Succession Planning Wills & Trusts. April 18, 2017
|
|
- Shawn Pope
- 6 years ago
- Views:
Transcription
1 Succession Planning Wills & Trusts April 18,
2 Contents» Estate Planning» What is a Will?» Important elements of a Will» Kinds of Wills» Who and when?» Why you should write a Will?» Some questions you should have answers for!» Probate» Trust» Types of Trust» Why should you form a trust?» Power of Attorney» Types of Power of Attorney and in circumstances you require one» Taxation of Trusts» Case Study 2
3 Significance of Life Cycle Stages RETIREMENT Will BIRTH OF CHILDREN Incapacity? Disability? Wife? Son? Daughter? Other beneficiary? CHILDREN S EDUCATION BUSINESS CHILDREN S MARRIAGE Divorce? 3
4 What is Estate Planning» Estate planning is a process of legally planning the disposition of current and future assets.» The effective techniques of estate planning are- Wills Trusts ESTATE PLANNING WILLS TRUSTS Hindu - Self acquired Muslim - Christians - 1/3 rd Forced heirship in certain cases 4
5 What is a Will?» Will means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death.» A Will helps to address some important issues- Clarity regarding distribution: This is important as assets can be distributed as one likes. Avoidance of disputes: An explicit distribution of assets minimizes the possibility of disputes among family members particularly as personal laws otherwise take over. Confidentiality: Doing what you want to do.» A Will gives you an opportunity to make provisions for minor children and children with special needs as per your wish.» A Will helps you address the transfer of offshore assets.» Supporting a cause close to your heart» Disinheriting certain relatives 5
6 Important elements of a Will» A Will must be dated.» It must be signed by the testator (Person creating the Will).» It must express a desire that the testator s wishes must be carried into effect after his death. Conditional or Contingent» There must be a disposition of property. Oral Joint» A Will must be attested by two witnesses. A witness need not read the contents of the Will before signing it. A Witness or his/her spouse cannot be a legatee in the Will. Kinds of Wills» Domicile of the testator Holograph Mutual Sham 6
7 Did you know?» A Will need not be typed, stamped or registered.» The Executor is the person who is responsible for carrying out your wishes as stated in the Will. If you do not appoint an Executor in your Will, the court will appoint an Executor.» Nominees hold assets only in trust, they will not be the legal owners of assets after you.» A Will can be changed any number of times. You can change or revoke by making a new Will.» It is not mandatory for a Witness to read the contents of a Will before signing. The Witness only confirms that you have signed your Will in his/her presence.» A beneficiary cannot be a witness. A witness s wife must also not be a beneficiary. However, a beneficiary can be an Executor.» A Will is always revocable even if testator may declare it irrevocable. When should you make a Will?» No specific right age but some factors to consider are- Marital or relationship status. Children. Situations of divorce and remarriage. Terminal illness Ensuring the continued contribution to a social or charitable cause. 7
8 Some questions you should have answers for!» To whom will your assets go if you die without a Will?» Who will look after your child/children if something were to happen to you and your spouse?» What are your and other family members rights in ancestral property?» Do you have rights in family property if you have had an inter-caste marriage?» Does your spouse or your children know about your assets/investments? Does ANYONE know?» Will your children living abroad be taxed on the assets passed in the Will? 8
9 Intestacy Heirs Hindu Male Hindu Female Muslim Christians Mother, Widow, son, daughter Husband, son, daughter Sharers Spouse, Father, Mother Daughter Father Son s daughter s son/daughter, brother, sister Heirs of the husband Residuaries (Agnates ) Son and Daughter Widow - 1/3 Lineal descendants 2/3 Widow - 1/3 Kindred 2/3 Agnates (male ancestor) One of fewer or no degrees of ascent Mother, father Distant Kindred (Uterine) Widow - whole Cognates (Common female ancestor) One of fewer or no degrees of ascent Heirs of father Heirs of mother Hindu Succession Act Sharia Act Indian Succession Act If there are no heirs then the property of the deceased reverts to the Government 9
10 Probate» Probate means the copy of a will certified under the seal of a court of competent jurisdiction with a grant of administration to the estate of the testator section 2 (f), The Indian Succession Act, 1925.» Probate gives the power to a person appointed as the executor under the Will to distribute and/or transfer the assets of the testator (who writes the Will) as per the wishes/direction mentioned in the Will which otherwise would not be possible for any other person to do it on behalf of the deceased.» Probate in India is compulsory in all the presidency towns such as Bombay (Mumbai), Calcutta (Kolkata) and Madras (Chennai). A voluntary probate can be obtained in other cities to establish the rights of executor to administer the estate of the deceased and transfer the assets in the name of the beneficiary as stated in the deceased s Will.» The jurisdiction to grant probate is with the district courts. 10
11 Power of Attorney» Power of Attorney includes any instrument (not chargeable with fee under the law relating to courtfees for the time being in force) empowering a specified person to act for and in the name of the person executing it. section 2(21), Indian Stamp Act, 1899.» A Power of Attorney authorizes a person to take financial and other decisions and implement them on your behalf when you are unable to make such decisions due to any incapacity.» A Power of Attorney is an instrument which helps you to give your limited or all power to take decisions related to your finance and assets which may include selling your home, making investments, operating bank accounts, getting a reverse mortgage so that the money can be used for your care and well being in-case of an illness.» A Power of Attorney can also be used to appoint another person to appear, sign and/or file cases in the honorable courts of India.» Power of Attorney can be either general or specific.» Stamp fees payable on Power of Attorney in Mumbai is Rs. 500 (Rupees Five Hundred only) 11
12 Types of Power of Attorney and in circumstances you require one» There are two types of power of attorney; General power of attorney- this type of power of attorney is general with respect to its subject matter and allows the agent (person appointed to do the acts) to performs all the acts and not the specific ones. Specific power of attorney- this type of power of attorney is specific with respect to its subject and allows the agent to perform the acts specifically mentioned in the power of attorney.» Circumstances under which you require a Power of Attorney- Physical incapacity To handle legal affairs Old age Travelling overseas 12
13 Trusts» Where a person has property or rights which he holds or is bound to exercise for on behalf of another others, or for the accomplishment of some particular purpose or particular purposes, he is said to hold the property or rights in trust for that other or those others, or for that purpose or those purposes he is called a trustee. A trust is a purely equitable obligation and is enforceable only in a court in which equity is administered. section 3, The Indian Trusts Act, 1882.» There are primarily two types of trusts; Private Trust and Public Trust. SETTLOR creates Private 1. For persons 2. Fixed tenure Public 1. For a cause 2. No fixed tenure TRUSTEE manage TRUST FUND BENEFICIARIES receive benefits 13
14 Taxability on creation of a trust» Transfer of a capital asset under a gift, will or an irrevocable trust is not treated as a transfer as per S 47 (iii)» Creation of a trust by a person through a gift or transfer of property whether movable or immovable, to his relatives shall not be chargeable, as per S 56(2) in the hands of the transferee. 1. ITO v. K.P. Varghese [1973] 91 ITR 49 held that the expression "gift" in Clause (iii) of Section 47 of the I.T. Act, 1961, should be understood in the ordinary sense and in the light in which it is understood in the Transfer of Property Act - "voluntary transfer of real or personal property without any consideration or, more strictly, without a valuable consideration". 14
15 Taxability of revocable transfers to a trust Trust Transfer Revocable? Irrevocability temporary or permanent? No Yes Trust income will be taxable in the hands of the settlor from inception Trustee shall be liable to pay tax in representative capacity Inheritor /beneficiary shall be liable to pay tax from date of acquisition of the asset/income 15
16 Taxability of Private Trusts Are the shares determinate? SEC 164 No Yes SEC 161 Profits include business profits? Profits include business profits? Yes No maximum marginal rate No rates applicable to an AOP subject to certain conditions rates applicable to each beneficiary subject to certain conditions 1. Trustees of Miss Gargiben Trust 130 ITR in determining tax payable by trustee on capital gains, trust income already assessed on beneficiary could not be added for rate purposes 2. Rajagopal Reddy v. Padmini Chandrasekharan [1995] 213 ITR 340/ 79 Taxman 92 (SC) - Benami not applicable to trustees 3. If a specific trust is having its beneficiaries as individual and discretionary trusts, but share of each of individual as well as discretionary trusts is specific, keeping in view that trustees of First Level Trust are to be considered as representatives, Assessing Officer can assess income of First Level Trust at maximum marginal rate as per section 164 to extent of respective share of such discretionary trust and at normal rate as per section 161 to extent of share of individual beneficiaries Neo Trust 54 taxmann.com 1 (Gujarat) 16
17 Taxability in the hands of beneficiaries» Beneficiaries are taxable if the trust is not liable to tax Trustees of H. E. H. Nizam s Family (Remainder Wealth) Trust 108 ITR 555 -even though a single return or a single assessment order may be made, there has to be as many assessments on the trustees as there are beneficiaries. Where there is a residue, there has to be one more assessment on the trustee in respect of the same composite return. Estate of HMM Vikramsinhji of Gondal* 45 taxmann.com 552 (SC)» Beneficiaries being minors All income accruing to the minor child would be clubbed with his parent whose total income is greater. In case the parents are separated, the income of minor will be included in the income of that parent who maintains the minor child in the relevant previous year.» Beneficiaries being a spouse In case an individual transfers an asset, without adequate consideration, to a person or an association of persons, for the benefit of spouse, the income shall be clubbed in the hands of the transferor. Tulsidas Kilachand 42 ITR 1 (SC) shares held in trust for benefit of wife 17
18 GAMUT OF SERVICES» Estate audit :- Comprehensive audit of your estate to ensure smooth and efficient transfer of assets to your intended beneficiaries» Will writing & related services - Complete suite of services including will drafting, will updation, registration, will safe- keeping, probate and executorship services» Minor/special child protection - An unique trust product to safeguard the interest of a minor/special child on death of his/her parent» Bereavement Advice - Comprehensive advice to IFAs to help client s family to take control of the entire assets on death of the client without a will (intestate)» Power of Attorney services- A complete package including PoA drafting, safe keeping of PoAs and verification of trigger events before hand-over to PoA holder to prevent possible misuse» Other Advisory Services - These are customised advisory services along with implementation assistance relating to estate and succession planning 18
19 Mumbai Delhi Hyderabad Chennai A-902, Marathon Futurex, N. M. Joshi Marg, Lower Parel (E), Mumbai P-57, South Extension-II, New Delhi , Mayfair Gardens, Road No. 12, Banjara Hills Hyderabad A, Jamal Lakshmi Nivas, 1 st Avenue, Indira Nagar, Adyar, Chennai Singapore # , Tanjong Rhu Singapore This document is for informational purposes only and should not be construed as professional advice. The user should not construe the material contained herein as business, financial, legal, regulatory, tax or accounting advice. WillEffect disclaims any and all liability to any person for any loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or any other cause. WillEffect assumes no liability for the interpretation and/or use of the information contained on this document, nor does it offer a warranty of any kind, either expressed or implied C. C. CHOKSHI ADVISORS
Income of other persons included in Assessee s Total Income. (Clubbing of Income) (Section 60 to 65) Sec Particulars Sec Particulars
Income of other persons included in Assessee s Total Income (Clubbing of Income) (Section 60 to 65) Sec Particulars Sec Particulars 60 Transfer of income without transfer of assets 63 Definition of Transfer
More informationTrusts An introduction
Trusts An introduction Trusts can be highly effective wealth management vehicles, especially for income splitting, tax and estate planning purposes and wealth protection. A trust is an arrangement whereby
More informationESTATE PLANNING DOCUMENT CHECKLISTS GENERAL INFORMATION. 1. Client s Full Current Name: 2. Other Names: 3. Current Residence: 4. Phone: 5.
ESTATE PLANNING DOCUMENT CHECKLISTS GENERAL INFORMATION 1. Client s Full Current Name: 2. Other Names: 3. Current Residence: 4. Phone: 5. E-mail: 6. Family Information: a. Spouse s Name: Wedding date:
More informationESTATE PLANNING AND WILL INFORMATION FORM
ESTATE PLANNING AND WILL INFORMATION FORM ROLSCH LAW OFFICES 423-3RD AVENUE SE P.O. BOX 189 ROCHESTER, MN 55903 PHONE: (507) 280-1943 FAX: (507) 280-4283 WHEN YOU HAVE COMPLETED THIS FORM, please return
More informationEstate Planning. Farm Credit East, ACA Stephen Makarevich
Estate Planning Farm Credit East, ACA Stephen Makarevich Farm Business Consultant 9 County Road 618 Lebanon, NJ 08833 1.800.787.3276 stephen.makarevich@farmcrediteast.com 1 What is Estate Planning? 2 Estate
More informationTABLE OF CONTENTS LOUISIANA GIFT AND INHERITANCE TAXES. Page 2 of 250
TABLE OF CONTENTS CHAPTER 1 COMMUNITY PROPERTY 1.01 In General 1.02 Marriage Contracts 1.03 Management of Community Property 1.04 Termination of Community 1.05 Special Property - Life Insurance - Retirement
More informationSection 11 Probate Glossary
Section 11 Probate Glossary 2012 Investors Empowerment Academy, LLC 119 Abatement A proportional diminution or reduction of the pecuniary legacies, when there are not sufficient funds to pay them in full.
More informationHOPKINS & CARLEY GUIDE TO BASIC ESTATE PLANNING TECHNIQUES FOR 2017
HOPKINS & CARLEY GUIDE TO BASIC ESTATE PLANNING TECHNIQUES FOR 2017 PART I: REVOCABLE TRUST vs. WILL A. Introduction In general, an estate plan can be implemented either by the use of wills or by the use
More informationGLOSSARY OF FIDUCIARY TERMS
The terminology used when discussing trusts and estates can often be unfamiliar and our glossary of fiduciary terms is designed to help you understand it better. If you have a question about the glossary
More informationESTATE PLANNING DICTIONARY
ESTATE PLANNING DICTIONARY Administrator For estates administered prior to April 1, 2012, the fiduciary appointed by the Probate Court to settle your estate if you die without a Will (intestate). Attorney-in-fact
More informationProbate in Florida. 1. What is probate?
Probate in Florida 1. What is probate? Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent s debts, and distributing the
More informationWill Planning To Meet Your Estate Needs
Many people recognize that a Will is an essential component of the estate planning process but they fail to give this subject the time or consideration that it requires. It is important to remember that
More informationAddress:. Postalcode:. Telephone Number: (Home) ( ) Marital Status: Single / Divorced / Engaged / Remarried / Married / Widowed / Separated
Will Planner This Will Planner is to help you prepare for questions the lawyer will ask at your appointment. Thinking about and completing these questions before yourappointment will help to save time
More informationJapan. International Estate Planning Guide. Individual Tax and Private Client Committee. Contact: Shimon Takagi. White & Case LLP Tokyo, Japan
Japan International Estate Planning Guide Individual Tax and Private Client Committee Contact: Shimon Takagi White & Case LLP Tokyo, Japan stakagi@tokyo.whitecase.com Updated 9/2012 TABLE OF CONTENTS I.
More informationWill Planning To Meet Your Estate Needs
Many people recognize that a Will is an essential component of the estate planning process but they fail to give this subject the time or consideration that it requires. It is important to remember that
More informationWILL WORKSHEET. 1. Husband s Name: Social Sec. No. Birthplace: Birth Date: 2. Wife s Name: Social Sec. No. Birthplace: Birth Date:
WILL WORKSHEET I. PERSONAL AND FAMILY INFORMATION (Give full names including middle initial) Your Family: 1. Husband s Name: Social Sec. No. Birthplace: Birth Date: 2. Wife s Name: Social Sec. No. Birthplace:
More informationProbate in Florida* 2. WHAT ARE PROBATE ASSETS?
Probate in Florida* Table of Contents What Is Probate? What Is A Will? Who Is Involved In The Probate Process? What Is A Personal Representative, And What Does The Personal Representative Do? What Are
More informationWILL PREPARATION DOCUMENT
WILL PREPARATION DOCUMENT Just a few simple questions. QualitySolicitors Changing the way you see lawyers This Will Planner is to help you prepare for questions the solicitor will ask at your appointment.
More informationRequirements vary from state to state. Generally, for your will to be valid, the following requirements must be satisfied.
1 Wills What is a will? A will may be the most vital piece of your estate plan, even if your estate is a modest one. It is a legal document that lets you direct how your property will be dispersed (among
More informationGOALS OF ESTATE PLANNING 12/12/2011 SUCCESSION PLANNING SUCCESSION PLANNING IMPEDIMENTS TO ACHIEVING ESTATE PLANNING GOALS
SUCCESSION PLANNING Why is succession planning so important Avoid sacrificing land for liquidity http://bit.ly/vwx5jn SUCCESSION PLANNING 1. Discuss your vision and goals for the land with your spouse
More informationA WILL IS NOT ENOUGH by Kelly A. Thompson
A WILL IS NOT ENOUGH by Kelly A. Thompson kelly@twplc.com DISCLAIMER: This outline is for information purposes only and is not a substitute for legal counsel. assumes no liability for errors or admissions,
More informationPatricia A. Leong Attorney at Law
Patricia A. Leong Attorney at Law 3180 Crow Canyon Place, Suite 250 San Ramon, California 94583 Telephone (925) 830-0684 Facsimile (925) 866-7087 E-Mail: pat@patricialeong.com Website: www.patricialeong.com
More informationEstate Planning Seminar Creating Certainty - 18 th August 2014 Presented by:
Estate Planning Seminar Creating Certainty - 18 th August 2014 Presented by: Tony Gilham Founding Partner Certified Financial Planner SMSF Specialist Advisor www.gfmwealth.com.au Andrew Lord Director Lawyer
More informationAddress:. Telephone Number: (Home) (Mobile) Marital Status: Single / Divorced / Engaged / Remarried / Married / Widowed / Separated
Will Planner This Will Planner is designed to help you prepare for questions the solicitor will ask at your appointment. It will help to save time and make the Willwriting process more efficient. If you
More informationA Primer on Wills. Will Basics. Dispositive Provisions
A Primer on Wills BY LYNNE S. HILOWITZ Following are some basic definitions and explanations of concepts and terms commonly used in planning and drafting wills as part of a client s complete estate plan.
More informationTRUST AND ESTATE PLANNING GLOSSARY
TRUST AND ESTATE PLANNING GLOSSARY What is estate planning? Estate planning is the process by which one protects and disposes of his or her wealth, sometimes during life and more often at death, in accordance
More informationFinancial and Estate Planning Questions and Answers
Financial and Estate Planning Questions and Answers Click on a question below to jump directly to the answer, or scroll through all of the questions and answers submitted.* 1. What is estate planning?
More informationREVOCABLE LIVING TRUSTS EXPOSED
White Paper REVOCABLE LIVING TRUSTS EXPOSED MAESTRO WEALTH ADVISORS www.maestrowealth.com R112018 CONTENTS GAINING MAXIMUM BENEFITS FROM A LIVING REVOCABLE TRUST... 4 WHAT IS A LIVING REVOCABLE TRUST?...
More informationA GUIDE TO WILLS AND PROBATE
A GUIDE TO WILLS AND PROBATE A GUIDE TO Wills & Probate the Aim of this book is to guide you through the importance of making a will, the rules of intestacy and how to deal with obtaining a grant of probate.
More information2) An estate represents a deceased person's assets after all debts are paid. Answer: TRUE Diff: 1 Question Status: Previous edition
Personal Finance, 6e (Madura) Chapter 20 Estate Planning 20.1 Purpose of a Will 1) Two key goals of estate planning are to ensure that your estate passes to the proper beneficiaries and to ensure that
More information5 Income of Other Persons Included in Assessee s Total Income
5 Income of Other Persons Included in Assessee s Total Income Learning Objectives After studying this chapter, you would be able to understand - why clubbing provisions have been incorporated in the Act
More informationWHAT IS ESTATE PLANNING? (A Primer)
WHAT IS ESTATE PLANNING? (A Primer) Estate planning is about developing a plan for what happens to you and your assets (including money, accounts, stock, household items and real property) when you are
More informationYour Will Planning Workbook
Your Will Planning Workbook Preparing your Will Glossary of terms..................................... 2 Introduction......................................... 3 Your estate.........................................
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE (Connecticut)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE - 2017 (Connecticut) I. Purposes of Estate Planning. II. A. Providing for the distribution and management of your
More informationStrategic Planning for Life and Death
Claude B. Bass, J.D. Advanced Planning Consultant - Architect Telephone (678) 580-2400 Claude_Bass@Comcast.Net Strategic Planning for Life and Death Rule Number One Beware the Short Form Estate Plan If
More informationProbate in Flor ida 1
Probate in Florida 1 2 1. WHAT IS PROBATE? Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent s debts, and distributing
More informationESTATE PLANNING INFORMATION SHEET I. PERSONAL AND FAMILY INFORMATION
Date: ESTATE PLANNING INFORMATION SHEET I. PERSONAL AND FAMILY INFORMATION Husband s Name: Home Address: (Include County) (First) (Middle) (Last) Telephone: Home Business Occupation: Business Address:
More informationIf you would like you can also add a picture of the church or church activity of your choice.
Please enter the name of your church and location on this page. If you would like you can also add a picture of the church or church activity of your choice. 1 2 Many people have not really thought about
More informationGLOSSARY. Compiled by Carolyn Paseneaux
GLOSSARY Compiled by Carolyn Paseneaux AB TRUST A trust giving a surviving spouse or mate a life estate interest in property of a deceased spouse or mate. It is used to save eventual taxes on the estate.
More informationWill and Estate Planning Workbook
Will and Estate Planning Workbook Conveying your wishes in a will is important. But two other documents are equally important: a living will (or advanced directive) and a power of attorney. Both can easily
More informationday of National Insurance Number Postcode
Transfer Plan/ Individual Buy Out Plan/ Individual Important please ensure that you have: 0813 Completed Parts A to F Consulted your legal, tax or financial adviser before signing this deed Signed on page
More informationNOTATIONS FOR FORM 112
NOTATIONS FOR FORM 112 This form gives testator s residuary estate to the spouse outright. If the spouse predeceases the testator, a child s share can be - Given to the child outright (see right page main
More informationLaw Offices of Mark E. Lewis & Associates Toll Free (800)
Law Offices of Mark E. Lewis & Associates Toll Free (800)832-2580 Trust & Will Preliminary Information Packet Client: M F Date of Birth: / / US Citizen? Yes No Address: City/State/Zip COUNTY of Residence:
More informationEstate Planning Questionnaire (for single persons)
LANGHAM PARTNERS MAIN OFFICE FAX EMAIL INTERNET 512-346-2261 512-346-4751 info@langham.com langham.com Langham Partners, P.C. 9501 N. Capital of Texas Highway Suite 202 Austin, Texas 78759-7250 ATTORN
More informationThe importance of assistance
TRANSFERRING Estate Planning Guide for Ontario Resident The importance of assistance Table of contents Creating Your Legacy.... 02 Steps in Setting Up an Estate Plan.... 02 1. Gather Your Information............................................
More informationEstate Planning Questionnaire (for Single Client)
Estate Planning Questionnaire (for Single Client) The following information will help me advise you of your estate planning options and prepare your documents quickly and accurately. The more information
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2019 (New York)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2019 (New York) I. Purposes of Estate Planning. A. Providing for the distribution and management of your assets after your death. B.
More informationTrusts and Other Planning Tools
Trusts and Other Planning Tools Today, We Will Discuss: Estate planning fundamentals Wills and probate Taxes Trusts Life insurance Alternate decision makers How we can help Preliminary Considerations Ask
More informationMEDICAID PLANNING. The facts... Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care.
MEDICAID PLANNING Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care. If you are married, your home is exempt and cannot be taken when applying
More informationAUTISM AND ESTATE PLANNING
AUTISM AND ESTATE PLANNING Part II Planning for the Parents of an Autistic Child Tuesday, November 23, 2010 Richard Niedermayer Topics Introduction Powers of Attorney for Property Personal Directives Guardianship
More informationNOTATIONS FOR FORM 103
NOTATIONS FOR FORM 103 For a discussion of the advantages and disadvantages of the residuary marital trust, see the INTRODUCTION. If Bypass Trust will be substantially larger than Marital Trust, consider
More informationTAX, RETIREMENT & ESTATE PLANNING SERVICES. Your Will Planning Workbook
TAX, RETIREMENT & ESTATE PLANNING SERVICES Your Will Planning Workbook Preparing your Will Glossary of terms... 1 Introduction... 2 Your estate... 2 Beneficiaries of your estate Your spouse... 3 Your children...
More informationWILL WITH TESTAMENTARY TRUST
WILL WITH TESTAMENTARY TRUST FOR FINANCIAL PROFESSIONAL USE ONLY-NOT FOR PUBLIC DISTRIBUTION. Specimen documents are made available for educational purposes only. This specimen form may be given to a client
More informationSTEP CERTIFICATE FOR FINANCIAL SERVICES - TRUSTS AND ESTATE PLANNING, SINGAPORE. Syllabus
STEP CERTIFICATE FOR FINANCIAL SERVICES - TRUSTS AND ESTATE PLANNING, SINGAPORE Syllabus INTRODUCTION This document contains the detailed syllabus for the STEP Certificate for Financial Services Trusts
More informationThe family conversation you should not avoid: How to discuss your legacy
The family conversation you should not avoid: How to discuss your legacy The BMO Wealth Institute provides insights and strategies around wealth planning and financial decisions to better prepare you for
More informationTestator (whose estate plan is this?)
Page 1 www.andersonlawmn.com Eric Anderson Attorney at Law Phone: 651-321-4977 4782 Banning Ave. Fax: 651-460-9899 White Bear Lake, MN 55110 eric@andersonlawmn.com Estate Planning Intake Form Instructions.
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE (New York)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE - 2018 (New York) I. Purposes of Estate Planning. A. Providing for the distribution and management of your assets
More informationNOTATIONS FOR FORM 307
NOTATIONS FOR FORM 307 This form is designed for settlors who own only community property or both separate and community property and who will respectively execute wills patterned on FORM 110: WILL-Pour
More informationYour Will Planning Workbook
Your Will Planning Workbook Preparing your Will Glossary of terms... 1 Introduction... 2 Your estate... 2 Beneficiaries of your estate Your spouse... 3 Your children... 3 Others... 4 Personal and household
More informationNOTATIONS FOR FORM 204
NOTATIONS FOR FORM 204 This form is designed for use in the smaller estate which does not justify the administrative expense of a two-trust plan but warrants equivalent qualification for the marital deduction.
More informationESTATE PLANNING AND WILL INFORMATION FORM
Spaniol Building 15 6 th Ave. N. St. Cloud, MN 56303 Telephone: (320) 259-4070 Fax: (320) 259-4061 Betsey Lund Ross, Attorney at Law Betsey@lundrosslaw.com ESTATE PLANNING AND WILL INFORMATION FORM Thank
More informationCountry Author: Taylor Wessing
The Legal 500 & The In-House Lawyer Comparative Legal Guide Germany: Private Client This country-specific Q&A provides an overview to private client law in Germany. It will cover taxes, succession laws,
More informationTaiwan International Estate Planning Guide Individual Tax and Private Client Committee
Taiwan International Estate Planning Guide Individual Tax and Private Client Committee Contact: Po-Hsiang OU, Yuyun HUANG, Nathan KAISER, Lloyd G. ROBERTS III Eiger Taiwan ph.ou@eigerlaw.com yuyun.huang@eigerlaw.com
More informationWealth Preservation and Estate Planning for 21 st Century Families One Size Does Not Fit All
Partners Office for Women s Careers at MGH Presents Wealth Preservation and Estate Planning for 21 st Century Families One Size Does Not Fit All Barbara Freedman Wand, Esq. Estate Planning Group Bingham
More informationCHALLENGING A WILL. A challenge to a Will occurs when someone seeks to overturn the last Will and Testament of a deceased person through the courts.
CHALLENGING A WILL A challenge to a Will occurs when someone seeks to overturn the last Will and Testament of a deceased person through the courts. The challenge to the Will can be done on several grounds,
More informationEstate Planning Fact Sheet for a Single Person Date Prepared
for a Single Person Date Prepared If you feel some items do not apply to you, or have questions regarding same, just leave the item blank. General Info: Full Legal Name Preferred Name Other Names Known
More informationESTATE PLANNING WORKSHEET Will / Trust Questionnaire
ESTATE PLANNING WORKSHEET Will / Trust Questionnaire The information which you provide is held in complete confidence, and is used solely for the purposes of analyzing your estate planning needs and designing
More informationTrusts An Introduction
Trusts can be highly effective wealth management vehicles, especially for income splitting, tax and estate planning purposes and wealth protection. A trust is an arrangement whereby a settlor transfers
More informationLouisiana Estate Planning: Some Information You Should Know. Carey J. Messina and Kevin C. Curry Courtney J. Tate
Louisiana Estate Planning: Some Information You Should Know Carey J. Messina and Kevin C. Curry Courtney J. Tate A. OVERVIEW: The need for estate planning is often dismissed by individuals as being a luxury
More informationCounty of Ocean, New Jersey. Jeffrey W. Moran, Surrogate 118 Washington Street, P. O. Box 2191 Toms River, NJ Phone:
County of Ocean, New Jersey Jeffrey W. Moran, Surrogate 118 Washington Street, P. O. Box 2191 Toms River, NJ 08753-2191 - Phone: 732-929-2011 A PLANNING GUIDE TO THE PROBATE PROCESS The Probate Process
More informationNOTATIONS FOR FORM 205
NOTATIONS FOR FORM 205 This form is designed for use in the smaller estate in which a bypass trust may or may not be needed. The decision whether or not to create a bypass trust is made after death, by
More informationEstate Planning Ontario Perspective
The Bank of Nova Scotia Trust Company Estate Planning Ontario Perspective Christine Brunsden Estate and Trust Consultant, 2017 Ontario Intestacy Rules Surviving Family Members Share in the Estate Spouse
More informationUnderstanding TRUSTS. A Summary of Trusts for Estate Planning VLC
Understanding TRUSTS A Summary of Trusts for Estate Planning VLC0009-0417 TABLE OF CONTENTS What Is a Trust.... 1 Who s Who in a Trust.... 2 Types of Trusts... 3 Taxation.... 4 Frequently Asked Questions....
More informationALABAMA STATE BAR WILLS FOR HEROES PROGRAM
ALABAMA STATE BAR WILLS FOR HEROES PROGRAM In order to make the Wills for Heroes project as convenient as possible we will be holding the program on site. For the process to run smoothly and take as little
More informationESTATE PLANNING 101:
Introduction ESTATE PLANNING 101: THE IMPORTANCE OF DEVELOPING AN ESTATE PLAN At some point, most people will contemplate estate planning. Often, this is prior to or shortly after a significant life event,
More informationTAX PLANNING THROUGH HUF AND FAMILY ARRANGEMENT
TAX PLANNING THROUGH HUF AND FAMILY ARRANGEMENT B Y C A M A N O J S K A R L E K A R HUF 2 Under Section 4 of the Income Tax Act, 1961 tax is payable by every person. The term Person as defined u/s 2(31)
More informationA matter of life and death
Hubbis, January 2018 A matter of life and death Life changes. Be Prepared. Be protected. 2 Key considerations Plan for the worst, hope for the best 14 things you should consider 1. Leave a will 2. Ensure
More informationESTATE PLANNING WORKSHEET
ESTATE PLANNING WORKSHEET DURING THE INITIAL APPOINTMENT, WE WILL DETERMINE YOUR SPECIFIC ESTATE PLANNING NEEDS AND GOALS. THE POTENTIAL COST OF PROBATE AND TAX WHICH WOULD OCCUR WITH YOUR CURRENT PLAN
More informationEstate Planning Basics
Your Retirement Advisor 508-798-5115 lynnt@yourretirementadvisor.com www.yourretirementadvisor.com Estate Planning Basics Page 1 of 12, see disclaimer on final page What Is Estate Planning? Estate planning
More informationCHAPTER THREE Structuring the Will
CHAPTER THREE Structuring the Will Purpose of this Ch. 3 analysis: to understand the components of the last will and testament. This is more than an exercise in mechanics consider the relevance of each
More informationEstate Planning Presentation to Chrysler Retiree s AGM
Bank of Montreal BMO Private Investment Counsel Inc. BMO Trust Company Estate Planning Presentation to Chrysler Retiree s AGM Prepared by: Bruce Farnell, BA, LLB, Specialized Planner-Estate & Trust November
More informationABU DHABI COMMERCIAL Bank, India
ABU DHABI COMMERCIAL Bank, India Settlement of Claims of Deceased Depositors & Return of Articles in Safe Deposit Lockers/ Safe Custody November 2009 DOCUMENT CONTROL SHEET Document Authorization Document
More informationDRAFTING INSTRUCTIONS: [DRAFTING INSTRUCTIONS APPEAR IN GREEN. DELETE THESE INSTRUCTIONS WHEN YOU HAVE COMPLETED DRAFTING YOUR WILL]
Will Single Person DRAFTING INSTRUCTIONS: [DRAFTING INSTRUCTIONS APPEAR IN GREEN. DELETE THESE INSTRUCTIONS WHEN YOU HAVE COMPLETED DRAFTING YOUR WILL] Insert the names of relevant people at the parts
More informationESTATE EVALUATION. John and Jane Doe
ESTATE EVALUATION John and Jane Doe Adam Advisor Investment Advisors 265 Anystreet Suite 123 AnyCity, AnyState, AnyZip (555) 555-5555 adam@investmentadvisors.inv Important Notes Estate Evaluation is a
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2018 (Connecticut)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2018 (Connecticut) I. Purposes of Estate Planning. A. Providing for the distribution and management of your assets after your death.
More informationGENERAL ESTATE PLANNING QUESTIONS
What is estate planning? GENERAL ESTATE PLANNING QUESTIONS Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your
More informationReference Guide TESTAMENTARY TRUSTS
Reference Guide TESTAMENTARY TRUSTS While most people have heard about trusts, many do not really know what they are or what benefits they offer and often incorrectly believe that trusts are only for wealthy
More informationBypass Trust (also called B Trust or Credit Shelter Trust)
Vertex Wealth Management, LLC Michael J. Aluotto, CRPC President Private Wealth Manager 1325 Franklin Ave., Ste. 335 Garden City, NY 11530 516-294-8200 mjaluotto@1stallied.com Bypass Trust (also called
More informationCAT CAPITAL ACQUISITIONS TAX
CAPITAL ACQUISITIONS TAX Charge to tax DISPONER AND DISPOSITION Capital Acquisitions Tax (CAT) applies to gratuitous benefits, for example, a gift (s 4) or an inheritance (s 9). The person who provides
More informationESTATE PLANNING QUESTIONNAIRE. Date of Birth: Legal Name of Child Address Date of Birth SS#: # of Children
DATE: _ ESTATE PLANNING QUESTIONNAIRE I. FAMILY AND OCCUPATIONAL DATA: Date of Birth: Address: Citizenship: SS#: Telephone # Home: Work: Cell: Email: Occupation: Name of Employer: Business Address: Date
More informationWhat is a disclaimer? A disclaimer is an irrevocable statement that the beneficiary/recipient of an asset does not wish to receive the asset.
What is a disclaimer? A disclaimer is an irrevocable statement that the beneficiary/recipient of an asset does not wish to receive the asset. The disclaimed asset passes as if the disclaimant had predeceased
More informationGift Planning Glossary of Terms
Gift Planning Glossary of Terms Annual Exclusion The amount of property (presently $14,000 or $28,000 for a married couple in 2013) that may annually be given to a donee, regardless of the donee s relationship
More informationBell Alliance Estate Planning Guide A Guide to Wills, Powers of Attorney, and Representation Agreements
Bell Alliance Estate Planning Guide A Guide to Wills, Powers of Attorney, and Representation Agreements Wills Powers of Attorney Representation Will Storage ( POA ) Agreements ( RA ) A will is a legal
More informationJOHNSTON LEGAL GROUP PC
JOHNSTON LEGAL GROUP PC Estate Planning Questionnaire (for Single Client) The following information will help me advise you of your estate planning options and prepare your documents quickly and accurately.
More informationGeneration-Skipping Transfer Tax: Planning Considerations for 2018 and Beyond
Generation-Skipping Transfer Tax: Planning Considerations for 2018 and Beyond The Florida Bar Real Property Probate and Trust Law Section 2018 Wills, Trusts & Estates Certification and Practice Review
More informationNOTATIONS FOR FORM 201
NOTATIONS FOR FORM 201 For a discussion of the advantages and disadvantages of the fractional share marital trust, see the INTRODUCTION. This form is designed for a settlor who will execute a will patterned
More informationTESTAMENTARY GIFTS AND WILLS
TESTAMENTARY GIFTS AND WILLS (Instruments of Stewardship) Canadian Council of Christian Charities Conference Building Ministries/Building Community Tuesday September 26, 2006 RICHMOND BRITISH COLUMBIA
More informationMore than $12 trillion are in the hands of America's mature population the parents of
Checkpoint Contents Estate Planning Library PPC's Estate & Trust Library Accounting and Reporting for Estates and Trusts Chapter 1 Estates and Trusts An Introduction 100 INTRODUCTION 100 INTRODUCTION 100.1
More informationEstate Planning Concepts
Estate Planning Concepts Hartman Private Law LLP 2009 2 Estate Planning Do you have or need an estate plan? Old Documents/Non-Georgia Documents Estate planning foundation Four primary estate planning documents
More informationHow to Prepare a Last Will and Testament
How to Prepare a Last Will and Testament The Simplest Way The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepare
More information