The Everything Wills and Estate Planning Book
by Colgate, Kimberly A.Format: Paperback
Pub. Date: 2003-07-01
Publisher(s): Adams Media Corp
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Summary
Begin planning now to safeguard assets, provide for the family, and minimize the tax bite. This book takes the mystery out of the whole process and teaches readers how to prepare for their family's security and peace of mind.
Author Biography
Kimberly A. Colgate is a former full-time law professor. She currently operates a private law practice in Florida, where she specializes in probate law and estate planning. She lives in Sarasota, FL
Table of Contents
| Acknowledgments | p. ix |
| Top Ten Reasons for Creating a Will and a Sound Estate Plan | p. x |
| Introduction | p. xi |
| Why You Should Plan | p. 1 |
| Planning Is for Everyone | p. 2 |
| Protecting Your Family | p. 4 |
| Protecting Your Assets from Creditors | p. 7 |
| Avoiding Probate Costs | p. 8 |
| Reducing Taxes | p. 8 |
| Making Your Dreams Live On | p. 9 |
| Preplan Prerequisites | p. 11 |
| Know What Is Available | p. 12 |
| Get to Know the Will | p. 12 |
| Consider the Advantages of a Trust | p. 13 |
| Appreciate the Convenience of Joint Property | p. 15 |
| Beware of Contractual Arrangements | p. 15 |
| Make Your Wish List | p. 16 |
| Shop for a Lawyer | p. 19 |
| The Five Steps of Creating a Plan | p. 25 |
| Learn the Rules | p. 26 |
| Organize Your Assets | p. 28 |
| Decide Who, What, and When | p. 30 |
| Choose Your Planning Tools | p. 32 |
| Implement Your Plan | p. 33 |
| Understanding the Probate Process | p. 35 |
| Why an Estate Needs to Be Probated | p. 36 |
| Property That Is Not Subject to Probate | p. 38 |
| The Probate Proceeding | p. 39 |
| Probate Takes Time | p. 41 |
| Probate Usually Requires a Lawyer | p. 42 |
| The Cost of Probate | p. 43 |
| Meeting with a Lawyer | p. 43 |
| How to Avoid Probate | p. 45 |
| Reasons for Avoiding the Probate Process | p. 46 |
| Titling Property | p. 47 |
| Place Property in Trust | p. 49 |
| Make Good Use of Life Insurance | p. 51 |
| Consider Creating Retirement Accounts | p. 52 |
| Annuities May Be the Answer | p. 53 |
| The Parts of a Will | p. 55 |
| An Overview | p. 56 |
| Declarations | p. 57 |
| Payment of Debts | p. 58 |
| Specific Devises | p. 60 |
| Residuary Devise | p. 64 |
| Taxes | p. 65 |
| The Powers of Your Executor | p. 66 |
| How to Sign | p. 67 |
| Decisions to Include Within the Will | p. 69 |
| Who Will Serve as Your Executor? | p. 70 |
| Who Should Receive Your Property? | p. 73 |
| How Should Your Property Be Distributed? | p. 74 |
| Do You Want Your Property Sold? | p. 77 |
| What Is Best for Your Minor Child? | p. 78 |
| Drafting Your Will | p. 81 |
| Filling in a Form Will | p. 82 |
| Handwritten Wills | p. 83 |
| Using Computer Software | p. 84 |
| Hiring a Lawyer to Prepare the Will | p. 84 |
| Sample Will | p. 85 |
| Changing Your Will | p. 93 |
| Four Ways to Change Your Will | p. 94 |
| Make a New Document | p. 94 |
| Strike a Provision | p. 96 |
| Make Written Changes | p. 97 |
| Add an Amendment | p. 98 |
| Destroy the Document | p. 98 |
| Control of the Original Will | p. 100 |
| A Lawyer Isn't Necessary | p. 102 |
| Owning Property in Joint Name | p. 103 |
| The Joint-Property Estate Plan | p. 104 |
| Advantages and Disadvantages | p. 104 |
| Jointly Owned Property with Your Spouse | p. 106 |
| Joint Property with Someone Else | p. 110 |
| Multiple Joint Tenants | p. 111 |
| Gift Tax Consequences | p. 112 |
| Trusts Are for Everyone | p. 113 |
| What Is a Trust? | p. 114 |
| The Creator | p. 114 |
| The Trustee | p. 115 |
| The Beneficiaries | p. 116 |
| Powers of Appointment | p. 117 |
| Reasons for Creating a Trust | p. 118 |
| Advantages of a Trust | p. 119 |
| Disadvantages of a Trust | p. 121 |
| Decisions to Include Within a Trust | p. 125 |
| Your Choice of Recipients | p. 126 |
| When Your Property Is Distributed | p. 127 |
| Triggering Events | p. 128 |
| Restrictions and Penalties | p. 129 |
| How Your Property Should Be Distributed | p. 130 |
| The Power to Sell Your Property | p. 134 |
| Choosing a Trustee | p. 137 |
| Sequence of Trustees | p. 138 |
| Duties of the Trustee | p. 139 |
| Important Considerations | p. 141 |
| The Trustee and Your Property | p. 143 |
| If Your Family Doesn't Agree | p. 145 |
| Financial Guardian for Your Minor Child | p. 145 |
| Creating a Trust | p. 147 |
| Identify the Parties and Describe the Property | p. 148 |
| Assigning the Power to Control the Trust Property | p. 150 |
| Timing and Distribution of Assets | p. 151 |
| Assigning a Trustee | p. 156 |
| Miscellaneous Trust Provisions | p. 158 |
| The Lowdown on Life Insurance | p. 161 |
| Three Parties to a Policy | p. 162 |
| Types of Life Insurance | p. 162 |
| Life Insurance and the Probate Process | p. 163 |
| Tax Consequences | p. 165 |
| The Irrevocable Life Insurance Trust | p. 167 |
| A Simpler Solution for Life Insurance | p. 170 |
| All about Annuities | p. 171 |
| What Is an Annuity? | p. 172 |
| Investment Choices | p. 173 |
| Annuities and the Probate Process | p. 173 |
| Income Tax Consequences | p. 174 |
| Annuities Affect Cost Basis | p. 176 |
| Death Tax Consequences | p. 177 |
| Annuities as Part of Your Plan | p. 178 |
| Reviewing Retirement Accounts | p. 181 |
| Retirement Accounts and the Probate Process | p. 182 |
| Naming Your Beneficiary | p. 183 |
| Income Tax Consequences | p. 185 |
| Death Tax Consequences | p. 188 |
| Planning Ahead | p. 188 |
| Death and Taxes | p. 191 |
| What Is the Federal Death Tax? | p. 192 |
| Property That Is Subject to Federal Death Taxes | p. 193 |
| Taxable Gifts | p. 197 |
| Deductions Against Your Taxable Base | p. 198 |
| Should You Leave All of Your Property to Your Spouse? | p. 200 |
| Figuring Your Federal Death Taxes | p. 201 |
| How to Reduce Taxes | p. 203 |
| Credit Shelter Trusts | p. 204 |
| Make Gifts of Your Assets | p. 207 |
| Qualified Personal Residence Trust | p. 209 |
| Grantor Retained Annuity Trusts | p. 213 |
| Power of Attorney | p. 215 |
| Types of Power of Attorney | p. 216 |
| Reasons for Having a Power of Attorney | p. 217 |
| Sample Power of Attorney | p. 219 |
| Decisions to Make | p. 226 |
| Naming More Than One Person | p. 227 |
| Creating a Power of Attorney | p. 227 |
| Funeral Arrangements and Other Considerations | p. 229 |
| Instructions for Your Family | p. 230 |
| Where to Keep Your Documents | p. 230 |
| Safe-Deposit Boxes | p. 232 |
| Prepayment Plans | p. 234 |
| Funeral or Cremation Instructions | p. 235 |
| Organ Donations | p. 237 |
| Glossary | p. 240 |
| Resources | p. 244 |
| Asset Inventory Worksheet | p. 245 |
| Sample Trust | p. 253 |
| Index | p. 263 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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