12 Simple Steps to an Estate Plan
Solve your problems or get new ideas with basic brainstorming
1. 8. Estate Taxes
1.1. Information
1.1.1. Will my estate have to pay federal estate tax after I die?
1.1.2. What is the tax rate for taxable estates?
1.1.3. Are there ways to avoid federal estate taxes?
1.1.4. Can't I just give all my property away before I die and avoid estate taxes?
1.1.5. Do some states impose estate tax?
1.1.6. Can I avoid paying state estate or inheritance taxes?
2. 9. Funeral Expences
2.1. Information
3. 7. Life Insurance
3.1. Information
3.1.1. Long-Term Needs
3.1.1.1. How many people depend on your earning capacity?
3.1.1.2. How much money would your dependents need for living expenses?
3.1.1.3. How long would it take for your dependents to be come self-sufficient?
3.1.2. Short-Term Needs
3.1.2.1. What assets will be available to take care of your dependents' immediate financial needs?
3.1.2.2. After you die, how long will it be before your property is turned over to your inheritors?
3.1.2.3. Will your estate owe substantial debts and taxes after your death?
3.1.3. Avoid Probate and Estate Taxes on Life Insurance
3.1.3.1. Avoiding probate
3.1.3.2. Avoiding estate taxes
3.1.4. Business Needs
3.1.4.1. Example
4. 10. Final Arrangements
4.1. Information
4.1.1. Why should I leave written instructions about my final ceremonies and the disposition of my body?
4.1.2. Why not leave instructions for my final ceremonies and the disposition of my body in my will?
4.1.3. Where is the best place to leave written instructions for my final arrangements?
4.1.4. Why should I leave written instructions for my final ceremonies and the disposition of my body?
4.1.5. What details should I include in a final arrangements document?
4.1.6. What services can I expect from a mortuary?
4.1.7. Where can I turn for help in choosing cost-effective mortuary services and burial arrangements?
5. 11. Business Protection
5.1. Information
5.1.1. What Is a Buyout, or Buy-Sell, Agreement?
5.1.2. Events Covered Under a Buyout Agreement
5.1.3. Why You Need a Buyout Agreement
6. 12. Documents
6.1. Will
6.2. Trusts
6.3. Insurance Policies
6.4. Real Estate Deeds
6.5. Certificates for Stocks, Bonds, Annuities
6.6. Bonds
6.7. Annuities
6.8. Bank Accounts
6.9. Mutual Funds
6.10. Safe Deposit Boxes
6.11. Retirement Plans
6.11.1. 401K
6.11.2. IRA
6.12. Debt
6.12.1. Credit Cards
6.12.2. Mortgage and Loans
6.12.3. Utilities
6.12.4. Unpaid Taxes
6.13. Financial Arrangements
7. 1. Will
7.1. Information
7.1.1. When a Basic Will Is Enough
7.1.2. Will a Basic Will Avoid Probate?
7.1.3. Is a Basic Will for You?
7.1.4. How to Create a Basic Will
7.2. Sample
8. 2. Trust
8.1. Information
8.1.1. What is a living trust?
8.1.2. Why should I make a living trust?
8.1.3. How does a living trust avoid probate?
8.1.4. Is it expensive to create a living trust?
8.1.5. Is it a hassle to hold property in a living trust?
8.1.6. Is a living trust document ever made public, like a will?
8.1.7. Does a living trust protect property from creditors?
8.1.8. If I make a living trust, do I still need a will?
8.1.9. Can a living trust reduce estate taxes?
8.2. Sample
9. 5. Inheritance for children
9.1. Information
9.1.1. What Happens Without Property Management
9.1.2. Options for Property Management
9.1.2.1. 1. Name a Property Guardian in Your Will
9.1.2.2. 2. Name a Custodian Under the Uniform Transfers to Minors Act
9.1.2.2.1. Using Life Insurance to Provide for Children
9.1.2.3. 3. Set Up a Trust for Each Child
9.1.2.4. 4. Set Up a 'Pot Trust' for Your Children
10. 3. Health Care Directives
10.1. Information
10.1.1. Types of Health Care Documents
10.1.1.1. Living Wills
10.1.1.2. Powers of Attorney for Health Care
10.1.2. Who Can Make Health Care Documents
10.1.3. When Your Health Care Documents Take Effect
10.1.4. When Your Health Care Documents End
11. 4. Financial Power of Atttorney
11.1. Information
11.1.1. Why Sign a Power of Attorney
11.1.2. Avoiding Conservatorship or Guardianship Proceedings
11.1.3. If You Think You Don't Need a Durable Power of Attorney
11.1.4. If You Are Married
11.1.5. If You Have a Living Trust
11.1.6. If You Own Joint Tenancy Property
11.1.7. When You Shouldn't Rely on a Durable Power of Attorney
11.1.8. You Want Court Supervision of Your Finances
11.1.9. You Fear Family Fights
12. 6. Beneficiary Forms
12.1. Information
12.1.1. How to Avoid Probate
12.1.1.1. Revocable Living Trust
12.1.1.2. Pay-on-Death Accounts and Registrations
12.1.1.3. Joint Ownership of Property
12.1.1.4. Gifts
12.1.1.5. Simplified Procedures for Small Estates
12.1.2. 8 Ways to Avoid Probate