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Introduction to Estate Planning |
| The term "Estate Planning" encompasses a variety of documents and strategies which are appropriate for some individuals but unnecessary for others. One of the reasons that estate planning is both confusing and frustrating for a number of people is the uncertainty over which aspects of estate planning apply to a particular individual or family. This outline presents the basic elements of estate planning and describes the documents which are essential for almost everyone. It includes a basic explanation of the federal estate and gift tax laws as well as a description of trusts and the reasons why they may be appropriate in a particular situation. |
| I. Essential Documents and Planning |
| II. Who needs a revocable living trust and why do they need it? |
| III. Federal Estate Tax |
| IV. What is an A-B Trust and who needs one? |
| V. What is an ABC Trust or QTIP Trust, and why are they used? |
| VI. New Minimum Required Distribution Rules |
| VII. Designating beneficiaries of IRAs and pension benefits payable upon death |