Estate Planning

• Author: Cindy Stormer
• Pages: 981-1066

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CHAPTER 11

ESTATE PLANNING

I. General Points

§11:01 Client Interview

§11:02 Meeting a Married Couple

§11:03 Avoiding Probate

§11:04 Clients with Current Wills

§11:05 Prepaid Funeral Expenses

§11:06 Conflict of Interest: Prohibited Transactions

§11:07 Importance of Financial Planning

II. Financial Planning

§11:10 Home Equity Loans and Reverse Mortgages

§11:11 Homesteads

§11:12 Individual Retirement Accounts (IRAS)

§11:13 Investments

§11:14 Life Insurance

§11:15 Annuities

III. Non-Probate Assets

§11:20 Joint Tenancy with Right of Survivorship

§11:21 Payable on Death Accounts (P.O.D.)

§11:22 Joint Accounts

§11:23 Life Insurance

IV. Tax Issues

§11:30 Federal Unified Tax Credit

§11:31 Estate Taxes

§11:32 Gifts and Gift Tax

§11:33 Community Property vs. Separate Property

§11:34 Property Taxes

V. Wills

§11:40 Importance of Having a Will

§11:41 Basic Types of Wills

§11:42 Community Property

§11:43 The Common Forms: A Will and a Testamentary Trust

§11:44 Special Provisions

§11:45 Executors

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§11:46 Execution of the Will

§11:47 Revocation

§11:48 Divorce Voids Provisions for the Former Spouse

§11:49 Will Deposit

VI. Ancillary Documents

A. Financial Matters

§11:50 Durable Power of Attorney

§11:51 General Power of Attorney

§11:52 Special Power of Attorney

§11:53 Revocation of the POA

B. Health Matters

§11:60 Power of Attorney for Health Care

§11:61 Directive to Physicians

VII. Trusts

A. General Points

§11:70 Creation of a Trust

§11:71 Purpose, Types, and Taxes

§11:72 Community Property Agreement and Pour-Over Will

§11:73 Client Interview

§11:74 Crummey Powers

§11:75 Letters to Transfer Agents

§11:76 Termination of the Trust

B. Marital and Bypass Trusts

§11:80 General Points

§11:81 When Trusts Are Not Advisable

§11:82 How the Trusts Work

§11:83 Selecting Assets for Trusts

C. Living Trusts

§11:90 General Points

§11:91 Disadvantages to Living Trusts

§11:92 Advantages to Living Trusts

§11:93 Myths about Living Trusts

§11:94 Tax Consequences

D. QTIP Trusts

§11:100 General Points

§11:101 When to Use a QTIP Trust

§11:102 Requirements to Establish a QTIP Trust

§11:103 Creating a QTIP Trust

§11:104 How a QTIP Trust Works

§11:105 Disadvantage of a QTIP Trust

E. Charitable Remainder Trusts

§11:110 General Points

§11:111 Tax Consequences

VIII. Guardianship

§11:120 General Points

§11:121 Client Interview

§11:122 Designating a Guardian for Children

§11:123 Alternatives to a Guardianship

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§11:124 Appointment of Guardian

§11:125 Guardian of the Estate

IX. Long-Term Care

§11:130 Social Security

§11:131 Supplemental Security Income (SSI)

§11:132 Nursing Homes

§11:133 Medicare

§11:134 Medicaid

§11:135 Hospice

§11:136 Free Telephones and SOS Emergency Buttons for Qualifying Elderly

X. Estate Issues

§11:140 Promise Must Be in Writing

§11:141 Disclaimers

§11:142 Interference with Inheritance

§11:143 Ademption

§11:144 Testamentary Capacity

Forms

Form 11:10 Will Intake

Form 11:20 Will Questionnaire

Form 11:30 Procedures

Form 11:40 Joint Representation

Form 11:50 Execution of Wills

Form 11:60 Last Will and Testament

Form 11:70 [Reserved]

Form 11:80 Last Will and Testament With Trust

Form 11:90 [Reserved]

Form 11:100 Last Will and Testament With Trust and Marital Trust

Form 11:110 Bequests Reduced

Form 11:120 Life Estate Provision

Form 11:130 [Reserved]

Form 11:140 Codicil

Form 11:150 Directive to Physicians

Form 11:151 HIPAA Release

Form 11:160 Power of Attorney

Form 11:170 Medical Power of Attorney

Form 11:180 [Reserved]

Form 11:190 Revocation of Power of Attorney

Form 11:200 Pour-Over Provision

Form 11:210 Trusts Checklist

Form 11:215 Affidavit of Accuracy and Solvency

Form 11:220 Trust Agreement

Form 11:230 Spray Trust Provisions—Unequal Distribution

Form 11:240 Marital Deduction Trust and Credit Shelter Trust

Form 11:250 Living Trust Letter

Form 11:260 Revocable Living Trust Agreement

Form 11:261 QTIP Trust Provisions

Form 11:270 Termination of Trust

Form 11:280 Survivorship Agreement for Community Property

Form 11:290 Insurance Policy Change of Beneficiary Letter

Form 11:300 Mineral Rights Lease Transfer Letter

Form 11:310 Investment Transfer Letter

Form 11:320 IRA Change of Contingent Beneficiary Letter