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:
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Avoiding probate
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Reviewing wills
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Considering a revocable living trust
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Reducing estate and inheritance taxes
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Quickly distributing the estate to your heirs. (lawyer at large.com )
- CA State Bar – FAQ’s
- Free Advise.com ESTATE PLANNING
- Asset Protection
- Estates Legalese
- Free Advise.com Elder Law, , , ,
- Wills
- Special Needs Trust disabled child
- California Courts – Self Help Site
- CA Court Property Declaration form for spouses to list the assets and how they think the assets should be divided
- J Law General Rules for Taxation of Estates and Trusts
- Questionnaire for Estate Planning
Federal Law
PART I—ESTATES, TRUSTS, AND BENEFICIARIES
- General Rules for Taxation of Estates and Trusts (§§ 641—646)
- Trusts Which Distribute Current Income Only (§§ 651—652)
- Estates and Trusts Which May Accumulate Income or Which Distribute Corpus (§§ 661—664)
- Treatment of Excess Distributions by Trusts (§§ 665—669)
- Grantors and Others Treated as Substantial Owners (§§ 671—679)
- Miscellaneous (§§ 681—685)
Funeral Guide PDF
- chevra kadisha.com Traditional Jewish Burial
- COVID 19 Funeral Assistance up to $9k
- Basic Laws of Cemeteries Stimmel Law *
- Cemeteries §8100 to 9703
- Family Interment Plots [8650 - 8653]
- Sale of Plots [8570 - 8574]
- Can you sell or transfer a cemetery plot?
- Yes in Illinois Illinois Cmptroller.gov *
- Can you sell or transfer a cemetery plot?
CA Statutory #Will
Steve Video on CA Statutory Will
Please excuse the sound quality... it gets better after the first 20 seconds
- Our Webpage on Wills
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Nolo.com Sample Will 11 page pdf
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Nolo - Quicken WillMaker & Trust $90
- nolo.com/online-will
- nolo.com/quicken-willmake
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#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
- IRS Form #706 Estate Tax Return
Our Webpages:
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) __________________________
- 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: _________________
- 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…
Estate Planning - Life Insurance & Long Term Care Related Pages
- Estate Planning
- Life Insurance – Instant Quotes – Universal – Key Man Life
- Long Term Care Nursing & Home Health Care
CA Dept of Aging – Home & Long Term Care Booklet
Please note, there are updates all the time, double check everything.
#Taking Care of Tomorrow Booklet
NAIC Shoppers Guide to Long Term Care
#Understanding Medi-Cal Long Term Care
Archive Rev 2001
- CANHR California Advocates for Nursing Home Reform
- Our Webpage on Redetermination Requalification
- Our webpage on how to qualify for Medi Cal Nursing Home Benefits
- When will California's Medi-Cal Will Pay for a Nursing Home, Assisted Living, or Home Care Nolo.com
- Long-Term Services and Supports in Medi-Cal Fact Sheet CHCF.org
- canhr.org/overview-of-medi-cal-for-long-term-care