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by Stephen Maple
Estate Planning, 5E
Cover
Title Page
Copyright Page
Introduction
Part 1: Understanding Your Assets
1 Introduction to Estate Planning
What Is an Estate?
Your Assets
Your Estate Plan
Your Will
Why Many Don’t Plan
The Importance of Looking Ahead
Putting It All Together
What Should Your Goals Be?
Starting Now
Putting Together Your Estate Planning Team
2 Property Ownership
Taking Inventory
Estate Planning Information Sheet
Types of Ownership
Real, Tangible, and Intangible Property
Condominiums, Cooperatives, and Timeshares
Condos
Co-Ops
Timeshares
Storing Important Paperwork
3 Marriage and Property
Joint Ownership with Right of Survivorship
Tenancy by the Entirety
Community Property
What About Separate Property?
Does Community Property Last Forever?
Prenuptial Agreements
4 Life Insurance
What Life Insurance Can Do for You
Build Wealth
Provide Ready Cash
Tax-Free Proceeds
Business Plans
Savings
Which Policy Is Best for You?
Term Policies
Cash Value Policies
How Much Coverage You Need
Who Owns the Policy? Who Is the Beneficiary?
Easy Go the Taxes
Who Should Not Carry Insurance?
5 Company Pensions
Qualified Pension Plans
Defined Benefit Pension Plan
Defined Contribution Pension Plan
Profit Sharing Plan
Stock Bonus Plan
Vesting Requirements
Distribution Requirements
40l(k)s, IRAs, and Other Ways to Save
40l(k)s and SIMPLEs
403(b)s
IRAs and Roth IRAs
Keogh Plans
Is There an Annuity in Your Future?
Building Wealth at the IRS’s Expense
Early Withdrawals from Your Pension Plan
Will Your Pension Be There When You Need It?
6 Strategies for the Self-Employed
Sole Proprietor
Partnerships
When Partnerships Break Up
Limited Partnerships
Corporations
Limited Liability Companies
Comparison of Business Entities
Even More Tax Talk
S or C Corporation
Tax-Free Formation
Reporting to Uncle Sam
Why a Buy-Sell Agreement Is Vital
Time for a Change?
Treating Yourself Well as the Key Employee
When You Want to Sell
Taking a Broad View
Part 2: Wills, Trusts, and Probate
7 Problems with Dying Without a Will
Dying Intestate
Probate
How the State Determines Your Heirs
The Importance of Specifying Guardians
The Administrator of an Estate
Divorce, Remarriage, and No Will
Adopted Children
Children Born Out of Wedlock
8 The Basic Will
Defining Your Legal Residence
The Simple Will
Introduction
I. Identification, Definitions, Comments
II. Debts, Expenses, Encumbrances, Taxes
III. Specific Devises
IV. Residuary Estate
V. Personal Representative
VI. Miscellaneous
Self-Proving Provision
Distributing Your Worldly Goods
Will Worksheet
Who Gets What
How They Get It: The Specific Devise
When Beneficiaries Die Before You
When You No Longer Own What You’ve Willed
How They Get It: The Residuary Devise
What About Pets?
9 Trusts and Wills
What Is a Trust?
What a Trust Offers That a Will Does Not
Who Should Have a Trust?
Who Does Not Need a Trust
Trust Terminology
The Testamentary Trust
The Living Trust
The Revocable Living Trust
The Irrevocable Living Trust
Funding a Living Trust
How a Trust Can Simplify Your Life at Retirement
Downside to a Living Trust
How to Select the Right Trustee
Trust and/or Will?
10 All About Probate
Probate Court
Is Probate Really That Formidable?
Probate, Step by Step
Types of Probate Administration
Executor Duties
Selecting an Executor
Probate Costs
How to Avoid Probate
11 Unique Probate Situations
Love and Marriage(s)
Multiple Spouses
Annulments
Oral Arrangements
Children from Artificial Insemination
Simultaneous Death
Advances Against Inheritance
Abandoned Spouses and Adultery
Murder and Profit
Digital Assets
Addressing Potential Problems Before They Come Up
Part 3: Beneficiaries
12 Looking After Your Minor Children
Protecting Your Minors
The Guardian’s Duties
How to Select a Guardian
Age
Marital Status
Lifestyle and Child-Rearing Skills
Compatibility
Family Relationships
Favoritism
Money Management
The Trust Alternative
Giving Your Kids Cash Gifts Now (Sort Of)
In Custody
In Trusts
Your Child and Your Estate: Entitlements
13 Marriage and Divorce
Before You Get Married
Now You Are Married
Electing Against Your Spouse’s Will
Augmenting an Estate
The Prenuptial Agreement
Prenup Specifics
Avoiding a Challenge to a Prenup
The American Way of Divorce
Property Division
Child Custody and Support
Income and Some Other Tax Consequences
Gift Taxes and Income Taxes
14 Planning for Special Situations
Planning for the Disabled Child
Your Disabled Child’s Assets
A Trust May Be the Answer
Living Together/Planning Together
Unmarried Partners’ Legal Rights
Your Assets
Custodial Grandparents
Handling Sudden Wealth
About Bankruptcy
Special Considerations for Professionals
Choice of Business Form
Disability, Retirement, Divorce, and Death
Special Considerations for Farmers
15 Avoiding Feuds Over Your Estate
Challenging a Will
Incompetence
Undue Influence
Poor Execution
Witnesses, but Not Beneficiaries
“Messing Up” a Will
The Don’ts People Often Do
Making Abusive Remarks
Making an Omission Without Explanation
Making Promises
Making Codicils That Change Beneficiaries
Making a Joint Will
Making a Separate List of “Gifts”
Making Changes on the Will
Part 4: Taxes
16 Federal Estate Taxes
The Federal Estate Tax: $5,450,000 Estates
Managing Your Wealth to Avoid the Tax
What’s Included?
Another Important Figure: $14,000
The Gross Estate
Tax Deductions Allowed
Charitable Deductions
The Marital Deduction
The QTIP and Credit Shelter Trust
Deductible Expenses
Adding It Up
40 Percent Beginning Rate
Taxing Each Generation
17 Gifts and Gift Taxes
How to Present a Gift
The Federal Gift Tax
When You Aren’t Taxed
The $14,000 Gift Tax Exemption
Other Nontaxed Gifts
Tax-Free Gifts to a Spouse
A Variety of Gifts
Outright Transfers
Below-Market Rate Loans
When the Revocable Trust Works Best
Co-Ownership: Togetherness and Taxes
Prior Gifts and the Unified Credit
Estate and Gift Taxes Go Hand in Hand
Gift-Giving from the IRS Perspective
Deferring Gifts for Minor Children
18 Saving Money with Charitable Donations
Tax Savings and Philanthropy
Which Assets to Give
Getting Your Donations in Order
More Ways to Donate
The Charitable Annuity
Charitable Remainder Trusts
Charitable Lead Trusts
Pooled Income Funds
Other Charitable Gifts
Retirement and Beyond
19 State Taxes
State Taxes on Inheritance and Estates
Where Is Your Legal Residence?
State Death Taxes
Estate Tax
Estate Tax Based on the Federal State Death Tax Credit
Inheritance and Additional Tax Based on the Federal State Death Tax Credit
State Gift Taxes
State Income Taxes
Your Retirement Residence
Other State Taxes to Consider
Social Security
Intangibles
20 Income Taxes and Tax-Saving Tips
Your Dependents
Divorce and the Dollar
Taxpayers’ Biggest Mistakes
Exclusions and Deductions Worth a Look
Business Deductions
The Home Office
Limits on Itemizing
Estate Tax Savings
Savings by Your Executor
Timing Income
Timing Estate Distribution
No, Thank You
21 Keeping Your Wealth Within the Family
Charity Begins at Home
Giving Something—and Keeping It
Trusts
Considering Co-Ownership
Life Insurance
Loans Within the Family
Your Family as Buyers
Gifts to Minors
Splitting It with Your Spouse
Your Business for Your Benefit
Transferring Company Stock
Buy-Sell Agreements
Employing Your Kids
For the Very Wealthy
Part 5: Retirement, Elder Issues, and More
22 Social Security and Other Retirement Benefits
Social Security
Fully Versus Currently Insured
Tallying Your Benefits
Designating Another Beneficiary
Social Security Taxes
Will Social Security Be There for You?
Medicare
Medicare Coverage
Medigap
Will Medicare Be There for You?
Long-Term-Care Insurance
Medicaid
23 Guardianship, Power of Attorney, and Health-Care Directives
Considering a Guardianship
Durable Power of Attorney
A Living Will and a Health-Care Power of Attorney
Organ Donation
Last Words, Last Rites, and Other Finalities
Burial Wishes
Plan for, but Don’t Prepay for, Your Funeral
24 Parents, Marriage, Divorce, and Disability
Caring for Aging Parents
Managing Property
Living Arrangements
Medical Care
Life Insurance
Estate Planning
Community Resources
Long-Distance Caregiving
Marriage or Divorce
Getting Married
Getting Divorced
If You Become Disabled
Checking Your Estate Plan
25 Estate Planning Throughout Your Life
What Do You Still Need to Do?
Single with No Children
Single with Children
Married with No Children
Married with Children
When There Are Minors
When the Children Are Adults
Retired but Not Retiring
Final Thoughts
Appendixes
A Glossary
B Online Content Key
About the Author
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