estate planning & administration outline

7/26/2019 Estate Planning & Administration Outline

1/9

Generalo FOR THE LOVE OF GOD, DONT MENTION INSURANCE POLICIES IN A WILL!!

Put it in your trust i in your "st#t", its su$%"&t to &r"'itors(

o C#rs %ust si)n on t*" $#&+ o tit" t*#t your" #ut*ori-"' to tr#ns"r tit" #n'

your" )oo'(o Ho."s n us" tr#ns"r/on/'"#t* '""' .ust $" r"&or'"' 'urin) i"

0'"si)n#t"' $"n"1&i#ry *#s no i"ti." ri)*ts2r"s3onsi$iiti"s4o Po5"r o #33oint."nt6

G"n"r# 3#i' to "st#t"

Li.it"' not 3#i' to "st#t"

o St"3/u3 in $#sis &ost $#sis is nor.#y t*" 3ri&" 3#i' 0$ut t*in)s #33r"&i#t"

o7"r ti."4(

A st"3/u3 in $#sis ."#ns t*" &ost $#sis is r"s"t 5*"n you in*"rit so."t*in)

to t*" #ir .#r+"t 7#u" #t t*#t ti." so it i.its it# )#ins t#8#tion i you'"&i'" to s" it(

Do&s '"#in) 52 "st#t" 3#nnin)6o Li7in) Do&s6

H"#t* C#r" Dir"&ti7"s

Po5"r o Attorn"yo Post/Mort".6

Wi

o Li7in) #n' Post/.ort". Do&s6

R"7( Trust

Irr"7( Trust 0in&u'in) allt"st#."nt#ry trusts4

Nu.$"rs6o F"'"r# Est#t" T#8 9:(;:M

o GST T#8 9:(;:M

o Li"ti." Git E8&usion 9:(;:M

o Annu# Git E8".3tion 9oint T"n#n&y

o R"tir"."nt A&&ounts2?"n"1ts

Chap. 2 Fundamentals of Will DraftingDr#tin) Wis6

o Cos" t*" ss!! 0e.g., @:B to .y )r#n'&*i'r"n @to .y )r#n'&*i'r"n 5*o

#r" i7in) #n' sur7i7" ."(4o I your" # youn)is* &ou3" 5*o .#y *#7" #n #t"r/$orn &*i', 'o not &os" t*"

ss, $ut n#." # o your &*i'r"n(o I you )it # s3"&i1& )it, 3ro7i'" # &ontin)"n&y 0e.g., @i I no on)"r o5n 8 )it

s*# #3s" or @ >o*nny 5i r"&"i7" s* 7#u"(4

Est#t" P#nnin) #n' A'.inistr#tion


2/9

o W*"n )i7in) t#n)i$" 3ro3"rty, 5ritin) # ist is 3r""r#$" 0"s3"&i#y in $"n'"'

#.ii"s4(o H"irs #t #56 r"#t"' $y $oo', not your s3ous"s #.iy

o P#r"nts6 Mot*"r, '"1nit"y( F#t*"r, .#y$"(

I you rry t*" &*i' 0.ot*"r4, its yours #so $y #'o3tion(

I your" .#rri"' #n' your 5i" rri"s, its 3r"su."' to $" yours #so

#'o3tion(Chap. 3 Young dult

o Gr"#t"r &*#n&" o '"#t* $2& o ris+i"r $"*#7iors ty3iy 'ont t*in+ #$out

'yin)(o POA #n' HCD #r" i.3ort#nt 'o&s(

o E7"n i t*"y ony *#7" # ;


3/9

o R"tir"."nt A&&ount! i you n#." your s3ous" #s $"n"1&i#ry #n' 'ont t#+"

#nyt*in) out 0ot*"r t*#n t*" .#n'#tory .ini.u. #t #)" :(:/(:4 you n roit o7"r to your s3ous"s #&&ount(

Chap. ( )nmarried Couples

o W*#t 'o you 'o or # &ou3" 5*o isnt .#rri"' 0'o"snt 3#n to "7"r )"t .#rri"'45*o &o."s in to 3#n t*"ir "st#t"

O3tion


4/9

Chap. + Gifts from Grandparentso GST T#86

I you tr#ns"r .o. '#u)*t"r )r#n''#u)*t"r you )"t t#8"' #t "#&*

"7"

I you try to s+i3 )"n"r#tions 0i.e., .o. )r#n''#u)*t"r4, you #r" t#8"' 3us

#'' on #n #''ition t#8 $2& you7" s+i33"' o7"r t*" t#8#tion o t*" '#u)*t"r(o Ho5 to stru&tur" # tr#ns"r )it to # .inor6

C#nt )i7" # )it outri)*t to # .inor, so you 3ut it in trust

?ut to *#7" your #nnu# "8&usion 09


5/9

o P#y "st#t" t#8"s ro. t*is $u&+"t

Cr"'it S*"t"r2F#.iy Trust

o 9


6/9

Chap. 1 usiness ntitieso LLC #n' P#rtn"rs*i3 t#8#tion6

H#s its o5n 7#u" $#s"' on 5*#ts in it(

C#n t#+" # st"3/u3 in $#sis ,-6Yi you .#+" # :; ""&tion

No 05", "8tr"."y "54 $#rri"rs to &r"'itors 52 so" .".$"r LLC

o Loo+/t*rou)* "ntityo Fi" # t#8 r"turn or t*". s"3#r#t"y

o S Cor3

Ony 3ut #n o3"r#tin) &o.3#ny in #n S Cor3

-, 56 0077T*"r" is no st"3/u3 in $#sis on #n S Cor3

PLUS!!! On&" you 3ut .on"y into # Cor3 you DO NOT )"t it $#&+ unti you

*#7" # s#"(o ;


7/9

T*is is r"" o "st#t" -D)it t#8

H#7" to .#+" DSUE ""&tion

Chap. 12 sset :rote&tiono T*" ony 5#y you n *#7"


8/9

o C*#riti"s 3#y NO "st#t" t#8 #n' NO in&o." t#8

A &*#rity is #ny or)#ni-#tion 52 :


9/9

o I.3ort#nt not"!! I you st#rt or.# #n' r"#i-", OH, SHIT( T*is n""'s to $"

or.#,JY,) =B 0, 050 ,B5777o I your" or.#, unsu3"r7is"',Y,) C- C6,

estate planning & administration outline

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