Estate Planning & Trust Administration Guide: Part 1
To browse the Pennyborn Estate Planning and Trust Administration Guide, review the sections below.
Introduction to Estate PlanningThis section discusses the basic elements of estate planning. If this is your first time making an estate plan, start by reviewing the Estate Plan Checklists.
Estate Planning & Trust Administration Guide: Part 2
To continue browsing the Pennyborn Estate Planning and Trust Administration Guide, review the sections below.
Funeral Planning and Final ArrangementsWhen planning your final arrangements, there are many considerations. Maybe cost is your primary concern or you may be more focused on ensuring your specific instructions for burial or cremation are followed. Whether you are concerned about setting aside funds to pay your funeral expenses or controlling the types of funeral services that will be held, our funeral planning section is a great resource for completing the final arrangements portion of your estate plan. Browse the topics below to get started.
Reasons to Plan Your Funeral Funeral Trusts Funeral Webcasts Discuss Burial Cremation Last Wishes Cemetery Plot Can I Afford a FuneralLast Wishes Instructions and Your Estate PlanWhen making an estate plan, many people focus on the disposition of their property and providing financial security for children and other dependents. However, if one of your estate planning goals is to ease the burden on your loved ones by making it easier to deal with your passing, you may also want to make a last wishes document part of your estate plan. A last wishes planner or memorial preferences document provides instructions to your executor or next of kin about your final arrangements, such as funeral, burial or cremation. For an overview of reasons to leave last wishes and examples of some of the most popular and unique last wishes, review the articles below. Why Leave Last Wishes Popular Last Wishes Unique Last Wishes Memorable Epitaphs Quotes on Death and DyingEstate Planning for Spouses and PartnersOur Estate Planning Guide for Spouses and Partners provides information on issues such as what a surviving spouse inherits under state intestacy laws when there is no will, whether a surviving spouse is responsible for the deceased spouse's debts, joint wills, making an estate plan to provide financial security for your partner, filing a deceased spouse's will, and related topics. To review the Estate Planning Guide for Spouses and Partners, see the link below. Estate Planning Guide for Couples Same Sex Marriage Estate PlanningSubsequent Marriages and Your EstateIf you remarry and have children from a prior marriage or relationship, you may want to consider how your children's inheritance will be impacted. If you die without a will, do you know what your children will receive under state intestacy laws? Failure to take steps to protect your children in a will or trust could result in a lack of financial security for your children, funds being unavailable for their education and medical care, and similar types of issues. The following articles outline some of the most common estate planning issues that arise in subsequent marriages. Estate Planning in Subsequent Marriage Stepparents Estate Plan Parents Second MarriageMaking a Power of Attorney as Part of Your Estate PlanIf you become incapacitated or suffer an illness or injury that prevents you from handling your financial affairs, you may want a trusted friend or relative to have authority to handle these matters on your behalf. A financial power of attorney is a document you can execute as part of a comprehensive estate plan to be better prepared for this type of circumstance. Although a power of attorney for finances can be beneficial, granting this power to an agent comes with some risks. Before signing this type of document, get advice from an estate planning lawyer. For detailed information on making a power of attorney, review the articles below. Power of Attorney Risks Agent Powers Under POA Granting Power of Attorney Power of Attorney Forms How to Execute a POA POA Checklist Questions About POAsTaxes and Your EstateWhen making plans about how your estate should be distributed, keep in mind that various federal and state taxes may apply. Taxes that apply to your estate or any inheritances therefrom may reduce the amount your intended beneficiaries receive and may require certain estate property to be sold. Federal and state tax laws, rates, and exemptions change frequently. As a result, you will need to consult a tax professional or estate planning attorney periodically to keep your estate plan up to date if taxes are a concern. The types of taxes that apply and answers to the most common questions about estate, inheritance, and gift taxes, are covered on the pages below. 2020 Gifting Limits 2019 Gifting Limits 2018 Gifting Limits 2017 Gifting Limits 2016 Estate Tax Rates 2016 Gifting Limits 2013 Estate Tax Rates 2013 Gifting Limits Schedule K-1 Trust Estate Gift Tax ReturnMedicaid and Estate PlanningDue to the high cost of nursing home care, you may want to consider eligibility for government benefits when planning your estate. Some of the reasons you may want to engage in Medicaid planning include making sure assets are available to provide for your spouse or partner and preserving an inheritance for your children. For an overview of some of the strategies used in Medicaid planning, refer to the pages below. Medicaid Estate Recovery Medicaid Annuity Medicaid Planning Annuity Medicaid AnnuitiesHow to Get Help With Estate Planning, Probate, and Trust AdministrationDue to the complex nature of estate and trust law, professional assistance is generally required to plan an estate or settle an estate or trust. Estate planning is not just for those with a lot of money. Affordable estate planning services are available and there are lots of online resources for making a basic will and other estate planning documents. To get help with estate planning and trust administration, see the pages below. Finding an Attorney Help With Estate Planning Free Consultation Prepaid Legal Services Legal AidInformation for Heirs and BeneficiariesBeing an heir or beneficiary often presents complex legal, financial, and tax issues. For example, disputes about estate property and inheritances can lead to litigation. If you are a legal heir, you may have questions about what you are entitled to inherit under state law. If you are the beneficiary of a trust, you may have questions about your rights, the rules a trustee must follow, etc. If you inherit certain types of accounts, such as retirement accounts, many different rules apply, so obtain the advice of a financial advisor as soon as possible. For an overview of essential information for heirs and beneficiaries, review the articles below. Inheritance Theft Deceased Parents Will Right to Information About Trust Can Trustee Be Removed Disinherited by Parent Inherited IRA RulesSeniors and Estate PlanningSome of the most common estate planning issues facing seniors include planning for incapacity and nursing home costs. For information on conservatorships, using a power of attorney, and long-term care insurance, review the pages below. Conservatorships State-Specific Info Use Power of Attorney Long Term Care Policy ExclusionsFinancial Planning and Your EstateIf you are interested in leaving part of your estate to charity but would like to receive an income for the remainder of your life, you may be interested in learning about charitable gift annuities. For an overview of how this type of financial planning may be useful in an estate plan, review the articles below. Charitable Gift Annuity Charitable Gift AnnuitiesCalifornia Estate Planning Our California estate planning section provides information on how to make a will and other estate planning documents. If you live in California, review this section to get started on your estate plan.
California Estate Plans CA No-Contest Clauses California Living Will CA Estate Planning BooksMaryland Estate PlanningFor information on Maryland state law requirements to make a valid will, forms to make a Maryland living will, and forms to settle a Maryland estate, refer to the article below. Maryland Estate FormsPlanning Your LegacyIf land is part of your estate and you would like to ensure it is preserved long after you are gone, you may want to learn more about using a conservation easement as part of your estate plan. Review the article below for more details. Conservation Easements
Estate Planning for Your Pets and AnimalsUnfortunately, the law does not protect your pets or animals when you pass. If you want to make sure your pets and animals have a home, food, veterinary care, etc., you need to take affirmative steps to include them in written estate planning documents, such as a pet trust. For an overview of steps you may need to take, review the article below. Pet Owners Estate Planning Guide Pet Owners Should Make an Estate Plan Pet Trusts State Laws on Pet Trusts Pet Guardian Letter to Pet GuardianCopyright 2020 Pennyborn.com. ALL RIGHTS RESERVED.Updated February 20, 2020.
All articles, pages, forms, letters, and checklists on this site are copyrighted and owned exclusively by the owners of Pennyborn.com. You may not quote, copy, reprint, reference, post or email our content, links or any portion thereof.
INFORMATION ON THIS SITE, INCLUDING ARTICLES, ESTATE PLANNING FORMS, AND THE ESTATE PLANNING BLOG, DOES NOT CONSTITUTE LEGAL, FINANCIAL OR TAX ADVICE. Pennyborn.com is not a law firm and is not a substitute for a lawyer. Your use of this site does not create an attorney-client relationship. Information on this site is for educational purposes only and may not be accurate, complete or up to date.
For information about Pennyborn.com and how to advertise on this website Contact Us.