Preface xiIntroduction xiiiPart 1: The Basics 11. The Human Side of Estate Planning 31. Key Elements of a Successful EstatePlan 32. Common Fears Associated with EstatePlanning 42.1 What do these fears of estateplanning cause? 93. You Are the Sum of Your LifeExperiences 104. What Constitutes Being Wealthy to You? 115. Your Union 126.

Health Issues 147. Finances 148. What Will Your Family Look Likeat Your Death? 159. Your Views on Life 1610. Past Experiences with Estates or Trusts 1711. Action Steps 182. Communication Strategies 191. Money Types 201.

1 Awareness of Money Types 202. General Communication Strategiesand Approaches 232.1 Defining conversations 232.2 Setting the stage 242.3 Gratitude and acknowledgment 253. Communication Strategies for WhenEmotions Flare 273.1 Slow down 273.2 Breathe 283.

3 Seek to understand 283.4 Recognize when you are full 303.5 Strive for alignment 324. Communicating about Prenuptialand Property Agreements 325. Communicating about ComminglingProperty 336. Withholding Information 337. Communication about FuneralPlanning 348. Putting Children and Stepchildrenin Key Roles 359.

Taking Care of Your Spouse afterYou Pass May Take Away from theChildren''s Inheritance 3510. Discussion about SeparateRepresentation When CreatingYour Estate Plan 363. Basic Estate Planning Considerations 371. Your Estate-Planning Goals 381.1 Retain control over assetsand business decisions 381.2 Provide support for childrenand the surviving partner 381.3 Protect loved ones frompredators and themselves 391.4 Keep certain propertyin the family 391.

5 Protect your assets from creditors,lawsuits, and undue influence 391.6 Avoid probate 401.7 Maintain flexibility 401.8 Retain access to capital 401.9 Make lifetime gifts 401.10 Transfer future appreciation 411.11 Transfer an opportunity 411.12 Move property to grandchildrenor more remote descendants 411.

13 Defer estate or income tax 411.14 Avoid estate tax 411.15 Avoid gift tax 421.16 Maximize usage of US estate taxexclusions 421.17 Donate to favorite charities 421.18 Achieve tax predictabilityor finality 421.19 Provide tax-deferreddiversification 431.20 Provide guidance andmanagement for your children 431.

21 Encourage or discourage certainbehaviors 431.22 Level the playing field 431.23 Provide a mechanism forresolution of disputes 441.24 Keep certain assets away fromcertain people 442. Your Estate-Planning Concerns 442.1 Choosing between a partnerand the children 442.2 Plan for the payment andapportionment of estate taxes 452.3 Dealing with problem children 452.

4 Protecting young or disabledchildren 452.5 Caring for elderly parents 463. Prioritize and Communicate 464. Action Step 464. Property Ownership: Meansand Issues 481. Marriage Contracts and PropertyAgreements 481.1 Agreement issues 491.2 Postnuptial agreements 502.

Co-ownership Issues 503. Community Property 504. Separate Property and the Perilsof Commingling Property 515. Contracts to Make a Will andJoint Will 536. Prior Relationship Obligations andBenefits 535. Types of Property 551. Family Home 562. Living Arrangements and Support 573.

Family Business Issues 583.1 To sell or not to sell 593.2 Buy-sell agreements 593.3 Less than all of the childrenworking in the business 604. Retirement Plans 614.1 US Individual RetirementAccount (IRA) 615. Tangible Personal Property 616. Bank Accounts 627.

Action Steps 626. Estate-Planning Documents 631. Wills 631.1 Wills and minor children 641.2 Wills and probate 652. Trusts 652.1 Revocable living trusts 652.2 Irrevocable trusts 662.

3 Beneficiary designations 663. Powers of Attorney for Property 664. Powers of Attorney for Health Careand Living Wills 685. Ethical Wills 706. Letters of Instruction 717. Burial or Cremation Instructions 727.1 Appoint someone to be in chargeof your funeral arrangements 737.2 Write your own obituary 737.

3 Delineate mode of intermentor inurnment 747.4 Delineate who is to be invitedto the memorial serviceor funeral 748. Action Steps 757. The Estate-Planning Players 761. Characteristics of Blended FamilyPartners 772. Estate Planners 773. Children 803.1 Stepchildren 813.

2 Partners of your children 814. Your Parents and Possibly YourStepparents 815. Grandchildren and Step-Grandchildren 826. Other Players 827. Action Steps 83Part 2: Planning Issues 858. Reasons Estate Plans Fail 871. Failure to Complete and Implementthe Estate Plan 871.1 Actions for success 882.

Failure to Provide Complete andAccurate Information to EstatePlanners 882.1 Actions for success 893. Failure to Coordinate 903.1 Actions for success 904. Failure to Communicate about YourEstate Plan 904.1 Actions for success 915. Incomplete or Incorrect BeneficiaryDesignations 925.1 Actions for success 926.

Failure to Keep Estate Plan Current 936.1 Actions for success 937. Choosing the Wrong Trusteeor Executor 937.1 Actions for success 958. Bad Estate-Planning Advice 958.1 Actions for success 969. Elections against a Will 969.1 Actions for success 9610.

Post-Death Will and Trust Challenges 9610.1 Actions for success 9711. Too Much Joint-Tenancy Property 9711.1 Action for success 9712. Failure to Properly Plan for Disability 9812.1 Actions for success 9813. Overfunding of the US MaritalDeduction Portion 9813.1 Action for success 9814.

Relying on a Beneficiary to Dothe "Right Thing" 9814.1 Action for success 999. Lifetime Estate Planning 1001. Irrevocable Lifetime Estate Planning 1012. Techniques Applicable to All WealthCategories 1012.1 Severing joint-tenancyarrangements 1012.2 Life insurance 1032.3 Annuities 1052.

4 Opportunity shifts 1052.5 Charitable gift annuities 1062.6 Below-market loans 1063. Strategies for People Who HaveWealth of More Than $1,000,000 1063.1 Life insurance trusts 1063.2 Annual exclusion gifts 1083.3 Unlimited direct paymentsto qualified educationalinstitutions and qualifiedhealth-care providers 1093.4 Charitable remainder trusts 1093.

5 Gift splitting 1103.6 Private unitrusts 1114. Strategies for Those Who Are WorthMore Than $5,000,000 1114.1 Private annuities 1114.2 Qualified Personal ResidenceTrust (QPRT) 1124.3 Family limited entities 1125. Strategies for Those Who Are WorthMore Than $15,000,000 1135.1 Large gifts, including definedvalue gifts 1135.

2 Equalization of estates 1145.3 Lifetime Qualified TerminableInterest Property (QTIP) 1155.4 Grantor Retained Annuity Trust(GRAT) 1155.5 Charitable lead trusts 1165.6 Sale to an IntentionallyDefective Grantor Trust (IDGT) 1165.7 Guarantees 1176. Action Steps 11710. Testamentary Estate Planning 1191.

In Terrorem Clauses 1192. Disinheriting Family 1203. Equalization of Estates 1214. Powers of Appointment 1215. Marital Deduction Transfers 1225.1 Qualified Terminable InterestProperty (QTIP) 1235.2 Marital deductions and QTIPoptions 1256. Unitrust Option 1257.

Life Estates 1268. Charitable Lead Trusts 1269. Who Should Serve as Executor andSuccessor Trustee of a Living Trust? 12610. Why the Surviving Partner May HaveConflicts of Interest 12811. Why the Children of the DeceasedPartner May Have Conflicts of Interest 12812. Estate-Tax Apportionment Issues 12913. Disclaimers 13014. Elections against a Will 131Part 3: Observations and Suggestions 13311.

Working with Estate Planners 1351. Who Does Estate Planning? 1352. Where Do You Find Estate Planners? 1363. Who Should Be on Your Estate-Planning Team? 1374. How Do Estate Planners Chargefor Their Services? 1375. How Do Estate-Planning AttorneysDo Their Work? 1376. The Initial Interview 1386.1 Showing up to the initialinterview prepared 1427.

Action Steps 14512. Putting It All Together 1471. Yours, Mine, and Ours 1472. Empty Nesters 1523. Eat, Drink, and Remarry 1524. Brady Bunch 1545. May-December Relationship 1556. Nontraditional Blended Family 15613.

Last Words of Advice 1581. First, Involve Your Family 1582. Shouldn''t Privacy Take Precedence? 1593. Different Tools and Techniques HaveDifferent Effects 1594. Understanding Taxes 1595. Be Careful about Buying into Panaceas 160Worksheets1 Our Key Characteristics 782 Characteristics of a Potential Advisor 84Charts1 Questions a Client May Secretly Haveduring an Initial Interview withan Estate Planner 1392 What the Estate Planner Is Wonderingabout the Client during the InitialInterview 1416. Take Control, Get Involved, and Stayin Control 1607. Avoid Planning Paralysis 161Illustrations1 Why Is a Good Estate-Planning ResultSo Hard to Achieve? 42 Key Elements of a Successful EstatePlan 5Checklists1 Identifying Your Goals and Concerns 472 Information the Estate PlannerWill Need 143.