security and peace of mind. Readers learn how to write a will, create an estate plan, designate executors, choose trusts, reduce tax liabilities, and distribute their assets. Other features include: A glossary of legal terms Advice for protecting families from creditors Guidance for unmarried partners The important role of charitable giving in your estate plan This book provides sound advice for planning retirement and managing assets at any age and income level. It also includes completely new information on: Updated tax, IRA, and Roth details Charitable giving opportunities for reducing taxes and leaving a legacy Instruction for keeping plans up to date as the readers age An estate planning checklist

Deborah S. Layton, an attorney and writer, served as director of estates and trusts in the Office of Gift Planning at the University of Pennsylvania for more than fifteen years. She assisted donors in making gifts through bequests, charitable gift annuities, and charitable remainder trusts. She is a contributing writing for Super Lawyers magazine in several states and for Delaware Today. She lives in Wilmington, DE.

Top Ten Reasons for Creating a Will and a Sound Estate Plan	p. x
Introduction	p. xi
Everyone Needs a Plan	p. 1
Why You Should Plan	p. 2
Protecting Your Family	p. 5
Protecting Your Assets from Creditors	p. 9
Avoiding or Reducing Probate Costs	p. 9
Reducing Taxes	p. 10
Leaving Your Legacy	p. 11
Preplan Prerequisites	p. 12
Know What Is Available	p. 13
Start with a Will	p. 13
Consider the Advantages of a Trust	p. 15
Appreciate the Convenience of Joint Property	p. 16
Understanding Contractual Arrangements	p. 17
Make Your Wish List	p. 18
Shop for a Lawyer	p. 21
The Five Steps of Creating a Plan	p. 27
Learn the Rules	p. 28
Organize Your Assets	p. 29
Decide Who, What, and When	p. 33
Choose Your Planning Tools	p. 34
Implement Your Plan	p. 36
Understanding the Probate Process	p. 37
Why an Estate Needs to Be Probated	p. 38
Property That Is Not Subject to Probate	p. 40
The Probate Proceeding	p. 42
Probate Takes Time	p. 44
Probate Usually Requires a Lawyer	p. 45
The Cost of Probate	p. 46
Meeting with a Lawyer	p. 47
How to Avoid Probate	p. 48
Reasons for Avoiding the Probate Process	p. 49
Titling Property to Avoid Probate	p. 50
Place Property in Trust	p. 52
Make Good Use of Life Insurance	p. 55
Consider Creating Retirement Accounts	p. 57
Annuities May Be an Option	p. 57
The Parts of a Will	p. 59
An Overview	p. 60
Declarations	p. 61
Payment of Debts	p. 62
Specific Devises	p. 64
Memorandum for Tangible Property	p. 65
Residuary Devise	p. 69
Taxes	p. 70
The Powers of Your Executor	p. 71
Self-Proving Signature to Your Will	p. 72
Decisions to Include Within the Will	p. 74
Who Will Serve as Your Executor?	p. 75
Who Should Receive Your Property?	p. 78
How Should Your Property Be Distributed?	p. 80
Do You Want Your Property Sold?	p. 83
What Is Best for Your Minor Child?	p. 83
Drafting Your Will	p. 87
Filling in a Form Will	p. 88
Handwritten (or Holographic) Wills	p. 89
Using Computer Software	p. 90
Hiring a Lawyer to Prepare the Will	p. 90
Sample Will	p. 91
Changing Your Will	p. 99
Ways to Change Your Will	p. 100
Make a New Document	p. 100
Strike a Provision	p. 102
Make Written Changes	p. 103
Add an Amendment	p. 104
Destroy the Document	p. 106
Where Should You Keep Your Original Will?	p. 106
A Lawyer Isn't Required	p. 108
Owning Property in Joint Name	p. 109
The Joint-Property Estate Plan	p. 110
Advantages and Disadvantages	p. 110
Property Owned Jointly with Your Spouse	p. 112
Taxes and Cost Basis	p. 113
Joint Property with Someone Else	p. 115
Gift Tax Consequences	p. 118
A Trust May Be Right for Your Plan	p. 119
What Is a Trust?	p. 120
The Creator	p. 120
The Trustee	p. 121
The Beneficiaries	p. 123
Powers of Appointment	p. 123
Reasons for Creating a Trust	p. 125
Advantages of a Trust	p. 126
Disadvantages of a Trust	p. 127
Decisions to Include Within a Trust	p. 131
Choosing Your Trust Beneficiaries	p. 132
When Your Property Is Distributed	p. 133
Triggering Events	p. 134
Restrictions and Penalties	p. 135
How Your Property Should Be Distributed	p. 136
The Power to Sell Your Property	p. 140
Choosing a Trustee	p. 142
Sequence of Trustees	p. 143
Duties of the Trustee	p. 144
Important Considerations	p. 147
The Trustee and Your Property	p. 149
If Your Family Doesn't Agree	p. 150
Financial Guardian for Your Minor Child	p. 151
Creating a Trust	p. 152
Identify the Parties and Describe the Property	p. 153
Assigning the Power to Control the Trust Property	p. 155
Timing and Distribution of Assets	p. 156
Assigning a Trustee	p. 161
Miscellaneous Trust Provisions	p. 163
The Lowdown on Life Insurance	p. 166
Three Parties to a Policy	p. 167
Types of Life Insurance	p. 167
Choice of Beneficiary is Contractual	p. 169
Life Insurance and the Probate Process	p. 169
Tax Consequences	p. 171
If Your Estate Exceeds the Exclusion	p. 172
A Simpler Solution for Life Insurance	p. 173
Reviewing Retirement Accounts and Annuities	p. 174
Retirement Accounts, Annuities, and the Probate Process	p. 175
Naming Your Beneficiary	p. 176
Penalty for Early Withdrawal from Tax-Deferred Accounts	p. 178
Income Tax Consequences	p. 179
Estate Tax Consequences	p. 183
Planning Ahead	p. 184
Death and Taxes	p. 185
What is the Federal Estate Tax?	p. 186
Property That Is Subject to Federal Estate Taxes	p. 188
Taxable Gifts	p. 192
Gifts That Are Not Taxable	p. 193
Deducations Against Your Taxable Base	p. 193
Should You Leave All of Your Property to Your Spouse?	p. 196
Figuring Your Federal Estate Taxes	p. 197
How to Reduce Taxes	p. 198
Credit Shelter Trusts (or Bypass Trusts)	p. 199
Make Gifts of Your Assets	p. 203
More Sophisticated Methods for Reducing Taxes	p. 204
Charitable Gifts Can Reduce Taxes	p. 208
Gifts During Lifetime	p. 209
Planned Gifts During Lifetime	p. 211
Charitable Gifts from Your Will or Trust	p. 215
Advantages and Disadvantages of Charitable Gifts	p. 217
Powers of Attorney	p. 219
Types of Power of Attorney	p. 220
Reasons for Having a Power of Attorney	p. 222
Sample Durable Power of Attorney	p. 223
Decisions to Make	p. 230
Naming More than One Person	p. 231
Creating a Power of Attorney	p. 232
Reasons for Having a Medical Power of Attorney	p. 233
Guidance for Your Family	p. 235
What Instructions to Provide Your Family	p. 236
Where to Keep Your Documents	p. 236
Safe-Deposit Boxes	p. 237
Funeral or Cremation Instructions	p. 240
Prepayment Plans	p. 242
Organ Donations	p. 243
Keeping Your Plans Up-to-Date	p. 243
Estate Planning Checklist	p. 244
Glossary	p. 246
Resources	p. 251
Asset Inventory Worksheet	p. 253
Sample Trust	p. 261
Sample Advance Health Care Directive	p. 271
Index	p. 279
Table of Contents provided by Ingram. All Rights Reserved.

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The Everything Wills & Estate Planning Book

1598698311

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