Estate Planning

Quadeer Law Estate Planning

Estate planning is planning for your estate while you are alive and well, if you become incapacitated, and after your death. It involves the management of your assets while you are still alive and the distribution of those assets after you die. This planning allows for the orderly administration and disbursement of your estate, and includes taking actions that will minimize taxes and distribute assets to the appropriate heirs.

Your estate consist of all your property, which includes your house and other real estate; tangible personal property; and intangible property, like insurance, bank accounts, stocks and bonds, pensions, etc.

The elements of an estate plan include a will; assignment of power of attorney; a living will or health-care proxy; and for some people, a trust.

When you are setting up an estate plan, ask yourself the following questions:
Whom do you want to inherit your assets?
Whom do you want handling your financial affairs if you are ever incapacitated?
Whom do you want making medical decisions for you if you become unable to make them yourself?

FUNDAMENTALS OF ESTATE PLANNING

  • Estate Planning Basics
  • Using an Attorney or Preparing Your Own Estate Documents

ESTATE EXECUTORS AND ADMINISTRATORS

  • Choosing an Executor
  • Removal of an Executor
  • Responsibilities of an Executor

FUNDAMENTALS OF WILLS AND LAST TESTAMENTS

  • Don’t Be Caught Dead Without a Will
  • Legal Terminology
  • Specifics of a Will
  • Changing a Will
  • Disinheriting an Heir
  • Contesting a Will
  • Dying Intestate
  • United States Wills and Testament Law by State

TYPES OF WILLS AND TESTAMENTS

  • Types of Wills
  • Simple Wills (Statutory Wills)
  • Pour-over Wills
  • Holographic Wills
  • Oral Wills, Nuncupative Wills, Deathbed Wills
  • Wills for Couples: Reciprocal (Mirror) Joint Wills and Mutual Wills

FUNDAMENTALS OF TRUSTS AND LIVING TRUSTS

  • Fundamentals of Trusts
  • Parties Involved
  • Living Trust Advantages
  • Creating a Basic Revocable Living Trust
  • How Wills and Trusts Compare
  • Miscellaneous

TYPES OF TRUSTS

  • Testamentary Trusts
  • Revocable and Irrevocable Trusts
  • Discretionary and Incentive Trusts
  • Family Trusts
  • Types of Trusts
  • Tax Issues

FUNDAMENTALS OF WILLS AND LAST TESTAMENTS

  • Don’t Be Caught Dead Without a Will
  • Legal Terminology
  • Specifics of a Will
  • Changing a Will
  • Disinheriting an Heir
  • Contesting a Will
  • Dying Intestate
  • United States Wills and Testament Law by State

 

Recent Articles Related to Estate Planning

WHAT IS ANCILLARY PROBATE?

Ancillary probate is a mechanism of having two probate proceedings going on at the same time in different states. Whether a person’s estate will be subject to ancillary probate depends on the status of the property he or she owns and state law.

BENEFITS OF A ILLINOIS LAND TRUST

A Illinois land trust is a legal agreement under which the title of real property is vested to a trustee. The beneficiaries of the trust direct the trustee on how to maintain the property. The trust also allows the beneficiaries to collect rent without holding legal title to the property.

PET TRUSTS ARE AN IMPORTANT PART OF ESTATE PLANNING

A pet trust should be included as part of any good estate plan, just as a will, POS, HCP, and LW are the minimums everyone should have. The Helmsley debacle outlined some problems in her Pet Trust and will. Good drafting goes a long way.

REPEAL OF ESTATE TAX LIKELY TO BE SHORT-LIVED

As December 31 came and went, so did the federal estate tax or at least for the time being. The estate tax, or the death tax as it is more affectionately known, is a tax imposed on the property and assets (i.e. the estate) that an individual leaves behind at death. Under 2009 rates, the first $3.5 million of the estate was exempt from the tax while any amount over this was taxed at 45 percent.

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