Your Complete Guide to Leaving an Inheritance for Your Children and Others: What You Need to Know Explained Simply

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Atlantic Publishing Company, 2008 - Business & Economics - 288 pages
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While more than 50 percent of Americans feel it is important to leave an inheritance for their children and other beneficiaries, the majority have not yet made any plans for their estate. This new book will serve as an aid in your planning, providing you with indispensable information and the necessary tools.
Whether you choose to arrange a trust or a will, you will learn how to do so, as well as how to manage and alter your plans. You will be able to choose which trust is right for you, be it living, incentive, Qualified Terminable Interest Property, charitable remainder, children s, support, family, or generation-skipping tax-exempt. You will decide which will -holographic, nuncupative, self-proving, statutory, simple, joint, living, mutual, ethical, electronic, or video - best fits your needs. Furthermore, you will learn about income only trusts, the Uniform Transfers to Minors Act, 529 plans, and Coverdell accounts.
In this book, you will learn tips for distributing inheritance among children and what an appropriate inheritance is, as well as about inheritance taxes, exempt beneficiaries, disinheritance, durable power of attorney, and advance health care directives. Additionally, you will learn tips for distributing inheritance among children; what an appropriate inheritance is; how to prevent fights over inherited property; how to deal with adopted children, stepchildren, and children from a second marriage; how to select trustees and guardians; how to protect your money from a financially immature child, a child s spouse, and creditors; how to divide valuables and non-cash assets; and how to deal with the family home.
Your Complete Guide to Leaving an Inheritance for Your Children and Others makes this difficult process easy to understand by using simple, every day language. If you are one of the many people who want to leave an inheritance but do not know where to begin, it is time to pick up this book and start planning.
Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.

 

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Contents

Problems Typically Affecting Transfers of Wealth
13
Preparations Needed to Meet Those Common Problems
17
Purposely Allowing Modifications in Your Plans
23
The Vision That Could Be Behind Your Inheritance
27
Setting Goals for Your Estate What Are the Possibilities?
29
Making Your Vision Last Longer Than One Generation Why Stop With Your Children?
35
Deciding on the Heirs and Their Benefits Why Waste Your Wealth?
39
Taking Inventory of Your Visions Assets
45
LongTerm Care
177
Putting the Vision to Work Through the Years
187
Making Changes
189
Preparing the Beneficiaries
199
Expanding the Assets of the Estate
209
Forseeing Problems that Might Hinder the Fulfillment of Your Vision
215
Choosing the Beneficiaries
219
Deciding About Complicated Relations
225

Making the List
47
Adjusting the List
51
Tuning the List
53
Keeping the List Current
55
Protecting Your List
57
Choosing the Right Tools to Carry Out Your Vision Successfully
59
The Will
61
An Overview of Trusts
77
The Qualified Interminable Interest Property QTIP
119
Limited Partnerships
125
Gift Giving
133
Health Needs
149
Other Possibilities
163
Life Insurance
171
Preventing Unintended Divisions
233
Appointing a Trustee
241
Selecting a Guardian
243
Helping the Financially Irresponsible
245
Protecting Against Intruders
253
Removing Heirs
257
Selecting the Executor
261
Avoiding Mistakes That Can Destroy Your Vision
265
Business Matters
277
The Uncertain Future of Estate Planning
281
Bibliography
283
Biography
285
Index
287
Copyright

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About the author (2008)

Mike Valles is a freelance financial writer who writes about almost anything dealing with financial matters. Mostly writing as a ghost, he has written hundreds of articles and many eBooks that are now circulating around the Web. His first contact with estate planning was to write articles about them for lawyers. Ever since, his interest has greatly expanded as he saw an increased need for this knowledge to be circulated to wider circles. It was that information that led to the creation of this book. He has clients around the globe that he has written for and enjoys putting words in an easy-to-understand way so that the average person can grasp it. He loves writing and communicating ideas about useful things. He currently lives in beautiful Tennessee with his wife, and one son still at home. Being an ordained minister, he also continues to teach and preach as he is able to do so. For a number of years he has taught college-level courses related to the Bible and various theological themes. He also enjoys writing about these same themes as well.

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