Chapter 1. Estate Planning An Overview. Definitions. KNOW THESE TERMS -- not word for word defini-tions but how they work. Estate Planning Life Interest versus Estate in Fee Simple Absolute Escheat (to the state) Intestate Will (Last Will and Testament) Codicil
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KNOW THESE TERMS -- not word for word defini-tions but how they work
What is this man’s
“It’s hard to teach a new dog old tricks”
Under what circumstances might we use a life estate??
Spouse gets everything ….. unless there are children. Then Spouse gets half / children get half.
ŸWhat about the age of the children?
ŸIf children predecease but have children (grandchildren), the grandchildren step into the shoes of their parents.
Note: Anti-Lapse Providsion …….. Name a charity if no “relatives”
Besides wealth transfer and financial assets, what other BIG question is dealt with in a LW&T?? hint: children??
What role does each play??
The following table shows how the gift-tax rate will decrease over the next several years and how it reverts to pre-tax law levels in 2011 with the expiration of the new tax law: