By Denis Clifford
This speedy learn makes realizing the foundations of property making plans effortless! property making plans fundamentals presents concise, easy and easy-to-read causes of the foremost elements of property making plans, so you do not need to spend hours wading via never-ending innovations (most of which observe to the wealthy). find out about making a choice on beneficiaries, property making plans for fogeys with minor young children, wills, residing trusts and different probate-avoidance tools, together with: utilizing a retirement plan like an IRA or 401(k) as an property making plans equipment, property taxes and tax-reduction tools, trusts for individuals in moment marriages, or for these leaving estate to a disabled individual and making plans for the dealing with of scientific and fiscal judgements if one turns into incompetent. legal professional Denis Clifford delivers the trustworthy, plain-English solutions you would like, even if you are dishing out the relatives heirlooms or steerage away from property taxes. The 4th version is up to date with the the most recent property making plans legislation and data of your country. (20090101)
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Additional info for Estate Planning Basics 4th edition
Sample text
An independent trustee can spend trust income or principal for a wide variety of the child’s needs that are not covered by federal benefits. Special Needs Trusts: Protect Your Child’s Financial Future, by Stephen Elias (Nolo), explains these 32 | Estate planning basics trusts and provides the information you need to create one. ) Some parents decide to concentrate most of their resources on their disabled child, leaving less for any other children, as illustrated by the following example. Example: The Balfour family has a seriously disabled child, Bob, age 15, who will need care all his life.
Chapter 3 | children | 51 States That Have Adopted the Uniform Transfers to Minors Act State Gift Must Be Released When Minor Reaches Age: Alabama 21 Alaska 18 to 25 Arizona 21 Arkansas 21 (can be reduced to no lower than 18) California 18 to 25 Colorado 21 Connecticut 21 Delaware 21 District of Columbia 18 to 21 Florida 21 Georgia 21 Hawaii 21 Idaho 21 Illinois 21 Indiana 21 Iowa 21 Kansas 21 Kentucky 18 Maine 18 to 21 Maryland 21 Massachusetts 21 Michigan 18 to 21 Minnesota 21 Mississippi 21 Missouri 21 State Gift Must Be Released When Minor Reaches Age: Montana 21 Nebraska 21 Nevada 18 to 25 New Hampshire 21 New Jersey 21 (can be reduced to no lower than 18) New Mexico 21 New York 21 North Carolina 21 (can be reduced to no lower than 18) North Dakota 21 Ohio 18 to 21 Oklahoma 18 to 21 Oregon 21 to 25 Pennsylvania 21 to 25 Rhode Island 21 South Dakota 18 Tennessee 21 to 25 Texas 21 Utah 21 Virginia 18 to 21 Washington 21 West Virginia 21 Wisconsin 21 Wyoming 21 States That Have Not Adopted the UTMA At present, the UTMA has not been adopted in South Carolina or Vermont.
See an expert Leaving a spouse less than half of your property. If you live in a common law state, and you want to leave your spouse less than one-half of your property, see a lawyer. chapter 2 | your beneficiaries | 23 Alternate Beneficiaries An alternate beneficiary is a person or organization you name to receive a gift you left to a direct beneficiary, if that direct beneficiary dies before you, or does not outlive you by a defined period of time, often 30 to 45 days. ”) You can name one or more alternate beneficiaries for every one of your direct beneficiaries.
