PDF Estate Planning to Die For

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Estate Plan — An Estate Plan is a set of legal documents and tools designed to protect your assets while you are alive and to clearly state how you want those assets distributed when you die.

A comprehensive guide to creating an estate plan.

A comprehensive estate plan addresses virtually all of your legal needs in connection with property and investment holdings, related tax issues and important arrangements for a time in the future when you cannot speak for yourself incapacity or you need assistance. By contrast, gift taxes apply in certain situations when you give someone money or property during your life and that person pays income tax on the gift. Exemptions allow you to transfer property in your estate or as a gift up to certain limits without paying a tax.

See Administrator.

The Steps to Take When a Spouse or a Parent Passes Away

Grantor — The person who, working with an attorney, sets up or creates a trust. You are the grantor of your trust. May be called Conservator. A Guardianship may also be called Conservatorship. Health-Care Agent — An adult appointed by you to make health-care decisions for you if you become unable to make them for yourself incapacity , including but not limited to end-of-life decisions. Medicaid — Medicaid is a federal government program run by the states that pays for medical services for low-income individuals and families, including long-term care for seniors home care, assisted living and skilled nursing care.

Think beyond death

Power of Attorney — A legal document giving someone authority to make certain decisions for you if a serious medical or mental condition leaves you unable to communicate or make sound judgments. Durable Power of Attorney for Asset Management — A legal document that gives another person full or limited legal authority to make financial decisions for you if you are temporarily incapacitated and unable to make such decisions. The authority ends when you die.

Estate Planning, Wills & Trusts

Durable Power of Attorney for Health Care — A legal document that gives someone you select the authority to make health-care decisions for you in the event you are unable to make them for yourself. See Health Care Agent. Probate — The legal process of transferring title or ownership from the dead to the living.

Recording Costs — Fees charged when you file a deed. Trust — An Estate Planning tool to help you manage your property during your life and smoothly transfer your property to loved ones when you die. There are many different types of trusts Irrevocable Trust — An Irrevocable Trust can help you avoid probate with respect to the assets contained in the trust, and, properly drafted, can shield trust assets from personal creditors.

Estate Planning

One of the most complex trust documents used in advanced long-term care planning, an Irrevocable Trust cannot be amended or revoked once it is created without the consent of the beneficiaries, trustees and grantors. An Asset Protection Trust is an irrevocable trust in which title and ownership of assets are transferred to a trustee, but the assets may be used for beneficiaries you name, including yourself.

An Asset Protection Trust also allows you to direct investment of the assets and receive income and principal from the trust.

An Asset Protection Trust can help you avoid probate with respect to the assets contained in the trust. Revocable Trusts — A Revocable Trust allows the person setting up the trust you to retain the right to alter the trust at any time. Worried about who would take care of the children if something were to happen to them, they found an attorney who quickly drew up a will.

3 Important Estate Planning Questions | Allworth Financial

More than half of Americans will learn those consequences first hand, as only 42 percent have a will or other estate planning documents, according to a Caring. Among parents of children under 18, only 36 percent have created a will. High at work: As nation struggles with opioid, workers bring addiction to the job.

This would be the go-to document if the question ever arises about whether to continue life-sustaining treatment. Some may benefit from establishing a trust, a legal entity that holds any property that you want to leave to your beneficiaries. You're going to be a surrogate for me. If you have investment accounts and retirement plans such as a k , make sure the person you have listed as the beneficiary is the person you want to receive those funds.