The goal of this guidebook is to give everyone that reads it the ability to know what they are talking about. You must have some idea of where you want to go and what you want to do there. You are an intelligent person and this guidebook will give you everything you need to know to protect your family and make you a hero.
There's much more. Why pay money so an attorney can try and explain the difference between a Bypass Trust and a QTIP Trust, when this book will answer that question long before you have to pay for a consultation? This guidebook helps you map out your estate plan so it goes exactly where you want it to go.
There's much more. Why pay money so an attorney can try and explain the difference between a Bypass Trust and a QTIP Trust, when this book will answer that question long before you have to pay for a consultation? This guidebook helps you map out your estate plan so it goes exactly where you want it to go.
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Do the names Jimi Hendrix, Janis Joplin, or Jim Morrison conjure up any memories of excitement and good times? If so, this guidebook is for you. They didn't live long enough to worry about their estate plan, but you did. Congratulations! Now, what are you going to do about it? Not all estate plans are the same.
This is called a "guidebook" because it is meant to guide you through the "exotic" world of estate planning. It is designed to be read from beginning to end as easily as it can be read from the middle to the beginning. The short chapters with topical headings make it easier to jump from one subject to another.
First, you have to be married. Second, your spouse has to be a U.S. citizen. Third, each spouse has an opportunity during their lifetime (not after death) to set aside from their share of the estate the "Federal Tax exclusion limit" which in the years '06,'07, and '08 is $2,000,000. This is $2,000,000 that the family does not have to pay estate tax on when the first parent dies.
If you are wondering who is responsible for this generous change in tax laws, it was President George W. Bush. But before you give him a big pat on the back, consider that if Congress does nothing before the year 2010, it is anticipated by many professionals that the capital gains tax will replace the estate tax.
From an attorney's point of view there are two ways to approach a potential client's preconceived notion of Estate Planning. Some people believe everything they have heard and read about the Living Trust and think it is either so simple they can do it themselves, or expect it is so common they can buy a one-size-fits-all product at wholesale prices.
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