Study Memory Aid Flashcards
Studying steps
Polish Queen Returns from ST Petersburg
Preview Questions Reading Summary Test
Estate documents
Trust will Benefit Paul Trust Will Beneficiary forms for 403 b, etc. Durable power of attorney, finance
Health related estate documents
Hippo
Hippo’s Lifting Power Helps HIPPA authorization form Living will Power of attorney for health care, durable Health proxy
Bio classifications
King Phillip Crossed Over From Greenland Strait Kingdom Phylum Class Order Family Genus Species
Estate distribution
Per capital - Latin = head
Benefits are divided by number of individuals in the same generation.
Estate distribution
Per stirpes - Latin = by branches
Benefits are reserved in that branch, and not shared by individuals in the same generation.
Estate term
Holographic - Greek Holo = whole, entirety. Graph = hand written
Hand-written will, signed by the testator with/without witnesses.
Term, Will
Nuncupative will
Latin Nuncupare = to announce
Oral will
Unified credit
Unified gift and estate tax
U.S. gift and estate tax credit.
Annual gift tax exclusion
Gift tax exclusion = $15k/pers.
Gift to unrelated individual > 37.5 years younger
Subject to GITT, transfer tax.
Crummey Power
Trust - Tax court case
So long the trust has a provision allowing beneficiary to withdraw the funds > 30 days
Ancillary probate adm
Probate involved more multiple state.
Intestate succession
Individual died without a will, probate with state law.
Tenancy by the entirety (TBE)
Tenancy BEst Protection
Protected from individual creditors not joint creditors.
Tenancy in common
TIC - income division
By related or not related individuals, entitled to a division or income. Each owner can transfer his interest.
JTWROS
Jane Turner with ROS
The entire amount will be included in the decedent’s gross estate.
Record keeping is essential.
Goals with Action Plan
PGA App
PGA App
Precise goals that can be assessed.
Action plan, periodic adjustment
Estate property subject to probate
Community Edwards Owns the Property (TIC)
Community property
Estate from designated beneficiary of the insured
Owned property, individually
Property, tenancy in common
QTIP trusts
Income, providing for beneficiaries, not new spouse
Tp provide income, corpus is preserved for beneficiaries, prevent surviving spouse from leaving assets to new spouse.
A marital trust.
Credit shelter trusts
Income, control over beneficiaries, included previous marriage, non-marital trust
To provide income, control over beneficiaries, non-marital trust
Charitable lead trust
Income for beginning, corpus to grantor
Income for at least one charity.
Corpus goes back to the grantor.
Charitable remainder trust
Remainder to charity
Income for charity and beneficiaries.
Corpus remainder to charity.
Remainder=5% to 50%.
