Estate Planning

This third book in Barron's Legal Ease series guides the layman through all the important legal aand tax aspects and financial details of estate planning. Special emphasis is placed on building in elements of flexibility to cope with unforeseen events, and sample planning documents are provided, including power of attorney, living will, will signing checklist, will, emergency information checklist, and more.

INTRODUCTION

ix

(1)

Everyone, Even You, Needs an Estate Plan

ix

(1)

What a Good Estate Plan Can Do for you

ix

(1)

To Achieve Important Goals You Will Have to Work

ix

(1)

The Key Components You Must Have in Your Estate Plan

ix

(1)

Estate Planning Is More Than Just Legal Documents

x

(1)

Why Are the Sample Forms So Long?

x

(1)

How to Use This Book

x

(1)

A Note on Political Correctness

xi

(1)

Get Out a Pencil

11

1 WHAT IS ESTATE PLANNING AND WHY DO YOU NEED IT?

1

(7)

Estate Planning Is Planning for Life

1

(1)

Estate Planning Is Whatever Your Personal Goals and Desires Make It

1

(1)

Who Should Protected by Your Estate Plan?

2

(1)

Preserve and Grow Your Estate

2

(1)

Saving Estate Taxes Is Important to Consider, but It's Not the Only Point of Planning

3

(1)

Identifying Your Goals to Tailor Your Plan

4

(1)

Overview of Estate Planning

4

(1)

Follow Through on Your Estate Plan

4

(1)

Making Your Comprehensive Estate and Personal Plan Documents Work--Ask the Key Question: "What If?"

5

(1)

Flexibility Is Key

6

(1)

How This Book Will Help You

7

(1)

Chapter Summary

7

(1)

GETTING YOUR FINANCIAL HOUSE IN ORDER

8

(10)

Introduction

8

(1)

Why Financial Matters Are Essential to Your Estate Plan

8

(1)

Factors to Consider When Assembling Financial Data

9

(1)

Consolidation: The Key to Financial Security

10

(3)

How to Organize and Manage Your Financial Affairs

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(2)

Investment Analysis Worksheet

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(1)

IRA Analysis

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(1)

Chapter Summary

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(3)

3 FIVE KEY ESTATE PLANNING DOCUMENTS YOU NEED

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(2)

Introduction

18

(1)

What Are the Five Documents You Definitely Need?

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(1)

Insurance Trust

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(1)

Chapter Summary

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(1)

4 POWER OF ATTORNEY

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(13)

Introduction

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(1)

What Is a Power of Attorney?

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(1)

Words You Must Know to Work with Powers

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(1)

Understanding the Law Affecting Your Power of Attorney

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(1)

The Most Common Questions Asked About Powers

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(2)

Why a Power of Attorney May Not Be Right for you

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(1)

Terms to Include in Your Power of Attorney

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(1)

How Does Your Power of Attorney Related to Your Other Documents?

25

(1)

Chapter Summary

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(1)

Sample Annotated Power of Attorney

26

(1)

5 LIVING WILLS AND HEALTH CARE PROXIES

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(10)

Introduction

33

(1)

Importance of Living Wills

33

(1)

What's the Difference Between a Living Will and a Health Care Proxy?

34

(1)

What Personal Decisions Must You Make to Complete a Living Will?

34

(2)

What to Do with Your Signed Living Will Forms

36

(1)

Chapter Summary

36

(1)

Sample Annotated Living Will Form

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(6)

6 WILLS

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(31)

Introduction--What Is a Will?

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(1)

The Most Important Question for Your Will: "What If?"

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(1)

Don't Overlook the Personal Aspects of Your Will

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(1)

To Whom to Distribute Your Assets?

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(2)

Naming Guardians

47

(1)

Choosing Executors and Trustees

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(1)

Should You Consider Naming an Institution as Executor or Trustee

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(1)

Chapter Summary

48

(2)

Sample Annotated Will Form

50

(24)

9 INSURANCE IS KEY TO YOUR ESTATE PLANNING

74

(8)

Introduction

74

(1)

You Must Have Proper Casualty and Property Insurance to Protect Your Assets

74

(1)

Disability and Health Insurance Are Critical

75

(1)

Life Insurance to Protect Your Loved Ones, Create an Estate, Pay Taxes, or Help Your Business Survive

75

(2)

Benefits of a Life Insurance Trust

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(1)

Typical Use of an Insurance Trust

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(1)

Insurance Trust Case Study

79

(1)

How to set Up Your Insurance Trust

80

(1)

Chapter Summary

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(1)

10 TAX PLANNING

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Why Tax Planning Is Important Even if You're Not a Millionaire

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(1)

Income Taxes

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(1)

Gift and Estate Taxes

84

(6)

Worksheet: Are Your Assets Structured for Maximum Estate Tax Savings?

90

(1)

Chapter Summary

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(2)

11 ADDITIONAL DOCUMENTS AND PLANNING STEPS YOU MAY NEED

92

(3)

Introduction

92

(1)

Additional Documents You Might Need

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(1)

Advanced Planning Techniques You Might Benefit From

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(1)

Chapter Summary

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(1)

12 GETTING STARTED--IMPLEMENTING YOUR PLAN

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(9)

Introduction

95

(1)

Worksheet: Estate and Personal Planning Data Collection

95

(1)

Estate and Personal Planning Organizer

96

(6)

Hiring the Right Professionals

102

(1)

How to Use the Sample Tear Out Forms

102

(1)

What to Do with the Forms You Sign

103

(1)

Chapter Summary

103

(1)

GLOSSARY

104

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Summary

Table of Contents

Supplemental Materials

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Estate Planning

Summary

Table of Contents

Supplemental Materials

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