Every Californian's Guide To Estate Planning: Wills, Trust & Everything Else

Description

Finally, an Estate Planning Guide for Californians Every Californian’s Guide to Estate Planning helps you understand the basics of leaving money and property to loved ones and charities, and naming a guardian for children—with a special focus on issues unique to California, like: how community property rules affect inheritance and taxes how to minimize capital gains for those inheriting high value real estate legal and tax rules that apply to non-citizens and U.S. permanent residents important issues for international guardians, trustees, and executors how to understand the impact of “Prop 19,” and make sure your heirs don’t lose a low (“Prop 13”) property tax rate, and how to avoid California’s slow and expensive probate system through options such as transfer-on-death deeds. With Downloadable Worksheets Includes access to essential worksheets that help you get started on writing a will, preparing a trust, choosing a guardian, leaving money to kids, naming beneficiaries, choosing agents for your health care directive and power of attorney for finances, doing a personal inventory, and more. details inside. Cover Title Page Table of Contents Introduction: What’s So Special About Estate Planning in California? What Will I Get Out of This Book? 1. What’s in an Estate Plan and Why Do You Need One? Getting Started Understanding Probate The Workhorses: Wills and Trusts Preparing a Personal Inventory and a List of Beneficiaries Special Estate Planning Issues When You Own Real Estate 2. Wills Making It Legal A Will Is Just One Part of Your Estate Plan Right of Survivorship: Property You Own With Others Choosing an Executor Choosing Guardians and Managing Money for Children Planning for Pets Preparing a Will Worksheet Making a Will: A DIY Project or Not? Once You’ve Done Your Will What Happens If You Don’t Make a Will? 3. Living Trusts What Is a Living Trust? Creating a Living Trust: The Settlor’s Job Casting the Play: Selecting Trustees and Beneficiaries Preparing a Trust Worksheet Creating a Living Trust: DIY Project or Not? Transferring Assets Into the Trust Pour-Over Wills 4. Estate Planning and Your Minor Children: Choosing a Guardian Get It Done What Guardians Are (and Are Not) Responsible For Court Approval and Oversight of Guardians Picking the Right Guardian Common Problems and Some Solutions After You’ve Chosen a Guardian: Talking It Over Giving Guardians Some Written Guidance Congratulate Yourself on Choosing a Guardian! 5. Leaving Money to Children Money and Kids: The Basics Custodial Accounts Children’s Trusts Your Backup Plan: Appoint a Property Guardian Pull Your Plan Together Life Insurance Primer 6. Estate Planning Across Borders Estate and Gift Taxation of Non-U.S. Citizens (Resident and Nonresident Aliens) Taxes on Assets in Other Countries Held by U.S Taxpayers Naming International Trustees and Executors Naming Guardians for Minor Children Who Don’t Live in the U.S. Estate Planning for a Noncitizen Spouse 7. Yours, Mine, and Ours: Estate Planning for Blended Families Community Versus Separate Property Community Property and Taxes Planning Strategies for Blended Families Planning for Children of Different Ages Putting It All Together 8. Estate Planning and Property Tax: Property Taxes in California What Really Matters: Change in Ownership of Your Home Exclusions From Reassessment That You Have to Request Automatic Exclusions from Reassessment Reporting a Change of Ownership 9. Death and Taxes: Some Background on Death and Taxes Income Taxes Gift Tax The Estate Tax Estate Tax Planning Strategy If You Are Single: Philanthropy 10. Naming the Right Beneficiaries: Retirement and Life Insurance Alphabet Soup: Retirement Plans Explained What Beneficiaries Have You Already Named? Retirement 101: The Basic Rules of Choosing Beneficiaries and Withdrawing Money Naming Beneficiaries for Retirement Plans A Little Housekeeping: Cleaning Up Your Retirement Plans Filling Out the Forms Naming Beneficiaries Naming Beneficiaries for Life Insurance 11. Advance Health Care Directives & Powers of Attorney for Finances Health Care Directives Durable Power of Attorney for Finances 12. Managing Your Plan and Keeping it Current What’s in Your Plan Storing Your Estate Plan Digital Estate Planning Issues Who Should Have Copies of Your Estate Planning Documents Keeping Your Plan Current How to Make Changes to Your Estate Plan 13. Finding a Lawyer and Help Beyond the Book Start With Referrals Do Some Research Make Contact Ask Questions Trust Yourself Appendix: How to Use the Downloadable Forms on the Nolo Website Editing RTFs List of Forms Available on the Nolo Website Index Book Registration and Updates