LAW OFFICE OF J.R. HASTINGS

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Preparing an Estate Plan

 

 

ESTATE PLANNING 101

 

 

 

 

 

 

 

James R. Hastings

Law Office of J.R. Hastings

851 Irwin Street, Suite 206

San Rafael, California 94901-3343

(415) 459-6635

 

facsimile (415) 459-6756

e-mail jrhastings@pacbell.net

Web: jrhastingslaw.com

 

 

 

 

 

 

 

ESTATEPLANNING ver 3 PETS.doc

ESTATE PLANNING 101

 

Contents and Today’s Outline:

1. What You Need to Know . . . Getting Started – Lawyer’s Caveat

2. What You Decide & What You Provide . . . .

Confidential Personal Data - 5

Children and Other Relatives - 8

Information Regarding Important Documents - 14

Key Advisors - 17

What You Provide - 18

Distribution of Your Estate

Executors - 20

Trustees - 21

Attorney in Fact - 22

Guardians of Minor Children – 23

Caretaker for Furry, Slimy and Feathery Relatives – 24

Alternative Caretakers for Furry, Slimy and Feathery Relatives - 25

Agent, Advance Health Care Directive – 26

Health/Special Needs –27

Disinheritance -28

Distribution of Property at Death

Bequests of Personal Property - 29

Specific Bequests - 28

Residue – Gift of Your Remaining Assets - 29

Children’s Ages and Shares for Distribution – 31

Simultaneous Death - 33

3. What You Need to Know . . . .

Ownership of Property – 34

Last Wills and Living Trusts – 36

What are you worth? - 37

Probate and Trust Administration Procedure - 38

Costs of Dying – 40

Law for the Furry, Slimy and Feathery - 44

4. What I do . . . .

Last Wills/Pet Emphasis - 45

Last Wills - 46

Last Wills/Deeds - 47

Life Insurance Trusts - 48

Living Trusts – 49

Living Trusts/Pet Emphasis - 50

Living Trust with QDOT - 51

Living Trusts and Charitable Provisions - 52

Living Trusts with QTIP and Generation Skipping - 53

Charitable Trusts –54

Charitable Trusts/Pet Provisions -55

Gifting and Minor’s Educational Trusts – 56

 

5. About Your Speaker . . . . – 57

 

6. Attachments:

Pet Information Sheet

For More Information . . . . (pink)

 

 

WHAT YOU NEED TO KNOW - GETTING STARTED

 

LAWYER’S CAVEAT

 

This Lecture:

For education and discussion.

NOT imparting legal advice to you.

 

Please:

Seek your own counsel before acting on any topic discussed today.

 

 

 

Guidelines for today:

Please put cell phones on stun.

Please ask questions to clarify.

 

WHAT YOU DECIDE & WHAT YOU PROVIDE . . . .

CONFIDENTIAL PERSONAL DATA

ESTATE PLANNING QUESTIONNAIRE

Please use n/a to indicate not applicable.

 

GENERAL INFORMATION

YOU

Full name: __________________________________

Any other name(s) used: __________________________________

Date of Birth: __________________________________

Place of Birth: __________________________________

Social Security Number: __________________________________

Are you a United States citizen? [ ] Yes [ ] No

If no, country of citizenship: ____________________________________

YOUR SPOUSE

Full name: __________________________________

Any other name(s) used: __________________________________

Date of Birth: __________________________________

Place of Birth: __________________________________

Social Security Number: __________________________________

Are you a United States citizen? [ ] Yes [ ] No

If no, country of citizenship: ____________________________________

 

Date and Place of Marriage: __________________________________

Location of Marriage Certificate: __________________________________

ADDRESS AND TELEPHONE INFORMATION:

Home telephone number: __________________________________

 

Business telephone number:

You: _________________________________________

Your Spouse: ________________________________________

Permanent residence:

Address: __________________________________

___________________________________

Own or rent? __________________________________

How long have you resided there? __________________________________

Other residence(s): __________________________________

Own or rent? __________________________________

 

If you have residences in more than one state:

State in which you are registered to vote: __________________________________

When did you first register to vote in that state? ___________________________

State in which your car is registered: __________________________________

Address used on your federal tax return: __________________________________

Address to which your credit card bills are sent: _________________________________

________________________________________________________________________

Names and addresses of clubs and associations to which you belong:

__________________________________

__________________________________

__________________________________

If any of these memberships are on a nonresident basis, please list:

__________________________________

__________________________________

Describe each home in each state (size of building, land, etc).

Residence 1: __________________________________

__________________________________

Residence 2: __________________________________

PRIOR MARRIAGE(S)

YOU:

Name of Former Spouse: __________________________________

Date and Place of Prior Marriage: __________________________________

If marriage ended by divorce, list date and location of judgment papers:

__________________________________________________________________

If marriage ended by death, list date and location of death certificate:

__________________________________________________________________

 

YOUR SPOUSE:

Name of Former Spouse: __________________________________

Date and Place of Prior Marriage: __________________________________

If marriage ended by divorce, list date and location of judgment papers:

__________________________________________________________________

If marriage ended by death, list date and location of death certificate:

__________________________________________________________________

 

CHILDREN AND OTHER RELATIVES

LIVING CHILDREN AND GRANDCHILDREN

Please note that children of your present marriage are listed first. Children of prior marriage(s), whether of yourself or your spouse, are listed separately. In all cases, please provide the following information:

If the child is not living with you, the child’s address.

If the child is married, list the name of the child's spouse and the names of their children, if any.

If you have children from a prior marriage, indicate with whom the child resides if not with you.

If any of your children are adopted, list the date of adoption and the location of documents.

If any child has special needs because of developmental, physical or mental disability, please indicate here, and separately list information regarding doctors, guardians and other pertinent data.

Children of Existing Marriage:

1. Full name: __________________________________

Address: __________________________________

Date of birth: __________________________________

Gender: [ ] Male [ ] Female

Name of spouse (if any): __________________________________

Name(s) of children (if any): __________________________________

Other information requested above (if any): ______________________________

__________________________________________________________________

2. Full name: __________________________________

Address: __________________________________

Date of birth: __________________________________

Gender: [ ] Male [ ] Female

Name of spouse (if any): __________________________________

Name(s) of children (if any): __________________________________

Other information requested above (if any): ______________________________

__________________________________________________________________

3. Full name: __________________________________

Address: __________________________________

Date of birth: __________________________________

Gender: [ ] Male [ ] Female

Name of spouse (if any): __________________________________

Name(s) of children (if any): __________________________________

Other information requested above (if any): ______________________________

__________________________________________________________________

Children of Prior Marriage(s):

You:

1. Full name: __________________________________

Address: __________________________________

Date of birth: __________________________________

Gender: [ ] Male [ ] Female

Name of spouse (if any): __________________________________

Name(s) of children (if any): __________________________________

Other information requested above (if any): ______________________________

__________________________________________________________________

2. Full name: __________________________________

Address: __________________________________

Date of birth: __________________________________

Gender: [ ] Male [ ] Female

Name of spouse (if any): __________________________________

Name(s) of children (if any): __________________________________

Other information requested above (if any): ______________________________

__________________________________________________________________

Children of Your Spouse:

1. Full name: __________________________________

Address: __________________________________

Date of birth: __________________________________

Gender: [ ] Male [ ] Female

Name of spouse (if any): __________________________________

Name(s) of children (if any): __________________________________

Other information requested above (if any): ______________________________

__________________________________________________________________

2. Full name: __________________________________

Address: __________________________________

Date of birth: __________________________________

Gender: [ ] Male [ ] Female

Name of spouse (if any): __________________________________

Name(s) of children (if any): __________________________________

Other information requested above (if any): ______________________________

__________________________________________________________________

 

DECEASED CHILDREN

You:

Child’s Full Name: ___________________________________________

Date of death: ___________________________________________________

Spouse’s Name: _________________________________________________

Address: ______________________________________________________

Any living issue of this child? [ ] Yes [ ] No

Name of grandchild: ___________________ Date of birth: __________________

Name of grandchild: ___________________ Date of birth: __________________

Name of grandchild: ___________________ Date of birth: __________________

Your Spouse:

Child’s Full Name: ___________________________________________

Date of death: ___________________________________________________

Spouse’s Name: _________________________________________________

Address: ______________________________________________________

Any living issue of this child? [ ] Yes [ ] No

Name of grandchild: ___________________ Date of birth: __________________

Name of grandchild: ___________________ Date of birth: __________________

Name of grandchild: ___________________ Date of birth: __________________

PEOPLE RAISED BY YOU

Are there people you and/or your spouse have raised as children who are not legally your children? (Note: An adopted child is legally your child.) If so, please list.

1. Full name: __________________________________________

Address: __________________________________________

__________________________________________

Gender: [ ] Male [ ] Female

Date of birth: ______________________________________

Legal relationship: ____________________________________________

For purposes of your Will and/or Trust, do you wish this person to be considered your child?

[ ] Yes [ ] No

2. Full name: __________________________________________

Address: __________________________________________

__________________________________________

Gender: [ ] Male [ ] Female

Date of birth: ______________________________________

Legal relationship: ____________________________________________

For purposes of your Will and/or Trust, do you wish this person to be considered your child?

[ ] Yes [ ] No

 

OTHER FAMILY MEMBERS

List other members of your family who are closest in relationship to you (i.e., parents, siblings). If any are dependent upon you for support, please specify.

If you have friends that you consider as close as family members, include them here.

You:

1. Name and address: __________________________________

__________________________________

Relationship: __________________________________

Date of birth: __________________________________

Other information: ________________________________________________

__________________________________________________________________

2. Name and address: __________________________________

___________________________________

Relationship: __________________________________

Date of birth: __________________________________

Other information: ________________________________________________

__________________________________________________________________

3. Name and address: __________________________________

___________________________________

Relationship: __________________________________

Date of birth: __________________________________

Other information: ________________________________________________

__________________________________________________________________

Your Spouse:

1. Name and address: __________________________________

__________________________________

Relationship: __________________________________

Date of birth: __________________________________

Other information: ________________________________________________

__________________________________________________________________

2. Name and address: __________________________________

__________________________________

Relationship: __________________________________

Date of birth: __________________________________

Other information: ________________________________________________

__________________________________________________________________

3. Name and address: __________________________________

__________________________________

Relationship: __________________________________

Date of birth: __________________________________

Other information: ________________________________________________

__________________________________________________________________

 

 

 

FURRY, SCALEY AND FEATHERY FAMILY MEMBERS

List other members of your family who FURRY, SCALEY and FEATHERY, THEN COMPLETE A Pet Information Sheet (courtesy of the Estate Planning for Pets Foundation) – Pet information sheets are provided on your request. ADD TO PET INFORMATION SHEET LIST AND DATES OF ALL SHOTS AND VACCINATIONS AND THE MICROCHIP IDENTIFIER, if any.

Pet Form Done Name Species/Breed Coloring Male/Female/Cut Age

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

Yes No _____________ _____________ _____________ _____________ _______

 

 

INFORMATION REGARDING IMPORTANT DOCUMENTS

The documents listed below are very important and are often needed when you are not available or not able to tell others where to find them. If you have executed any of the following documents, please provide me with a copy or give its current location. If you don't know, take time now to find it or give enough information about it so that someone else can find it when needed. If the document does not apply to you, put ``n/a'' next to it.

ESTATE PLANNING DOCUMENTS

Document Location

WILL

[ ] Yes [ ] No ______________________________________

If yes, please provide me with a copy.

TRUST

[ ] Yes [ ] No ______________________________________

If yes, please provide me with a copy.

DURABLE POWER OF ATTORNEY

FOR ASSET MANAGEMENT

[ ] Yes [ ] No __________________________________

If yes, please provide me with a copy.

POWER OF ATTORNEY FOR

HEALTH CARE (ADVANCE DIRECTIVE),

DIRECTIVE TO PHYSICIAN and/or LIVING WILL

[ ] Yes [ ] No ______________________________________

If yes, please provide me with a copy.

If any powers of attorney have been granted by you to another:

Date: __________________________________

Holder of power: __________________________________

State where executed: __________________________________

Special powers granted or withheld: __________________________________

Location of original(s): __________________________________

Number of originals executed: __________________________________

 

OTHER DEATH-RELATED DOCUMENTS

Document Location

FUNERAL AND BURIAL

ARRANGEMENTS __________________________________

CEMETERY PLOT and DEED TO

PLOT __________________________________

ORGAN DONATION DIRECTIONS __________________________________

PERSONAL DOCUMENTS

Document Location

BIRTH CERTIFICATE __________________________________

MARRIAGE CERTIFICATE __________________________________

DIVORCE DECREE __________________________________

PREMARITAL AGREEMENTS

(Please provide me with copies) __________________________________

COMMUNITY PROPERTY

AGREEMENT(S) (please provide me

with copies) __________________________________

MARITAL PROPERTY

AGREEMENT(S) (please provide me

with copies) __________________________________

NATURALIZATION OR

CITIZENSHIP DOCUMENTS __________________________________

PASSPORT __________________________________

YOUR CHILDREN'S BIRTH

CERTIFICATES __________________________________

YOUR CHILDREN'S ADOPTION

PAPERS __________________________________

PET INFORMATION SHEETS ___________________________________

MILITARY SERVICE RECORDS

(DISCHARGE PAPERS) __________________________________

EMPLOYMENT RECORDS __________________________________

TAX RETURNS

Location

COPIES OF INCOME TAX

RETURNS __________________________________

COPIES OF GIFT TAX RETURNS __________________________________

ASSET AND LIABILITY RELATED DOCUMENTS

Location

BROKERAGE STATEMENTS __________________________________

STOCK CERTIFICATES AND BONDS

(Not held in a brokerage acct) __________________________________

DEED TO RESIDENCE and/or

VACATION HOME __________________________________

LEASE TO RESIDENCE __________________________________

CREDIT CARD INFORMATION

LIST (issuers and account numbers) __________________________________

 

INSURANCE POLICIES

Location

LIFE INSURANCE POLICIES __________________________________

PROPERTY INSURANCE POLICIES __________________________________

DISABILITY INSURANCE POLICY __________________________________

 

 

 

 

KEY ADVISORS

Lawyer:

Name and address: ___James R. Hastings____________

Law Office of J.R. Hastings

851 Irwin Street, Suite 206

San Rafael, CA 94901-3343

Telephone number: ( 415) 459-6635

Fax number: ( 415) 459-6756

e-Mail address: jrhastings@pacbell.net

Web: jrhastingslaw.com

If listing this office:

Who referred you to this office?

Name, address and telephone number: ___________________________________

___________________________________________________________________

___________________________________________________________________

Relationship to you or to office staff: ______________________________________

____________________________________________________________________

 

Accountant:

Name and address: __________________________________

__________________________________

Telephone number: ( ) __________________________________

Fax number: ( ) __________________________________

WHAT YOU PROVIDE . . . .

 

 

INFORMATION NEEDED FOR ESTATE PLAN

Banks and Savings and Loans

___ A copy of the statement for each bank and savings and loan account (preferred) or name, address, branch and account number of each bank and savings and loan account.

Credit Unions

___ A copy of the statement for each credit union account (preferred) or name, address and account number of each credit union account.

Real Property

___ Copies of your real property deed(s).

___ Copies of your real property tax statement(s).

Investments

___ Copies of recent statements for each investment.

___ Copies of any ownership certificate for an investment (please bring originals to the signing appointment).

___ Copies of any stock or ownership certificates in your possession (please bring originals to the signing appointment).

___ Copies of any bearer or registered bonds (please bring originals to the signing appointment).

___ Listing of any U.S. government bonds (amount and bond number).

Life Insurance

___ Name of company, address, type of policy, name of owner, name of insured and policy number for each policy of life insurance.

___ Original/Copy of life insurance policy.

Pension Plans, Annuities and Individual Retirement Accounts

___ Copies of recent statements for each pension, annuity and Individual Retirement Account.

___ Original/Copy of pension/annuity.

DISTRIBUTION OF YOUR ESTATE

 

 

EXECUTORS:

ADULT; TRUSTWORTHY; HANDLE ASSETS YOU OWN, ABLE TO SEEK ASSISTANCE (in other words, not handle everything on his or her own); CHOOSE SUCCESSORS; NOT PREFER CO-EXECUTORS; PREFER SAME PEOPLE IN SAME ORDER FOR HUSBAND AND WIFE; BANK TRUST OFFICE IS LAST SUCCESSOR.

In order of preference, please list the full names, relationships and address of your Executors:

Your spouse first: [ ] Yes [ ] No

1. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

2. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

3. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

 

TRUSTEES:

ADULT; TRUSTWORTHY; HANDLE ASSETS YOU OWN; ABLE TO SEEK ASSISTANCE (in other words, not handle everything on his or her own); CHOOSE SUCCESSORS; NOT PREFER CO-TRUSTEES; PREFER SAME PEOPLE IN SAME ORDER FOR HUSBAND AND WIFE; BANK TRUST OFFICE IS LAST SUCCESSOR.

In order of preference, please list the full names, relationships and address of your Trustees:

Same as above: [ ] Yes [ ] No

1. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

2. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

3. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

ATTORNEY IN FACT, DURABLE POWER OF ATTORNEY FOR ASSET MANAGEMENT

ADULT; TRUSTWORTHY; HANDLE ASSETS YOU OWN; ABLE TO SEEK ASSISTANCE (in other words, not handle everything on his or her own); CHOOSE SUCCESSORS; NOT PREFER CO-ATTORNEYS IN FACT; PREFER SAME PEOPLE IN SAME ORDER FOR HUSBAND AND WIFE.

 

In order of preference, please list the full names, relationships and address of your Agents for your General Durable Power of Attorney (asset management if you are incapacitated):

Same as Executors: [ ] Yes [ ] No

If no, Spouse First: [ ] Yes [ ] No

1. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

2. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

3. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

GUARDIANS OF MINOR CHILDREN:

ADULT; WOULD RAISE YOUR CHILDREN AS YOU WOULD; RESPONSIBLE FOR RAISING YOUR CHILDREN; CHOOSE WHERE YOUR CHILDREN RESIDE.

In order of preference, please list the full names, relationships, and address of Guardians of any Minor Children:

1. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

2. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

3. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

CARETAKER FOR FURRY, SLIMY AND FEATHERY RELATIVES.

ADULT; PROBABLY CLOSE FRIEND OR RELATIVE, WILLING; KNOWS AND CARES FOR YOUR FS&F; HAS KNOWLEDGE AND RESOURCES TO CARE FOR YOUR FS&F; WOULD RAISE YOUR FS&F AS YOU WOULD; RESPONSIBLE FOR CARING FOR YOUR FS&F; CHOOSE A HOME FOR YOUR FS&F.

In order of preference, please list the full names, relationships, and address of Caretakers:

1. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

Telephone:_______________________________________________________________

2. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

Telephone: ______________________________________________________________

3. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

Telephone:_______________________________________________________________

 

Do you want to gift money to the Caretaker? [ ] Yes [ ] No

Should the money be held in trust? [ ] Yes [ ] No[ ]

ALTERNATIVE CARETAKERS FOR FURRY, SLIMY AND FEATHERY RELATIVES.

 

Some of us have no one to designate as Caretaker, then what? The answer is explore and coordinate organizations. Here are some contacts:

CANINE COMPANIONS (2965 Dutton Avenue, Santa Rosa, CA 95402) even if not a golden retriever or lab, may work with you on a case by case basis to find a new home and caretaker for you FS&F. Contact the National Charitable Gift Planning Officer (1-707-577-1789).

MARIN Humane Society Guardians for Life Program (171 Bel Marin Keys Blvd., Novato, CA 94949). They collect all the information they possibly can about your pet, so that if you should die they would be able to place your animal in a home best suited to your animal. They accept all legal animals into their program. (415) 883-4621.

SONOMA Humane Society (5345 Highway 12 West, Santa Rosa, CA 95407) (707) 542-0882.

SOUTHBAY Humane Society (12 Airport Blvd., San Mateo, CA 94401) (650) 340-8200.

SAN FRANCISCO SPCA SIDO SERVICE (2500 26th Ave., San Francisco, CA 94116)

(415) 490-1744.

UC Davis (contact Dr. Rick Timmins) (530) 754-5251.

Guide Dogs for the Blind (350 Los Ranchitos Rd., San Rafael, CA 94903) A young Lab retriever, Golden retriever, or German Shepard might find a good home and learn to be a service dog through guide dogs for the blind (415) 499-4000.

 

AGENT, ADVANCE HEALTH CARE DIRECTIVE

ADULT; KNOW THE CARE YOU PREFER (talk to them); EACH SPOUSE HAS OWN LIST.

In order of preference, please list the full names, relationships and address of your Agents for your General Durable Power of Attorney (health care management if you are incapacitated):

Same as Executors: [ ] Yes [ ] No

If no, Spouse First: [ ] Yes [ ] No

1. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

Telephone: _____________________

________________________________________________________________________

2. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

3. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Telephone: _____________________

HEALTH/SPECIAL NEEDS

Does either you or your spouse desire to give anatomical gifts? [ ] Yes [ ] No

If yes, please explain your preferences: _______________________________________________

_______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

Please explain your preferences for cremation or burial; scattering of ashes; services (funeral and memorial):

Husband: ______________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

Wife: _________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

 

 

 

Does either you or your spouse have health concerns? [ ] Yes [ ] No

If yes, please explain: ____________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

Do any of your children have special needs you would like to address in your estate plan? [ ] Yes [ ] No

If yes, please explain: __________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

 

DISINHERITANCE

Do you wish to specifically disinherit an individual or group of people?

[ ] Yes [ ] No

If yes, please list their full names, relationships to you, and addresses. You may provide a brief explanation if you like:

1. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Explanation: _____________________________________________________________

________________________________________________________________________

2. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Explanation: _____________________________________________________________

________________________________________________________________________

3. Name: __________________________________________________________________

Relationship: ____________________________________________________________

Address: ________________________________________________________________

________________________________________________________________________

Explanation: _____________________________________________________________

________________________________________________________________________

 

DISTRIBUTION OF PROPERTY ON DEATH

Bequests of Personal Property

IF YOU DESIRE TO MAKE SPECIFIC BEQUESTS OF PERSONAL PROPERTY YOU WILL WRITE YOUR OWN LETTER DESCRIBING THOSE GIFTS AND I WILL INCORPORATE THAT LETTER IN YOUR WILL OR TRUST.

GIFTS.GIFTS OF FURRY, SLIMY AND FEATHERY FAMILY MEMBERS CAN BE RESOLVED HERE, BUT THERE WILL BE A SEPARATE DISCUSSION CONCERNING THEM.

List specific bequests you wish to make, if any, indicating what and to whom. In the event the individual or organization does not survive, please specify if the gift will be distributed to that individuals issue, to someone else, or if the gift will lapse and become a part of the residue of your estate, as in the following examples:

1) Diamond and ruby cocktail ring to John Doe, my friend, 1234 Easy Street, Avocado, California. If John Doe is not living, to his issue equally.

2) Ermine stole and Hobie catamaran to Jane Roe, my sister-in-law, 4321 Memory Lane, Hometown, Ohio. If Jane Roe is not living, to Mary Doe, my friend, 1234 Easy Street, Avocado, California.

3) Antique sheet music collection and 1 harpsichord to Best School of Music Scholarship fund, 51 Crescendo Lane, Solotown, Pennsylvania. If this scholarship fund is not in existence at my death, this gift shall lapse.

1) ________________________________________________________________________

________________________________________________________________________

2) ________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

3) ________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

4) ________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

 

 

Specific Bequests

OTHER SPECIFIC BEQUESTS WILL BE WTITTEN INTO YOUR WILL OR TRUST.

List specific bequests you wish to make, if any, indicating what and to whom. In the event the individual or organization does not survive, please specify if the gift will be distributed to that individuals issue, to someone else, or if the gift will lapse and become a part of the residue of your estate, as in the following examples:

1) The sum of $5,000 to Jane Roe, my sister-in-law, 4321 Memory Lane, Hometown, Ohio. If Jane Roe is not living, to Mary Doe, my friend, 1234 Easy Street, Avocado, California.

2) The sum of $1,000 to Boy Scouts of America, c/o National Headquarters, 321 Right Path, Eagletown, New York, or to its successor. If Boy Scouts of America or its successor is not an organization at the time of my death, this gift shall lapse.

 

1) ________________________________________________________________________

________________________________________________________________________

2) ________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

3) ________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

4) ________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

 

RESIDUE – Gift of Your Remaining Assets

What is your desired disposition of your property on your death and/or your spouse’s death?

If married:

All to your spouse on death [ ] Yes [ ] No

To your children in equal shares on your

Spouse’s death [ ] Yes [ ] No

If not married:

To your children in equal shares [ ] Yes [ ] No

If neither of the above apply, to whom do you wish to leave your property, and in what proportions? Please list full names and addresses.

1. Name: _________________________________________________________

Address: _______________________________________________________

_______________________________________________________________

Proportion: _____________________________________________________

2. Name: _________________________________________________________

Address: _______________________________________________________

_______________________________________________________________

Proportion: _____________________________________________________

3. Name: _________________________________________________________

Address: _______________________________________________________

_______________________________________________________________

Proportion: _____________________________________________________

 

 

Children’s Ages and Shares for Distributions

When should your children receive their distributions?

Outright on your death: [ ] Yes [ ] No

Outright on your spouse’s death: [ ] Yes [ ] No

If not outright, please provide age(s) of distribution and the fractional or percentage interest of each child’s share to be distributed at specified age(s):

Age Fractional or % Interest

of Share

EXAMPLE:

Name of Child: Jane Alexandra Smith

age 21 1/4 of share

age 24 ½ of share

age 30 Remainder of share

Name of Child: ______________________________________________

______ ___________________

______ ___________________

______ ___________________

Name of Child: ______________________________________________

______ ___________________

______ ___________________

______ ___________________

If a child or children or yours predecease you:

Would you like their issue (your grandchildren) to receive their distribution?

[ ] Yes [ ] No

If yes, at same ages listed above? [ ] Yes [ ] No

 

 

Simultaneous Death

Desired disposition of estate in the event client, spouse and issue die simultaneously:

EXAMPLES: 1) Your heirs (determined by California law)

2) Specific named individuals (other than your heirs generally)

3) A specific charity (Red Cross, Boys Town, Girl Scouts)

________________________________________________________________________

________________________________________________________________________

2) ________________________________________________________________________

________________________________________________________________________

3) ________________________________________________________________________

________________________________________________________________________

 

WHAT YOU NEED TO KNOW . . . .

Ownership of Property

Tenancy in Common

Stated, usually equal, ownership.

Distribute to Whom You Choose.

Joint tenancy

Right of Survivorship.

Otherwise, not able to Distribute at Death.

Capital Gains income tax problem (California Only).

Separate Property

Owned before Marriage/Domestic Partnership.

Received by inheritance.

Distribute all to whom you choose.

Intestate (no will, trust): one-half Spouse/Partner, one-half child/heirs

or one-third Spouse/Partner, two thirds children.

Community Property

Product of the Marriage/Domestic Partnership – the community.

50%/50%

Distribute your 50% interest to whom you choose.

Intestate (no will or trust): all to Spouse/Partner.

Best Capital gains income tax treatment (DP: California Only).

WHAT YOU NEED TO KNOW . . . .

Ownership of Property, Continued

Community Property with Right of Survivorship

Manner of Title.

If Real Property: Specific Deed Requirements.

Right of Survivorship.

Otherwise, not able to Distribute at Death.

Best Capital gains income tax treatment (DP: California Only).

 

WHAT YOU NEED TO KNOW . . . .

Last Wills and Living Trusts

Last Wills

Prefer formal, typed and witnessed.

Effective at death.

Statutory Will form available .

May require probate procedure.

Remember Ace in "The Quick and the Dead?"

If does not require a probate procedure still guides the distribution.

 

Living Trusts

What is a trust?

Revocable intervivos trusts.

Effective now.

Essentially replaces Last Will and Power of Attorney for Asset Management.

Last Will (pourover) and Power of Attorney still required.

Becomes the source of distribution.

 

 

WHAT YOU NEED TO KNOW . . . .

What are you Worth?

For now do not characterize anything as community property.

 

When I talk "Estate Tax:"

All Assets Minus All Liabilities

Includes

Life Insurance

IRA Assets

Everything

 

When I talk "Probate:"

All assets that do not pass automatically.

Excludes:

Life Insurance

IRA Assets

Joint Tenancy Assets

Joint Accounts

 

 

WHAT YOU NEED TO KNOW . . . .

Probate and Trust Administration Procedure

At each and every death . . .

 

(Administrative Documents)

 

Inventory

 

Appraise

 

Taxes – income and estate

 

Creditors

 

Distribution

 

WHAT YOU NEED TO KNOW . . . .

Probate Alternatives

Full Probate

Family Protection:

Family allowance.

Probate Homestead.

Omitted Spouse and Omitted Children (Ca. Prob. C. § 21610)..

Small estate:

Protections when estate worth less than $20000.

Protections from money judgments.

Pass without administration (up to $100,000).

Probate Code 13100.

Petition pursuant to Probate Code 13650.

 

Anti-lapse:

Kindred of testator’s surviving, deceased or former Domestic Partner added to the class.

WHAT YOU NEED TO KNOW . . . .

Costs of Dying

Federal Estate Tax

 

Marital Exemption (Not Available to Domestic Partners).

Personal Exemption: Applicable Exclusion Amount.

2006 – 2008 $2,000,000

$3,500,000

Unlimited

$1,000,000

Rate: 47% now, 45% 2007

No State Death Tax Credit after 2004; Replaced by a deduction.

A Trust in Will or Living Trust May Double the Personal Exemption.

Not a new concept, but a new opportunity.

 

 

 

 

WHAT YOU NEED TO KNOW . . . .

Costs of Dying

Probate or Trust Administration Costs

 

If assets less than $100,000, no probate necessary. Procedure simple.

If assets not of great value, Community Property Set Aside inexpensive alternative to Probate for Married.

California - $4000 for first $100,000

$3000 for next $100,000

then 2% to $1,000,000

then 1%

PAID to Executor and ATTORNEY

If need Trust, more expensive probate on first death, so choose a LIVING TRUST Estate Plan.

 

 

 

WHAT YOU NEED TO KNOW . . . .

Costs of Dying

Capital Gains Income Tax

 

Every equity asset has a "Basis" from which gain is calculated.

On death get step up in Basis to fair market value

Community Property gets 100% step up in Basis

After death can still retain $250,000 on sale of home.

 

 

 

 

WHAT YOU NEED TO KNOW . . . .

Costs of Dying

Real Estate Tax Reappraisal

 

The Home and one additional property are not reappraised at death if

Distribution is to spouse or children or parents.

 

WHAT YOU NEED TO KNOW . . . .

Law for the Furry, Slimy and Feathery

Title and Ownership

All domestic animals are subject to ownership (CA Civ. C. § 655).

Covers cats, dogs, mice, gerbils, horses, cows . . . .

"Animals wild by nature are the subjects of ownership, while living, only when on the land of the person claiming them, or when tamed, or taken and held in possession, or disabled and immediately pursued." (CA Civ.C. § 656).

Fur bearing Animals – can be owned. (CA Civ. C. § 996).

Birds -

Reptiles -

Euthanasia – Any treatable animal and any adoptable animal, an animal older than 8 weeks that shows no behavioral or temperamental defect that could pose a health or safety risk, and has no sign of disease or injury that adversely affects the health of the animal shall NOT BE EUTHANIZED. (CA Civ. C. § 1834.4).

Direct gifts to pets – Not allowed. (Estate of Russell, 444 P. 2d 353 (Cal. 1968)

Trust for Care of Designated Pet Animals (CA Prob. C. § 15212):

"A trust for the care of a designated domestic or pet animal may be performed by a trustee for the life of the animal, whether or not there is a beneficiary who can seek enforcement or termination of the trust and whether or not the terms of the trust contemplate a longer duration.

Usual trust: Direct a home for the pet; Designate a Caretaker; Pay the Caretaker; Pay extraordinary expenses; Name a residual beneficiary (probably not the trustee or the caretaker).

WHAT I DO . . . . LAST WILLS/PET EMPHASIS

WHAT IF . . . .

Single or Married

No child

Loving Pets

Family or friends to be Caretaker for pets.

Company life

No real investments

WHAT YOU NEED:

Basic estate plan documents

Wills (for the future)

Gift Pets to Pet Caretaker

Provision to gift money to Pet Caretaker

Power of Attorney for Asset Management

Effective now so as to care for pets when temporarily unable to do so (but not incapacitated)

Provision to care for Pets on incapacity

Need Pet Wallet Card

Advance Health Care Directive

WHY:

Plan for death or incapacity

Provide for pets

WHAT I DO . . . . LAST WILLS

WHAT IF . . . .

Married

Minor child

Company life

No real investments

WHAT YOU NEED:

Basic estate plan documents

Wills

Power of Attorney for Asset Management

Advance Health Care Directive

Care for the minor child

Guardian

Orphan’s Trust or Custodianship

WHY:

Plan for death or incapacity

Provide for child

WHAT I DO . . . . LAST WILLS/DEED PLANNING

 

WHAT IF . . . .

Married

Minor child

Company life

Own home

Investments and home value $1,500,000

WHAT YOU NEED:

Basic estate plan documents

Wills

Power of Attorney for Asset Management

Advance Health Care Directive

Care for the minor child

Guardian

Orphan’s Trust or Custodianship

Community Property Quitclaim Deed with Right of Survivorship

WHY:

Plan for death or incapacity

Efficient, economical transfer at first death

Provide for child

WHAT I DO . . . . LIFE INSURANCE TRUSTS

WHAT IF . . . .

Married

Minor child

No real investments

Company life

$3,000,000.00 additional life insurance

WHAT YOU NEED:

Basic estate plan documents

Wills

Power of Attorney for Asset Management

Advance Health Care Directive

Care for the minor child

Guardian

Orphan’s Trust or Custodianship

Irrevocable Life Insurance Trust (ILIT)

WHY:

Estate Tax

Provide for Family

Second Death Estate Tax Savings

Because of Life Insurance Trust:

No Estate Tax Paid on the Life Insurance

 

WHAT I DO . . . . LIVING TRUSTS

WHAT IF . . . .

Married

Minor children

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

WHAT YOU NEED:

Basic estate plan documents

Care for the minor child

Guardian

Orphan’s Trust or Custodianship

Irrevocable Life Insurance Trust

Living Trust

Funding of the Living Trust – See Page 32

WHY:

Estate Tax

Probate Cost

Remember: estate tax paid on life insurance

Second Death Estate Tax Savings

Savings against second death probate

 

 

 

WHAT I DO . . . . LIVING TRUSTS/PET EMPHASIS

WHAT IF . . . .

Married

Minor children

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

Loving Pets

Acquaintance to be Pet Caretaker

WHAT YOU NEED:

Basic estate plan documents

Care for the minor child

Guardian

Orphan’s Trust or Custodianship

Irrevocable Life Insurance Trust

Living Trust

Funding of the Living Trust – See Page 32

Trust for Pets: Direct a home for the pet;

Designate a Caretaker;

Trustee oversees;

Put substantial money in trust;

Pay the Caretaker;

Pay extraordinary expenses;

Name a residual beneficiary

(probably not the trustee or the caretaker).

WHY:

Estate Tax

Probate Cost

Remember: estate tax paid on life insurance

Second Death Estate Tax Savings

Savings against second death probate

Long term care for Pets

 

WHAT I DO . . . . LIVING TRUST with QDOT

WHAT IF . . . .

Married

Minor children

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

Foreign Citizen Spouse

WHAT YOU NEED:

Basic estate plan documents

Care for the minor child

Guardian

Orphan’s Trust or Custodianship

Life Insurance Trust

Living Trust

Funding of the Living Trust

QDOT Provisions

WHY:

At Death of Citizen Prevents Estate Tax

WHAT I DO . . . . LIVING TRUSTS AND CHARITABLE PROVISIONS

 

WHAT IF . . . .

Married

NO children

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

No Family Beneficiaries

WHAT YOU NEED:

Basic estate plan documents

Will

Power of Attorney for Asset Management

Advance Health Care Directive

Life Insurance Trust

Living Trust

Funding of the Living Trust

Charitable Provisions

WHY:

No Estate Tax if Give all to Charity

Alternative: charitable Remainder Trust

Benefit friends or family first, then Give to Charity

WHAT I DO . . . . LIVING TRUSTS with QTIP AND GENERATION SKIPPING

WHAT IF . . . .

Married

Adult children

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

Request to ensure your interest given to children

WHAT YOU NEED:

Basic estate plan documents

Will

Power of Attorney for Asset Management

Advance Health Care Directive

Life Insurance Trust

Living Trust

Funding of the Living Trust

QTIP Provisions

Generation Skipping Provisions

WHY:

QTIP retains your entire half interest in Trust

Generation skipping:

Income to Adult Children

Remainder to Grandchildren

WHAT I DO . . . . CHARITABLE TRUSTS

WHAT IF . . . .

Married

Adult children

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

Appreciated common stock worth $100,000.00

WHAT YOU NEED:

Basic estate plan documents

Will

Power of Attorney for Asset Management

Advance Health Care Directive

Life Insurance Trust

Living Trust

Funding of the Living Trust

QTIP Provisions

Generation Skipping Provisions

Charitable Trust (during life)

WHY:

Income Tax Savings NOW

Income stream for life

Consider Life Insurance (Life Insurance Trust) to Replace Asset for Beneficiaries

Remainder to Charity

 

WHAT I DO . . . CHARITABLE TRUSTS/PET PROVISIONS

WHAT IF . . . .

Married

Adult children

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

Appreciated common stock worth $100,000.00

Loving Pets

No Caretaker Evident

WHAT YOU NEED:

Basic estate plan documents

Will

Power of Attorney for Asset Management

Advance Health Care Directive

Life Insurance Trust

Living Trust

Funding of the Living Trust

QTIP Provisions

Generation Skipping Provisions

Charitable Trust (during life)

Irrevocable Agreement with Charity to be responsible for Pet, providing: Charity direct a home for the pet;

Charity designates a Caretaker;

Charity oversees;

Charity Pays the Caretaker;

Charity Pays extraordinary expenses;

Charity is beneficiary

WHY:

Income Tax Savings NOW

Income stream for life

Consider Life Insurance (Life Insurance Trust) to Replace Asset for Beneficiaries

Remainder to Charity

Long term care for Pet.

WHAT I DO . . . . GIFTING and MINOR’S EDUCATIONAL TRUSTS

WHAT IF . . . .

Married

Adult children

Grandchildren

Deferred Income Assets (IRA, A-Plan, ESOP)

Company life

$2,000,000.00 additional life insurance

Net Assets totaling $2,500,000.00

Appreciated common stock worth $100,000.00

Excess Income over needs

WHAT YOU NEED:

Basic estate plan documents

Will

Power of Attorney for Asset Management

Advance Health Care Directive

Life Insurance Trust

Living Trust

Funding of the Living Trust

QTIP Provisions

Generation Skipping Provisions

Charitable Trust (during life)

Jim’s Gifting Plan

Minor’s Educational Trust

WHY:

You Can Afford

You assist family

For Each $11,000 given, family saves

ABOUT YOUR SPEAKER . . . .

 

J.R. Hastings graduated with a Bachelor of Science from the United States Air Force Academy on 1968 and with a Juris Doctor from the University of Pacific’s McGeorge School of Law in 1977. Licensed to practice law in California, Colorado, Nevada and Washington, District of Columbia, he is an Accredited Estate Planner with the National Association of Estate Planners.

 

RANDOM REFERENCES . . . .

 

 

The Living Trust by Henry Abs.

www.naepc.org

www.estateplanningforpets.org

 

FOR MORE INFORMATION . . . .

 

 

Copyright © 2003 Law Office of J.R. Hastings
Last modified: 01/25/04

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