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.

The Adobe Reader format of this title is not suitable for use on the Pocket PC or Palm OS versions of Adobe Reader.

Introduction There are a number of ways to leave property to those you want to have it after your death. The peculiarities of our system of inheritance mean that substantial amounts of money and time can often be saved if property is labeled and transferred by certain legal methods rather than others. But to choose wisely among these methods, you must first clearly define your estate planning goals. This book is divided into 12 parts; each part covers a different estate planning goal or purpose. This chapter gives you an overview of each goal, so you can select the ones that matter to you. It also presents a sample estate plan of a couple in their 50s, so you can get a feel for what kinds of decisions and documents you may end up with. We urge you to read all chapters of every part that concerns you before you actually begin to formulate your own estate plan. Different aspects of estate planning are often intertwined. For example, it just doesn't make sense to decide what property should pass under your will -- and so go through probate -- until you understand whether some of it might be better left by other, probate-avoiding, methods. Similarly, if you have a good-sized estate, you'll need to understand how estate taxes work before you can determine the wisest ways to transfer property to your loved ones. The point is that you need a good overview of all the parts of estate planning that concern you before you begin to make your plan. A. Setting Your Goals Use Part I to focus on your estate planning goals. After reading the first chapter, you should be able to decide which other parts of the book probably apply to your situation. You should also take some time to mull over important personal concerns that can arise in estate planning -- such as leaving unequal amounts of property to different children or avoiding potential conflicts. Chapter 2 discusses some of these concerns. Unless you're very confident that your personal situation is clear and not conflicted, be sure to check it out. "Thrift is a wonderful virtue, especially in an ancestor." -- Mark Twain B. Laying the Groundwork This part covers the primary concerns of any estate plan: what you own and whom you want to leave it to. Obviously, you'll need to be sure of what you own. Also, sensible planning usually requires at least a rough idea of what your property is worth. Chapter 4 contains a worksheet you can use to list all your major items of property or just use as a safety check to make sure you haven't overlooked anything. Your "estate" includes all the property you own, minus anything you owe (assets minus liabilities). You may find it useful to use the worksheet to make a rough estimate of the dollar value of your estate, which can be helpful both for general planning purposes and to predict whether or not your estate will likely be liable for estate taxes. Of course, your estate will very likely have a different worth when you die, so precise figures aren't necessary. You can't leave what you don't own. Ownership rules for single people are simple. Except as limited by contract (such as a partnership agreement or other form of shared ownership), you can leave all property you own outright. For these purposes the fact that some institution has a claim on the property, such as a mortgage on a house or a loan lien on a car, doesn't create shared ownership. Property ownership rules for a married person can be more complex. Read Chapter 3 before you start inventorying your property. Two areas of law may restrict your right to leave property. First are rules affecting ownership of property acquired during marriage.... more....

 

Introduction: How to Use This Book Part I: Setting Your Goals 1. Selecting Your Estate Planning Goals 2. Personal Concerns and Estate Planning Part II: Laying the Groundwork 3. Special Property Ownership Rules for Married People 4. Inventorying Your Property 5. Your Beneficiaries Part III: Children 6. Children Part IV: Wills 7. Wills Part V: Probate and How To Avoid It 8. Probate and Why You Want to Avoid It 9. Living Trusts 10. Joint Tenancy and Tenancy by the Entirety 11. Pay-on-Death Designations 12. Life Insurance 13. Retirement Benefits 14. State Law Exemptions From Normal Probate Part VI: Understanding Estate and Gift Taxes 15. Estate Taxes 16. Gifts and Gift Taxes Part VII: Reducing or Eliminating Estate Taxes 17. An Overview of Ongoing Trusts 18. Estate Tax-Saving Bypass Trusts 19. Other Estate Tax-Saving Marital Trusts 20. Charitable Trusts 21. Other Estate Tax-Saving Trusts 22. Disclaimers: After-Death Estate Tax Planning 23. Combining Estate Tax-Saving Trusts Part VII: Imposing Control Over Property 24. Property Control Trusts for Second or Subsequent Marriages 25. Trusts and Other Devices for Imposing Controls Over Property Part IX: Taking Care of Personal Issues 26. Incapacity: Making Medical and Financial Decisions 27. Body and Organ Donation, Funerals and Burials Part X: Family Business Estate Planning 28. Family Business Estate Planning Part XI: Going Further 29. Using Lawyers 30. After Your Estate Plan Is Completed 31. After a Death Occurs Part XII: Sample Estate Plans 32. Some Estate Plans Glossary Appendix: State Death Tax Rules Index

Following Clifford’s advice in this laymen’s guide can save your heirs a bundle.

 

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.

 

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.

 

Plan Your Estate by Denis Clifford
Continue Browsing		View Wish List