Estate planning

• Author: Steven F. Samilow
• Pages: 943-1068

12-1

ESTATE PLANNING

CHAPTER 12

ESTATE PLANNING

I. GENERAL POINTS

§12:01 Overview

§12:02 Client Interview

§12:03 Representing a Married Couple

§12:04 Avoiding Probate

§12:05 Clients with Current Wills

§12:06 Prepaid Funeral Expenses

§12:07 Conf‌lict of Interest: Prohibited Transactions

§12:08 Spousal Share

II. FINANCIAL PLANNING

§12:20 Importance of Financial Planning

§12:21 Reverse Mortgages

§12:22 The Homestead Exemption

§12:23 Application of the Homestead Exemption

§12:24 Individual Retirement Account (IRA)

§12:25 Exempting the IRA and Other Retirement Plans From Creditor Claims

§12:26 Investments

§12:27 Types of Life Insurance

§12:28 Annuities

§12:29 Family Limited Partnerships

III. NONPROBATE ASSETS

§12:40 Joint Tenancies—In Common, With Survivorship and by the Entireties

§12:41 Joint Tenancies with the Right of Survivorship

§12:42 Conveyance by a “Lady Bird” Deed

§12:43 Pay-on-Death Accounts (P.O.D.)

§12:44 Life Insurance

§12:45 Transfer of Policy Ownership

§12:46 Life Insurance Trusts

§12:47 Effect of Divorce

§12:48 Bank Property

IV. ESTATE AND GIFT TAXES

§12:60 Overview

§12:61 Federal Unif‌ied Tax Credit

§12:62 Estate Tax Planning Issues

§12:63 Paying Estate Taxes

§12:64 Effect of Legalization of Same Sex Marriage

Florida Small-Firm Practice Tools 12-2

ESTATE PLANNING

§12:65 Gift Taxes

§12:66 Minimizing Gift Taxes

V. WILLS

§12:80 Importance of Having a Will

§12:81 Basic Types of Wills

§12:82 Will and Testamentary Trust

§12:83 Guardian for Children

§12:84 Special Provisions

§12:85 The Personal Representative

§12:86 Compensation of the Personal Representative

§12:87 Execution of the Will

§12:88 Codicils and Revocation

§12:89 Effect of Divorce

§12:90 Gifts to Lawyers

§12:91 Electronic Wills

§12:92 Electronic Wills: Execution

§12:93 Electronic Wills: Place of Execution

§12:94 Electronic Wills: Qualif‌ied Custodian

VI. ANCILLARY DOCUMENTS

A. Financial Matters

§12:100 Durable and General Powers of Attorney

§12:101 Agent

§12:102 Creating the Power of Attorney

§12:103 Revocation

B. Health Matters

§12:110 Power of Attorney for Health Care

§12:111 Advance Directive to Physicians

VII. TRUSTS

A. General Points

§12:120 Creation of a Trust

§12:121 Trust Types and Purposes

§12:122 Revocable Inter Vivos or Living Trust

§12:123 Irrevocable Inter Vivos Trust

§12:124 Pour-Over Will

§12:125 The Importance of Establishing Client Objectives

§12:126 Crummey Powers

§12:127 Letters to Transfer Agents

§12:128 Termination of the Trust

§12:129 Governing Law

§12:130 Principal Place of Administration

§12:131 Care of an Animal

§12:132 Income Tax Reimbursement

§12:133 Requesting a Copy of Trust

B. The Trustee

§12:140 Duties and Powers of the Trustee

§12:141 Accepting Trusteeship

§12:142 Trustee Bond

§12:143 Co-Trustees

§12:144 Trustee Vacancy and Removal

§12:145 Trustee Compensation

§12:146 Special Skills

§12:147 Accountings

12-3 Estate Planning

ESTATE PLANNING

C. Tax Saving Trusts for Married Couples

§12:150 Bypass or Credit Shelter Trust

§12:151 Unif‌ied Credit Portability

§12:152 Marital Deduction Trusts in General

§12:153 The GPOA or Marital Deduction Life Estate Trust

§12:154 The QTIP Trust

§12:155 IRS Requirements for a QTIP Trust

§12:156 How a QTIP Trust Works

§12:157 Selecting Assets for Marital Trusts

§12:158 QTIP Trust Exemption from Creditor Claims

§12:159 QTIP Trust Perils

D. Living Trusts

§12:160 General Points

§12:161 Advantages of Living Trusts

§12:162 Disadvantages of Living Trusts

§12:163 Living Trust Myths

§12:164 Tax Consequences

E. Charitable Remainder Trusts

§12:170 General Points

§12:171 Tax Consequences

VIII. LONGTERM CARE

§12:180 Eligibility for Social Security Retirement Benef‌its

§12:181 Who Can Receive Social Security Survivor’s Benef‌its

§12:182 Supplemental Security Income (SSI)

§12:183 Nursing Homes

§12:184 Medicare

§12:185 Medicaid

§12:186 Medicaid Eligibility

§12:187 Hospice

IX. DISCLAIMER OF INTERESTS

§12:200 General Points

§12:201 Mechanics of Disclaiming

§12:202 IRS Requirements

FORMS

Form 12:10 Telephone Will Intake

Form 12:20 Will Questionnaire

Form 12:30 Procedures

Form 12:40 Joint Representation

Form 12:50 “Lady Bird” Deed

Form 12:60 Execution of Wills

Form 12:70 Last Will and Testament/Female

Form 12:80 Last Will and Testament/Male

Form 12:90 Last Will and Testament with Trust for Children/Female

Form 12:100 Last Will and Testament with Trust for Children/Male

Form 12:110 Last Will and Testament with Credit Shelter Trust and QTIP Marital Deduction Trust

Form 12:120 Bequests Reduced

Form 12:130 Life Estate Provision

Form 12:140 Letter Transmit ting Will with Execution Instructions

Form 12:150 Letter Transmit ting Standard Wills and Healthcare Surrogate Designations and

Conf‌irming Clients’ Decision Not to Execute Living Wills

Form 12:160 Codicil

Form 12:170 Living Will (Advance Directive to Physicians)