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Plan Your Estate »
Authors: Denis Clifford
ISBN-13: 9781413312010, ISBN-10: 1413312012
Format: Paperback
Publisher: NOLO
Date Published: May 2010
Edition: (Non-applicable)
Author Biography: Denis Clifford
Denis Clifford, a graduate of Columbia Law School, where he was an editor of The Law Review, is a lawyer who specializes in estate planning. He is the author of many Nolo titles including Quick and Legal Will Book, Nolo's Simple Will Book and Make Your Own Living Trust and co-author of Plan Your Estate and A Legal Guide for Lesbian and Gay Couples. He has been interviewed by such major media as The New York Times, Los Angeles Times, and Money Magazine.
Book Synopsis
Plan Your Estate covers everything from the basics of wills and living trusts to sophisticated tax-saving strategies. The authors give you straightforward, plain-English explanations of every significant estate-planning option available, so you can make the best decisions for you and those you love.
The book covers:
*federal estate and gift taxes
*trusts used to control property left to beneficiaries
*charitable remainder trusts
*durable powers of attorney
*living wills
*funerals and burials
Completely updated, the 7th edition discusses new state estate tax rules, the new "disclaimer trust" for couples who aren't sure whether they need an AB trust, educational saving plans for kids, transfer-on-death deeds to avoid probate for real estate – and much more. Good for all states except Louisiana.
Washington Times
Probably one of the most comprehensive estate-planning books available to mature adults. It is also written so that everyone can understand new and complex theories, laws, regulations, advantages and disadvantages, with issues ranging from basic estate planning to sophisticated tax-savings strategies.
Table of Contents
| Introduction: How to Use This Book | ||
| A | How This Book Works | 3 |
| B | Will You Need Professional Help? | 4 |
| C | Other Nolo Resources | 5 |
| Part I | Setting Your Goals | |
| 1 | Selecting Your Estate Planning Goals | |
| Part I | Setting Your Goals | 2 |
| Part II | Laying the Groundwork | 2 |
| Part III | Children | 4 |
| Part IV | Wills | 4 |
| Part V | Probate and How to Avoid It | 5 |
| Part VI | Understanding Estate and Gift Taxes | 6 |
| Part VII | Reducing or Eliminating Estate Taxes | 8 |
| Part VIII | Imposing Controls Over Property | 9 |
| Part IX | Taking Care of Personal Issues | 9 |
| Part X | Family Business Estate Planning | 11 |
| Part XI | Going Further | 11 |
| Part XII | Sample Estate Plans | 11 |
| 2 | Personal Concerns and Estate Planning | |
| A | Avoiding Conflict | 2 |
| B | Leaving Unequal Amounts of Property to Children | 5 |
| C | Providing Care for Minor Children | 7 |
| D | Subsequent Marriages | 8 |
| E | Long-Term Care for a Child With Special Needs | 10 |
| F | Concerns of Unmarried Couples | 11 |
| G | Worries About the Effect of Inheriting Money | 12 |
| H | Disinheriting People, Including Children | 13 |
| I | Communicating Your Decisions to Family and Friends | 14 |
| Part II | Laying the Groundwork | |
| 3 | Special Property Ownership Rules for Married People | |
| A | What You Need to Know | 3 |
| B | Marital Property in Community Property States | 5 |
| C | Marital Property in Common Law States | 8 |
| D | Moving to a Different State | 10 |
| 4 | Inventorying Your Property | |
| A | Instructions for the Property Inventory Worksheet | 2 |
| B | Your Property Worksheet | 10 |
| 5 | Your Beneficiaries | |
| A | Types of Beneficiaries | 3 |
| B | Primary Beneficiaries | 3 |
| C | Life Estate Beneficiaries and Final Beneficiaries | 6 |
| D | Alternate Beneficiaries | 6 |
| E | Residuary Beneficiaries | 7 |
| F | Gifts Shared by More Than One Beneficiary | 7 |
| G | Establishing a Survivorship Period | 8 |
| H | Explanations and Commentary Accompanying Gifts | 8 |
| I | Disinheritance | 9 |
| J | Simultaneous Death | 10 |
| K | Property You Give Away by Will or Trust That You No Longer Own at Your Death | 11 |
| Part III | Children | |
| 6 | Children | |
| A | Naming Someone to Take Custody of Your Minor Children | 2 |
| B | Naming an Adult to Manage Your Child's Property | 5 |
| C | How Your Children's Property Should Be Managed | 6 |
| D | Tax Saving Educational Investment Plans | 14 |
| E | Naming Children as Beneficiaries of Life Insurance | 15 |
| F | Leaving Property to Children Who Are Not Your Own | 16 |
| G | Disinheritance | 17 |
| Part IV | Wills | |
| 7 | Wills | |
| A | A Will as the Centerpiece of Your Estate Plan | 2 |
| B | A Backup Will With a Comprehensive Estate Plan | 2 |
| C | What Makes a Will Legal? | 4 |
| D | Types of Wills | 5 |
| E | What Property Cannot Be Transferred by Will? | 8 |
| F | Explanatory Letters Accompanying Your Will | 9 |
| G | Can My Will Be Successfully Challenged? | 10 |
| H | Keeping Your Will Up to Date | 10 |
| Part V | Probate and How to Avoid It | |
| 8 | Probate and Why You Want to Avoid It | |
| A | What Is Probate? | 2 |
| B | Probate Fees | 3 |
| C | Avoiding Probate | 4 |
| D | When You May Want Probate | 8 |
| E | Debts, Taxes, and Probate Avoidance | 8 |
| F | Probate Reform | 9 |
| 9 | Living Trusts | |
| A | Does Everyone Need a Living Trust? | 2 |
| B | Living Trusts Explained | 4 |
| C | Major Decisions in Creating a Living Trust | 8 |
| D | Creating a Valid Living Trust | 13 |
| E | Keeping Your Living Trust Up to Date | 16 |
| 10 | Joint Tenancy and Tenancy by the Entirety | |
| A | What Is Joint Tenancy? | 2 |
| B | Joint Tenancy Bank Accounts | 3 |
| C | Joint Tenancy Safe Deposit Boxes | 4 |
| D | Tenancy by the Entirety | 5 |
| E | Joint Tenancy in Community Property States | 5 |
| F | Tax Concerns Affecting Joint Tenancy | 7 |
| G | Drawbacks of Joint Tenancy | 12 |
| H | When Joint Tenancy Makes Sense | 13 |
| I | Creating a Joint Tenancy for Property With Documents of Title | 15 |
| J | Creating Joint Tenancy for Personal Property Without Documents of Title | 16 |
| 11 | Pay-on-Death Designations | |
| A | Choosing Beneficiaries | 2 |
| B | Pay-on-Death Bank Accounts | 3 |
| C | Naming a Pay-on-Death Beneficiary for Government Securities | 5 |
| D | Naming a Beneficiary for Stocks and Bonds | 5 |
| E | Car Registration | 6 |
| F | Transfer of Death Deeds for Real Estate | 6 |
| 12 | Life Insurance | |
| A | Do You Need Life Insurance? | 2 |
| B | Types of Life Insurance | 5 |
| C | Life Insurance and Probate | 10 |
| D | Choosing Life Insurance Beneficiaries | 10 |
| E | Reducing Estate Tax by Transferring Ownership of Life Insurance Policies | 11 |
| 13 | Retirement Benefits | |
| A | Social Security | 2 |
| B | Individual Retirement Plans | 3 |
| C | Pensions | 6 |
| D | When You Retire | 7 |
| E | Choosing Beneficiaries for Your Retirement Plans | 8 |
| F | Using Disclaimers for Retirement Accounts | 11 |
| G | Probate and Taxes | 11 |
| 14 | State Law Exemptions From Normal Probate | |
| A | Will Your Estate Qualify? | 2 |
| B | Using These Rules to Plan | 3 |
| C | Summary of State Law Exceptions to Normal Probate | 3 |
| D | California Exemptions From Normal Probate | 7 |
| E | New York Exemptions From Normal Probate | 9 |
| F | Texas Exemptions From Normal Probate | 10 |
| G | Florida Exemptions From Normal Probate | 10 |
| Part VI | Understanding Estate and Gift Taxes | |
| 15 | Estate Taxes | |
| A | Federal Estate Tax Exemptions | 2 |
| B | The Big Picture: Estate and Gift Taxes | 4 |
| C | Will Your Estate Have to Pay Taxes? | 6 |
| D | Calculating and Paying Estate Taxes | 9 |
| E | Reducing Federal Estate Taxes | 13 |
| F | The Federal Income Tax Basis of Inherited Property | 14 |
| G | State Inheritance and Estate Taxes | 17 |
| 16 | Gifts and Gift Taxes | |
| A | The Federal Gift Tax: An Overview | 2 |
| B | What Is a Goft? | 4 |
| C | How Federal Gift Tax Works | 7 |
| D | Using Gifts to Reduce Estate Taxes | 9 |
| E | When Not to Give Property Away: Tax Basis Rules | 15 |
| F | Using Gifts to Reduce Income Taxes | 16 |
| Part VII | Reducing or Eliminating Estate Taxes | |
| 17 | An Overview of Ongoing Trusts | |
| A | Trusts to Reduce Estate Tax | 2 |
| B | Ongoing Trusts Used to Control Property | 3 |
| C | Ongoing Trusts and Avoiding Probate | 4 |
| D | What Ongoing Trusts Can't Do | 5 |
| E | When Ongoing Trusts Begin and End | 5 |
| F | The Trustee | 6 |
| G | Taxation of Ongoing Trusts | 11 |
| 18 | Estate Tax-Saving Bypass Trusts | |
| A | Overview of Bypass Trusts | 2 |
| B | IRS Restrictions on Bypass Trusts | 4 |
| C | AB Trusts: Bypass Trusts for Married Couples | 6 |
| D | Bypass Trusts for Unmarried People | 18 |
| 19 | Other Estate Tax-Saving Marital Trusts | |
| A | QTIP Trusts | 2 |
| B | Trusts for Noncitizen Spouses: QDOTs | 13 |
| C | Marital Deduction Trusts | 15 |
| 20 | Charitable Trusts | |
| A | An Overview of Charitable Trusts | 2 |
| B | The Income Tax Deduction | 4 |
| C | A Closer Look at Charitable Remainder Trusts | 7 |
| D | A Closer Look at Charitable Lead Trusts | 12 |
| E | Types of Charitable Trusts: A Comparison | 15 |
| 21 | Other Estate Tax-Saving Trusts | |
| A | Generation-Skipping Trusts (GSTT Trusts) | 2 |
| B | Irrevocable Life Insurance Trusts | 8 |
| C | Grantor-Retained Interest Trusts: GRATs, GRUTs, and GRITs | 10 |
| 22 | Disclaimers: After-Death Estate Tax Planning | |
| A | Advantages of Disclaimers | 2 |
| B | Couples and Disclaimers | 4 |
| C | IRS Rules for Disclaimers | 5 |
| D | Disclaimers and Living Trusts | 8 |
| 23 | Combining Estate Tax-Saving Trusts | |
| A | Combining Two Estate Tax-Saving Trusts | 2 |
| B | Combining a Charitable Trust With Other Estate Tax-Saving Trusts | 4 |
| C | Combining Three Different Estate Tax-Saving Trusts | 5 |
| D | Using Ongoing Trusts and Gift-Giving to Reduce Estate Tax | 6 |
| Part VIII | Imposing Controls Over Property | |
| 24 | Property Control Trusts for Second or Subsequent Marriages | |
| A | Evaluating Your Situation | 2 |
| B | How a Marital Property Control Trust Works | 3 |
| C | Restricting the Surviving Spouse's Rights Over Trust Property | 5 |
| D | The Role of the Trustee | 6 |
| E | Savings on Estate Taxes | 8 |
| F | Working With a Lawyer | 9 |
| 25 | Trusts and Other Devices for Imposing Controls Over Property | |
| A | Educational Trusts | 3 |
| B | Trusts for People With Special Needs | 4 |
| C | Spendthrift Trusts | 6 |
| D | Sprinkling Trusts | 7 |
| E | Trusts to Manage Your Own Property | 9 |
| F | Powers of Appointment | 10 |
| G | Combining a Property Control Trust With Estate Tax-Saving Trusts | 12 |
| Part IX | Taking Care of Personal Issues | |
| 26 | Incapacity: Making Medical and Financial Decisions | |
| A | Medical Decisions | 2 |
| B | Financial Decisions | 9 |
| C | Guardianships and Conservatorships | 12 |
| 27 | Body and Organ Donation, Funerals and Burials | |
| A | Making Your Own Choices | 2 |
| B | Leaving Written Instructions | 3 |
| C | Donating Your Body or Organs | 4 |
| D | Death Notices | 4 |
| E | Services and Ceremonies Following a Death | 5 |
| F | Funerals | 6 |
| G | Cremation | 9 |
| H | Burials | 9 |
| Part X | Family Business Estate Planning | |
| 28 | Family Business Estate Planning | |
| A | Operation of the Business | 2 |
| B | Reducing Estate Taxes | 5 |
| C | Avoiding Probate of a Family Business | 9 |
| Part XI | Going Further | |
| 29 | Using Lawyers | |
| A | Hiring a Lawyer | 2 |
| B | Doing Your Own Research | 6 |
| 30 | After You Complete Your Estate Plan | |
| A | Storing Your Estate Planning Documents | 2 |
| B | Revising Your Estate Plan | 3 |
| 31 | After a Death Occurs | |
| A | Wills | 2 |
| B | Probate-Avoidance Living Trusts | 2 |
| C | Ongoing Trusts for Estate Tax Savings or Property Management | 4 |
| D | Preparing and Filing Tax Returns | 5 |
| E | Trustee's Reports to Beneficiaries | 6 |
| F | Collecting the Proceeds of a Life Insurance Policy | 6 |
| G | Obtaining Title to Joint Tenancy Property | 7 |
| Part XII | Sample Estate Plans | |
| 32 | Some Estate Plans | |
| A | A Prosperous Couple in Their 60s and 70s | 2 |
| B | A Wealthy Couple in Their 70s | 2 |
| C | A Single Man in His 60s | 3 |
| D | A Younger Couple | 4 |
| E | A Widow in Her 80s | 5 |
| F | A Couple in Their 60s, in a Second Marriage | 6 |
| G | An Unmarried Couple in Their 40s | 7 |
| Glossary | ||
| Appendix | State Inheritance Tax Rules | |
| Index |
Subjects
