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Contents Introduction What Is Estate Planning? Why Is Estate Planning Important for You? Do You Need a Lawyer? When Should You Review Your Estate Plan? How to Use This Book Part One Understanding Estate-Planning Basics Chapter One Different Kinds of Property and the Law Probate Property Nonprobate Property Intestacy: Where There's No Will, There's Still a Way What Is Your Estate? Community Property Life Estates Chapter Two Wills and Trusts: Choosing the Right Tools to Make Your Estate Plan Work Determine Your Needs Wills and Trusts Can Work Together Will Basics Trust Basics Comparing Wills and Living Trusts Trust Scams Chapter Three Beyond Wills and Trusts: The Rest of the Estate Planner's Toolkit Durable Power of Attorney Guardianship and Conservatorship Living Wills and Other Advance Medical Directives The Ethical Will Prenuptial Agreements Chapter Four The Ins and Outs of the Probate Process The Big Picture Duties of the Executor Chapter Five Who's in Charge Here? Choosing Your Executor or Trustee Naming a Family Member as Your Executor or Trustee Banks and Other Institutional Trustees The Business Side of the Executor's and Trustee's Jobs The Human and Practical Side of the Trustee's Responsibilities Chapter Six Using a Trust Protector: Someone to Trust Besides Your Trustee Introduction to the Role and Its Duties Powers to Give the Protector Who Should Be Your Trust Protector? Defining and Limiting the Trust Protector's Powers Don't Forget the Trustee Helping Your Trustee and Trust Protector Do Their Jobs Chapter Seven When Things Go Wrong Executor Misconduct Challenging a Will Problems with Trusts and Trustees Chapter Eight Preparing for the Tax Man Your Taxable Estate How the Federal Gift and Estate Tax Works The Generation-Skipping Transfer (GST) Tax A Simple Living Trust Will Not Save Any Tax Minimizing Uncle Sam's Share Part Two Applying the Basics: Estate-Planning Tools for Common Life Situations Chapter Nine Providing for Young Children: Some Useful Trust Provisions A Common Dilemma Some "What Ifs" to Consider in Setting Up a Trust for Minor Children Chapter Ten Planning for Children with Disabilities What Is the Supplemental Needs Trust (SNT)? The Two Types of Supplemental Needs Trusts What the Supplemental Needs Trust Can Provide Other Planning Issues Chapter Eleven Mom and Dad's Basic Estate Tax Planning Say "I Do" to the Marital Deduction and Bypass (A/B) Trust How the A/B Trust Works while Both Spouses Are Alive After the Death of the First Spouse Chapter Twelve Subsequent Marriages: Providing for a Spouse without Giving Away the Family Fortune Using the Estate Tax Marital Deduction The Qualified Terminable Interest in Property (QTIP) Trust Chapter Thirteen Charitable Donations: Gifts that Give Back The Charitable Gift Annuity The Charitable Remainder Annuity Trust (CRAT) How the CRAT Works A Few Practical Points Part Three Preserving Your Estate: Keeping Creditors, Spendthrifts, and the Tax Man at Bay Chapter Fourteen An Introduction to Asset Protection Planning Basic Approaches to Asset Protection A Survey of the Law and Key Principles Chapter Fifteen Protecting Your Wealth with an Irrevocable Life Insurance Trust How the Irrevocable Life Insurance Trust (ILIT) Works ILITs and the Estate Tax ILITs and the Gift Tax A Final Word about ILITs Chapter Sixteen Protecting Beneficiaries from Themselves Spendthrift Trust Provisions Incentive Trust Provisions Chapter Seventeen Minding Your Business: Protecting Investment Interests Some Background in Partnership Law Introduction to the Family Limited Partnership The Limited Liability Company How Family Limited Partnerships Work Other Benefits of Family Limited Partnerships Some Final Asset Protection Pointers Part Four Estate Planning with Retirement Assets Chapter Eighteen Distribution Solutions for Beneficiaries Taking Distributions after the Account Owner Dies New Rules Increase Flexibility Chapter Nineteen Using Trusts as Designated Beneficiaries Requirements of the Trust Document The QTIP Trust as Beneficiary Some Points on Estate Planning with Retirement Assets Appendix A List of Executor Duties and Tasks of Probate Glossary Index
Library of Congress Subject Headings for this publication:
Trusts and trustees.