Life Insurance 101

Estate Planning

Why Plan your Estate?

The purpose of estate planning is to help a person build a large estate during life and to pass on as much of it as possible to the loved ones upon death.  While you might not have the $$$ Michael Jackson does, the problems can be very similar. *  2.7.2014 LA Times *

The main considerations in estate planning are:

 Consumer Links

Federal Law

PART I—ESTATES, TRUSTS, AND BENEFICIARIES

CA Statutory #Will 

FAQ's 

Fill in the #blanks
CA Statutory Will - Fill in the blanks

Steve Video on CA Statutory Will

video on ca statury will
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  • Estate & gift taxes IRS publication 559
  • #Estate & Gift Taxes  Publication 559

    • Smartphone?  Try turning phone sideways to read pdf's
    • IRS Website on Estate & Gift Taxes
    • Personal Representative
      • Duties
      • Fees Received
    • Final Income Tax Return for Decedent—Form 1040 or 1040-SR
      • Name, Address, and Signature
      • When and Where To File
      • Filing Requirements
      • Income To Include
      • Deductions
      • Credits, Other Taxes, Payments  Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts
      • Filing Reminders
    • Other Tax Information
      • Tax Benefits for Survivors
      • Income in Respect of Decedent
      • Deductions in Respect of Decedent
      • Estate Tax Deduction
      • Gifts, Insurance, Inheritances
      • Other Items of Income
    • Income Tax Return of an Estate—Form 1041
      • Filing Requirements
      • Income To Include
      • Exemption and Deductions
      • Credits, Tax, and Payments
      • Name, Address, and Signature
      • When and Where To File
    • Distributions to Beneficiaries
      • Currently Distributed Income
      • Other Amounts Distributed
      • Discharge of a Legal Obligation
      • Character of Distributions
      • How and When To Report .
      • Bequest
      • Termination of Estate
    • Estate and Gift Taxes
      • Gift Tax
      • Estate Tax
      • Example
      • Final Return for Decedent
      • Income Tax Return of an Estate
      • Table A. Checklist of Forms and Due Dates
      • Table B. Worksheet To Reconcile Amounts Reported in Name of Decedent .
  •  
  • Introduction to Estate & Gift Taxes Publication 950
  • Introduction to Gift & Estate Taxes
  • IRS Form #706 Estate Tax Return

 

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Estate Planning Questionnaire 

ESTATE PLANNING #QUESTIONNAIRE

Advance Planning is vital to make sure that your financial and emotional goals are met when the unfortunate inevitably happens.

The questionnaire below will help you organize your assets and where you want them to go after your death.   Assets left out of an estate plan, regardless of the reason, will have to be probated unless they fall into a state’s exemptions from probate such as being in joint tenancy or in a trust of some type. Planning now, can help avoid problems, if any of your heirs want to contest the will, by saying you were not mentally able (competent) to make the plans you wanted to make.

It is not uncommon for a person to forget a piece of property inherited years earlier from old Uncle Bill in Tulsa or Aunt Emily in Maine. Then after death, the person’s heirs discover the existence of the forgotten property. Thereafter, the heirs are forced to spend thousands of dollars needlessly to probate the property to place the title in their names.

See our page on Sample Wills and scroll down to learn about Intestate Succession if you don’t have a will!

A. BACKGROUND INFORMATION

 

1. Name (include all other names once used, i.e. maiden) __________________________

  1. Address and phone number (home and business) ___________________________________________________________

3. Employer’s name, address and phone number: ______________________________________________________________

4. Spouse’s employer’s name, address and phone number: ______________________________________________________

5. Occupation:____________________________

6. Spouse’s occupation:__________________

7. Social security number:___________________

8. Spouse’s social security number:___________

9. Former military service (branch and dates of service): ______________________________________________________

10. Date and place of birth:___________________

11. Name of spouse:_________________________

12. Date and place of spouse’s birth: _____________

13. Date and place of marriage: ____________

14. Length of residency in the state: _________________

 

  1. Previous marriages for each spouse: _____________

16. Children:_______________________________

17. Children of spouse (step-children):__________

18. Deceased children: _____________________

19. Grandchildren:_________________________

20. Grandchildren of spouse: ___________________

21. Parents and address: _____________________________ __________________________________________________

22. Parents of spouse and address: ______________________

23. Last will:

 

a. Date executed:___________________________________

 

b . Location of original: __________________________ _________________________________________________

 

c. Attorney who prepared will, address, phone: _____

_________________________________________________

B. PROPERTY

 

1. Real property (for each piece of real property state):

a. (1) Type of property: _______________________________

(2) Location of property: ___________________________

_________________________________________________

(3) Holder and amount of liens on the property:______

_________________________________________________

 

(4) Fair market value of the property not deducting for the liens: ______________________________________

 

(5) Date of purchase and original amount: ___________

_________________________________________________

(6) How is title to the property taken? (What does it say on the deed? separate property, joint tenancy,

tenancy in the entirety, tenancy in common): ________________________________________

b. (1) Type of property: _______________________________

(2) Location of property: ___________________________

(3) Holder and amount of liens on the property:

_________________________________________________

(4) Fair market value of the property not deducting for the liens: ______________________________________

_________________________________________________

 

(5) Date of purchase and original amount:____________

_________________________________________________

(6) How is title to the property taken? (What does it say on the deed? separate property, joint tenancy,

tenancy by the entirety, tenancy in common): ________________________________________

_________________________________________________

 

c. (1) Type of property: _______________________________

(2) Location of property:____________________________

_________________________________________________

(3) Holder and amount of liens on the property: _____

_______________________________________________

(4) Fair market value of the property not deducting for the liens: ______________________________________ Source  MICHAEL LYNN GABRIEL, Esq., *  Stroh…

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