Top Ten Reasons for Creating a Will and a Sound Estate Plan x --
1 Why You Should Plan 1 --
Planning Is for Everyone 2 --
Protecting Your Family 4 --
Protecting Your Assets from Creditors 7 --
Avoiding Probate Costs 8 --
Making Your Dreams Live On 9 --
2 Preplan Prerequisites 11 --
Know What Is Available 12 --
Get to Know the Will 12 --
Consider the Advantages of a Trust 13 --
Appreciate the Convenience of Joint Property 15 --
Beware of Contractual Arrangements 15 --
Make Your Wish List 16 --
3 Five Steps of Creating a Plan 25 --
Step 1 Learn the Rules 26 --
Step 2 Organize Your Assets 28 --
Step 3 Decide Who, What, and When 30 --
Step 4 Choose Your Planning Tools 32 --
Step 5 Implement Your Plan 33 --
4 Understanding the Probate Process 35 --
Why an Estate Needs to Be Probated 36 --
Property That Is Not Subject to Probate 38 --
Probate Usually Requires a Lawyer 42 --
Meeting with a Lawyer 43 --
5 How to Avoid Probate 45 --
Reasons for Avoiding the Probate Process 46 --
Place Property in Trust 49 --
Make Good Use of Life Insurance 51 --
Consider Creating Retirement Accounts 52 --
Annuities May Be the Answer 53 --
Powers of Your Executor 66 --
7 Decisions to Include Within the Will 69 --
Who Will Serve as Your Executor? 70 --
Who Should Receive Your Property? 73 --
How Should Your Property Be Distributed? 74 --
Do You Want Your Property Sold? 77 --
What Is Best for Your Minor Child? 78 --
8 Drafting Your Will 81 --
Filling in a Form Will 82 --
Using Computer Software 84 --
Hiring a Lawyer to Prepare the Will 84 --
9 Changing Your Will 93 --
Four Ways to Change Your Will 94 --
Make a New Document 94 --
Make Written Changes 97 --
Destroy the Document 98 --
Control of the Original Will 100 --
A Lawyer Isn't Necessary 102 --
10 Owning Property in Joint Name 103 --
Joint-Property Estate Plan 104 --
Advantages and Disadvantages 104 --
Jointly Owned Property with Your Spouse 106 --
Joint Property with Someone Else 110 --
Multiple Joint Tenants 111 --
Gift Tax Consequences 112 --
11 Trusts Are for Everyone 113 --
Powers of Appointment 117 --
Reasons for Creating a Trust 118 --
Advantages of a Trust 119 --
Disadvantages of a Trust 121 --
12 Decisions to Include Within a Trust 125 --
Your Choice of Recipients 126 --
When Your Property Is Distributed 127 --
Restrictions and Penalties 129 --
How Your Property Should Be Distributed 130 --
Power to Sell Your Property 134 --
13 Choosing a Trustee 137 --
Sequence of Trustees 138 --
Duties of the Trustee 139 --
Important Considerations 141 --
Trustee and Your Property 143 --
If Your Family Doesn't Agree 145 --
Financial Guardian for Your Minor Child 145 --
14 Creating a Trust 147 --
Identify the Parties and Describe the Property 148 --
Assigning the Power to Control the Trust Property 150 --
Timing and Distribution of Assets 151 --
Assigning a Trustee 156 --
Miscellaneous Trust Provisions 158 --
15 Lowdown on Life Insurance 161 --
Three Parties to a Policy 162 --
Types of Life Insurance 162 --
Life Insurance and the Probate Process 163 --
Irrevocable Life Insurance Trust 167 --
A Simpler Solution for Life Insurance 170 --
16 All about Annuities 171 --
Investment Choices 173 --
Annuities and the Probate Process 173 --
Income Tax Consequences 174 --
Annuities Affect Cost Basis 176 --
Death Tax Consequences 177 --
Annuities as Part of Your Plan 178 --
17 Reviewing Retirement Accounts 181 --
Retirement Accounts and the Probate Process 182 --
Naming Your Beneficiary 183 --
Income Tax Consequences 185 --
Death Tax Consequences 188 --
18 Death and Taxes 191 --
What Is the Federal Death Tax? 192 --
Property That Is Subject to Federal Death Taxes 193 --
Deductions Against Your Taxable Base 198 --
Should You Leave All of Your Property to Your Spouse? 200 --
Figuring Your Federal Death Taxes 201 --
19 How to Reduce Taxes 203 --
Credit Shelter Trusts 204 --
Make Gifts of Your Assets 207 --
Qualified Personal Residence Trust 209 --
Grantor Retained Annuity Trusts 213 --
20 Power of Attorney 215 --
Types of Power of Attorney 216 --
Reasons for Having a Power of Attorney 217 --
Sample Power of Attorney 219 --
Naming More Than One Person 227 --
Creating a Power of Attorney 227 --
21 Funeral Arrangements and Other Considerations 229 --
Instructions for Your Family 230 --
Where to Keep Your Documents 230 --
Safe-Deposit Boxes 232 --
Funeral or Cremation Instructions 235 --
