Even if you look in a dictionary, some legal terms -- especially those in estate planning -- still seem like a foreign language. Here are some basic topic areas and questions to help you choose the best attorney for your estate planning needs. This book provides concise, straightforward and easy-to-read explanations of the major components of estate planning, so that regular folks don't have to spend hours wading through endless options (most of which apply to the wealthy). A complimentary pour-over last will and testament is included. Learn the fundamentals of estate planning, including: how wills work and why you need one how you can provide care and protection for your children what probate is and how you can avoid it Understanding the basics of estate planning. Stereotype retirement based on Social Security and employer pensions is out; making ends meet on your own is in. Better get yourself ready--and you can do so by reading this book. Who needs an estate plan? But whether or not you have kids, a spouse, or a great deal of wealth (yet! One of the most important aspects of your estate plan is ensuring that your loved ones will be taken care of after your death. "This comprehensive funeral planning book will take you step-by-step through the process of planning a funeral. Found inside – Page 1After reading this book, students will be able to apply the knowledge and skills gained from this course to have an immediate and long-term positive impact for themselves and for the clients they serve. With federal estate tax brackets ranging from 37-55%, it is imperative that everyone with an estate over $675,000 do some planning. An estate plan is a set of legal documents, such as a will, trust, power of attorney, that directs where you wish your … Financial durable power of attorney. See all personal services. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about. Estate planning basics How property passes and cornerstone documents Marital trust (A trust) Family trust (B trust) A/B trust structure for estate tax exemption strategy to save estate tax Diagram A – How property passes at death Box 1 Box 2 Box 3 Beneficiary designations (by contract) JTWROS (by operation of law) Other property (by will) Estate planning is the process of setting up your affairs to plan for incapacity and avoid court interference at death. Presents a comprehensive guide on understanding and preparing wills and trusts for parents of young children, describing the process of selecting a guardian, buying life insurance, designating powers of attorney, and choosing beneficiaries. Estate Planning. You'll find lots of free legal articles on a wide variety of topics with plenty of information for executors of an estate and trustees. Last Will & Testament A Last Will and Testament is a legal document used to tell the world who you want to get your property and assets after you pass away. Therefore, having properly drafted estate planning documents are key. It’s important to have an estate plan. Offers advice on estate-planning, identifies key documents, and explains the technical jargon. Attorneys with you, every step of the way. Probate, meaning the official proving of a will, is a legal process whereby the estate (property of the deceased) pays off its creditors and distributes the assets of the estate as specified in the validated will. Estate Planning Basics. Estate planning is a process that should be undertaken by nearly every person because if you fail to create your own estate plan, state laws will create one for you (and it may not be the one you want). Our first concern is to ensure that our clients’ basic estate planning documents properly reflect their desires for disposition of their assets at death and provide for management of their property in the event of disability. Learn everything you need to know about estate planning including what it is, getting started & the basics of estate planning in this guide by Trust & Will! If you have no children or they are grown, you don't need to worry about guardians. But too often, later never comes. Your family needs to be taken care of and have a clear understanding of your desires. It is actually extremely complicated. The basic estate planning documents that most New Yorkers need are: a will , to leave your assets and name your executor. Objective of the trust – There are different types of trusts tailored to meet a variety of estate planning objectives. Estate Planning: Breaking Down the Basics SPEAKER Laura Essay Dvorak & Donovan Law Group 13625 California St., Suite 110 Omaha, NE 68154 Phone: 402-934-4770 FRIDAY AUGUST 12 . The first step to estate planning is writing a will. Found insideThis is not a do-it-yourself book and it doesn’t try to cram every type of trust onto its pages. Anyone who has possessions and debt. Estate Planning Basics Although estate planning can be a complex task, a well-informed plan can make a big difference in what is left for your loved ones. What is a trust? Estate Planning Basics: What You Need to Know . Estate planning is the process of setting up your affairs to plan for incapacity and avoid court interference at death. What Is Probate? Skip to main content Business Business formation. Estate Planning Basics. Take care of your minor children. Estate Planning Basics. Basic Estate Planning. Learn about wills, trusts, probate and more here. call out. Estate planning, in plain English. For more information on the various types of trusts, see our comprehensive “Guide to Legacy & Estate Planning.” That’s why everyone—not just the wealthy—needs to have a solid plan in place. Found insideThis expert, one-of-a-kind handbook shows you how to: Ensure that your inheritance instructions will he carried out -- the way you want them to be Protect your child's inheritance from creditors, ex-spouses, addictions, tax troubles, ... Estate Planning, Probate / By Wakefield, Sutherland & Lubera, PLC - Troy Office. A common planning tool to avoid estate taxation of life insurance is an irrevocable life insurance trust (ILIT). Peace-of-mind advice from the "Friends Talk Money" podcast hosts. A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. An easy place to start is with the basics. The probate process varies by state—many states offer a quicker, less expensive option if the assets subject to probate are below a certain value (for example, $25,000 or $50,000). If you’d like to control how your property is distributed upon your death, you need a plan. ... Estate Planning (Living Will, etc.) The Basics of Estate Planning. The Estate Planning Basics workshop is a free 2-hour program offered via Zoom. Limited liability company (LLC) ... Real estate disputes; See all personal services. For these common cases, your attorney may offer a flat fee arrangement—that is, a firm price to complete all of your estate planning work. These documents normally include: Will and/or a living trust. Found insideBut this easy-to-follow guide takes the mystery out of the process. This book shows readers how easy it can be to plan for security and peace of mind. Last Updated July, 2021. Estate Planning Basics is well written and well organized. The person who gives property to a trust is called the “grantor” or “settlor”. eBook: $17.49. If you are looking for a book that explains EVERY detail on estate planning, this book is NOT for you, as this book is ONLY meant to give you a BRIEF, but general understanding on Florida Estate Planning, just as the subtitle suggests. ie. Written in clear, conversational English, this book can help anyone understand how a living trust avoids the complications, expenses, and delays of probate at times of incapacity and death. Caring for the elderly poses challenges that are uncommon with other age groups. If you want to ensure that someone will handle your finances or health care after you become unable to do so, then an estate plan is for you. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Andrea K. Shoup is an experienced attorney dedicated to providing the highest level of personalized service to her clients and understands this may be an unsure and difficult time. The first step to estate planning is writing a will. “Basis” is a term used frequently in tax law. Many people dismiss the idea of estate planning because of an outdated assumption that “estate” only refers to palatial homes or massive inheritances. Location. What are the Main Benefits of Estate Planning?Maximum Benefits for the Beneficiaries. Effective estate planning can ensure that the beneficiaries get the maximum possible amount from your estate.Reduced Taxes. Estate planning also helps in reducing the taxes on assets that are distributed to the heirs. ...Protection of Assets. ...Post-Retirement Benefits. ...Legacy Planning. ... It also details how to handle health and financial decisions if you are unable to make those decisions for yourself. Start Your Will Today! 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