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Estate Planning For Dummies

Jordan S. Simon (Author), Joseph Mashinski (Author)

9781394158546, Wiley

Paperback / softback, published 6 April 2023

400 pages
23.1 x 18.5 x 2.5 cm, 0.522 kg

Get your arms around wills, trusts, probate, inheritance taxes, and other important estate planning essentials

Estate Planning For Dummies teaches you the ins and outs of estate planning. It’s all about drafting wills, dealing with probate, assigning powers of attorney, establishing living trusts, and beyond. Think you don’t have enough assets to merit estate planning? Think again. This everyone-friendly guide walks you through building a solid estate plan, whatever your current financial situation. In easy-to-understand language, you’ll learn the ins and outs of estate planning, including what happens to your stuff—cash, real estate, businesses, retirement funds, everything—when you pass away. This new edition is updated for the many recent changes in estate taxes and inheritance law. Make sure your assets get into the pockets of your heirs or wherever you want them to go, and learn how to accomplish it the For Dummies way.

  • Understand state and federal estate and inheritance taxes
  • Build an air-tight will and make sure your heirs get as much as they can
  • Protect your estate’s privacy even after you’re gone
  • Plan for the transition of a family business
  • Prevent disagreements and uncertainty among your heirs
  • Figure out how to pass on your digital assets

This friendly guide is a must for people of any age in the process of drafting their wills and planning where their assets ultimately end up.

Introduction 1

Part 1: Getting Started with Estate Planning 5

Chapter 1: Congratulations: You Have an Estate! 7

Chapter 2: Bean Counting: Figuring Out What You’re Worth 33

Part 2: Where There’s a Will, There’s a Way 45

Chapter 3: Understanding the Basics of Wills 47

Chapter 4: Tied Hands and Helping Hands: What You Can and Can’t Do with Your Will 69

Chapter 5: Probate: Top of the Ninth Inning for Your Estate 83

Chapter 6: Dodging Probate: Saving Time and Money with a Will Substitute 101

Part 3: Matters of Trust 119

Chapter 7: Understanding Trusts 121

Chapter 8: Trusts You May Want to Trust — or Not 137

Chapter 9: Working a Trust into Your Estate Plan 149

Part 4: Life, Death, and Taxes 159

Chapter 10: Preparing for the Tug-of-War with the Taxman 161

Chapter 11: The Gift Tax: Isn’t Giving a Gift Enough? 171

Chapter 12: Skipping around the Generation-Skipping Transfer Tax 187

Chapter 13: Paying or Not Paying the Death Tax: That’s the Question 197

Chapter 14: Planning to Minimize All Your Estate-Related Taxes 211

Part 5: Estate Planning for Family Businesses 229

Chapter 15: Grasping the Basics of Estate Planning for Family Businesses 231

Chapter 16: Transferring Ownership and Paying Estate Taxes in a Family Business 251

Part 6: Crafting a Comprehensive Estate Plan 267

Chapter 17: Factoring Insurance into Your Estate Plan 269

Chapter 18: Connecting Your Retirement Funds to Your Estate Plans 293

Chapter 19: Estate Planning in Exceptional Situations 313

Part 7: The Part of Tens 337

Chapter 20: Ten Questions to Get You Rolling on Your Estate Plan 339

Chapter 21: Avoiding Ten Common Mistakes and Problems in Your Will 345

Chapter 22: Ten Crucial Estate-Planning Questions 351

Index 359

Subject Areas: Finance & accounting [KF]
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