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| Introduction | |
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| Understanding the Basics | |
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| The Estate Planning Process | |
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| Why Plan? | |
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| What Is an Estate Plan? | |
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| The Estate Planning Process | |
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| Estate Planning: The Failure to Plan | |
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| Estate Planning: Determining Your Need | |
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| Hour's Up! | |
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| Inheritance and the Laws of Intestate Succession | |
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| The Nature of Property Ownership | |
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| Modern Inheritance | |
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| Per Stirpes and Per Capita | |
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| Hour's Up! | |
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| What Is an Estate? | |
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| Different Types of Property | |
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| Probate and Non-Probate Estates Compared | |
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| Hour's Up! | |
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| Defining Types of Assets | |
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| Understanding Contractual Assets | |
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| Community Property | |
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| Hour's Up! | |
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| Understanding Taxes | |
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| Income Taxes and Inheritance Taxes | |
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| Blindsided by Tax Deferral | |
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| The Decedent's Final Return | |
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| The Fiduciary Taxes | |
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| Allowable Deductions | |
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| Inheritance Taxes vs. Estate Taxes | |
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| Avoiding Inheritance Taxes | |
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| Hour's Up! | |
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| Federal Estate Taxes | |
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| The Gift Tax | |
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| Estate Taxes vs. Inheritance Taxes | |
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| What to Include in the Gross Estate | |
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| Special Valuations | |
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| Understanding Deductions | |
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| Figuring Tax Rates | |
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| How the Unified Credit Works | |
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| Hour's Up! | |
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| Administering Estates | |
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| Dealing with Lifetime Issues | |
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| Legal Considerations | |
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| Types of Guardianships | |
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| Problems with Guardianships | |
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| Bypassing the Guardianship Process | |
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| Hour's Up! | |
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| Probate | |
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| History of Probate | |
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| Probate Property | |
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| Functions of Probate | |
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| Alternate Probate Procedures | |
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| Advantages of Probate Administration | |
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| Disadvantages of Probate Administration | |
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| Hour's Up! | |
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| Using the Primary Estate Planning Tools | |
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| Wills | |
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| Types of Wills | |
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| How Do Wills Work? | |
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| Important Will Provisions | |
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| Revocation of Wills | |
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| Amending the Will | |
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| Updating Your Will | |
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| What a Will Can and Cannot Do for You | |
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| Wills of the Famous | |
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| Hour's Up! | |
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| Revocable Living Trusts | |
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| What Is a Trust? | |
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| What Is a Living Trust? | |
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| The Mechanics of a Trust | |
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| Comparing Wills and Trusts | |
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| Execution Requirements | |
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| Important Trust Provisions | |
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| Issues of Institutional Trustees | |
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| Designation of Co-Trustees | |
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| Trustee Provisions | |
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| Provisions for Revocation, Amendment, and Transfer | |
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| Further Thoughts on Incapacity | |
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| Protecting the Trust | |
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| Common Myths Concerning Living Trusts | |
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| Hour's Up! | |
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| Wills and Trusts: Important Provisions | |
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| Paying Back Debt | |
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| Disinheritance | |
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| Identification of Beneficiaries | |
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| Specific Gifts | |
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| Distribution Provisions | |
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| Hour's Up! | |
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| Powers of Attorney, Health Care Representative Appointments, and Living Wills | |
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| Requirements for Execution | |
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| Health Care Representative Appointment | |
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| Living Wills | |
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| Hour's Up! | |
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| Special Assets | |
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| Life Insurance | |
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| Life Insurance Policies--A Closer Look | |
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| Whole Life Insurance | |
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| Universal Life Insurance | |
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| Variable Life Insurance | |
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| Variable Universal Life Insurance | |
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| Survivorship Life Insurance | |
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| First to Die Life Insurance | |
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| Taxation of Death Benefits | |
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| The Value of Life Insurance | |
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| Hour's Up! | |
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| Retirement Plans | |
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| Taxability of Retirement Accounts | |
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| Non-Qualified Plans | |
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| Qualified Plans for Individuals | |
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| Qualified Plans for Businesses | |
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| Penalty-Free Distributions | |
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| Minimum Required Distributions | |
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| Spousal Rollovers | |
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| Hour's Up! | |
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| Business Entities | |
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| Sole Proprietorship | |
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| The General Partnership | |
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| The Limited Partnership | |
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| The Corporation | |
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| Some Other Business Entities | |
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| Hour's Up! | |
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| Tax Saving Techniques | |
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| Credit Shelter Trusts | |
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| Setting Up a Credit Shelter Trust | |
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| Formula Marital Deduction | |
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| Providing for Your Surviving Spouse | |
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| Choosing the Trustee | |
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| Hour's Up! | |
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| Irrevocable Life Insurance Trusts | |
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| Understanding the Plan | |
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| The Irrevocable Life Insurance Trust | |
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| Trust Fundamentals | |
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| Some Alternatives to an Irrevocable Life Insurance Trusts | |
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| Applying the Death Benefit | |
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| Other Twists and Turns | |
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| Advantages of an Irrevocable Life Insurance Trust | |
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| Hour's Up! | |
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| Minor's Trusts and Education Planning | |
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| Section 2503(c) Trust | |
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| Section 2503(b) Trust | |
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| Educational Trusts | |
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| Prepaid Tuition Programs | |
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| Hour's Up! | |
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| Charitable Trusts | |
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| Charitable Remainder Trusts | |
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| Types of Charities | |
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| Hour's Up! | |
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| Marital Trusts and Disclaimer Planning | |
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| The Unlimited Marital Deduction | |
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| Using Disclaimers | |
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| The Qualified Disclaimer | |
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| Why Disclaim at All? | |
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| The Non-Qualified Disclaimer | |
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| The Disclaimer Trust | |
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| Hour's Up! | |
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| Gifting of Assets | |
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| Valuation of Gifts | |
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| Non-Tax Advantages of Gifting | |
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| Income Tax Benefits | |
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| Estate Tax Benefits | |
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| Community Property Considerations | |
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| Annual Gift Exclusion | |
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| Unlimited Marital Deduction | |
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| Comparing Gift and Estate Taxes | |
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| More on Gifts and Taxes | |
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| Qualified Transfers | |
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| Hour's Up! | |
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| Planning for Non-Residents | |
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| The Taxable Estate of the Alien | |
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| Marital Deduction for Aliens | |
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| United States Treaties | |
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| Unified Credit for Aliens | |
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| Availability of the Gift Tax Annual Exclusion | |
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| Qualified Domestic Trust (QDOT) | |
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| Hour's Up! | |
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| Putting It All Together | |
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| Case Study 1: Single Individuals | |
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| Analysis | |
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| Alternative 1: Projecting Future Growth | |
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| Alternative 2 | |
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| Hour's Up! | |
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| Case Study 2: Married Couples | |
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| All to Spouse | |
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| Use of Credit Shelter Trusts | |
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| Use of Irrevocable Life Insurance Trust | |
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| Hour's Up! | |
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| Appendixes | |
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| Answers to Quiz Questions | |
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| Lady Di's Will | |
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| Last Will and Testament of Richard M. Nixon | |
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| References and Further Reading | |
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| Glossary | |
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| Index | |