Alpha Teach Yourself Estate Planning in 24 hours.pdf

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Alpha

Teach Yourself

Planning

hours

A Pearson Education Company

Estate

Alpha Teach Yourself Estate Planning

in 24 Hours

A CQUISITIONS E DITOR

Mike Sanders

D EVELOPMENT E DITOR

Suzanne Levert

stored in a retrieval system, or transmitted by any means, elec-

tronic, mechanical, photocopying, recording, or otherwise, with-

out written permission from the publisher. No patent liability is

assumed with respect to the use of the information contained

herein. Although every precaution has been taken in the prepara-

tion of this book, the publisher and author assume no responsibil-

ity for errors or omissions. Neither is any liability assumed for

damages resulting from the use of information contained herein.

For information, address Alpha Books, 201 West 103rd Street,

Indianapolis, IN 46290.

P RODUCTION E DITOR

Billy Fields

C OPY E DITOR

Rachel Lopez

I NDEXER

Brad Herriman

P RODUCTION

Angela Calvert

Svetlana Dominguez

International Standard Book Number: 0-02-864197-3

Library of Congress Catalog Card Number: 2001091099

C OVER D ESIGNER

Alan Clements

Printed in the United States of America

First printing: 2002

B OOK D ESIGNER

Gary Adair

04 03 02

4321

Note: This publication contains the opinions and ideas of its

author. It is intended to provide helpful and informative material

on the subject matter covered. It is sold with the understanding

that the author and publisher are not engaged in rendering profes-

sional services in the book. If the reader requires personal assis-

tance or advice, a competent professional should be consulted.

M ANAGING E DITOR

Jennifer Chisholm

P RODUCT M ANAGER

Phil Kitchel

P UBLISHER

Marie Butler-Knight

The author and publisher specifically disclaim any responsibility

for any liability, loss or risk, personal or otherwise, which is

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Overview

Introduction

xvi

P ART I Understanding the Basics

H OUR 1 The Estate Planning Process

H OUR 2 Inheritance and the Laws of Intestate Succession

H OUR 3 What Is an Estate?

H OUR 4 Defining Types of Assets

P ART II Understanding Taxes

H OUR 5 Income Taxes and Inheritance Taxes

H OUR 6 Federal Estate Taxes

P ART III Administering Estates

H OUR 7 Dealing with Lifetime Issues

H OUR 8 Probate

103

P ART IV Using the Primary Estate Planning Tools

H OUR 9 Wills

125

H OUR 10 Revocable Living Trusts

137

H OUR 11 Wills and Trusts: Important Provisions

163

H OUR 12 Powers of Attorney, Health Care Representative

Appointments, and Living Wills

181

P ART V Special Assets

H OUR 13 Life Insurance

193

H OUR 14 Retirement Plans

205

H OUR 15 Business Entities

221

P ART VI Tax Saving Techniques

H OUR 16 Credit Shelter Trusts

241

H OUR 17 Irrevocable Life Insurance Trusts

251

H OUR 18 Minor’s Trusts and Education Planning

263

H OUR 19 Charitable Trusts

275

H OUR 20 Marital Trusts and Disclaimer Planning

301

H OUR 21 Gifting of Assets

311

H OUR 22 Planning for Non-Residents

327

P ART VII Putting It All Together

H OUR 23 Case Study 1: Single Individuals

335

H OUR 24 Case Study 2: Married Couples

347

P ART VIII Appendixes

A PPENDIX A Answers to Quiz Questions

357

A PPENDIX B Lady Di’s Will

359

A PPENDIX C Last Will and Testament of Richard M. Nixon

367

A PPENDIX D References and Further Readings

383

A PPENDIX E Glossary

387

Index

403

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