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A book that covers the countless
estate planning problems that regularly confront millions of people who are
approaching or have arrived at retirement age.
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Detailed
Table of Contents
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I.
THE PROCESS OF PLANNING FOR THE YEARS AFTER 50
Planning
for Retirement
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1.
Estate Planning For and During Your Retirement Years
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The
enormous scope of a complete estate plan
The changing focus on planning as we grow older
The changing perspective as we approach or arrive at old age
Deciding what "retirement" means to you
Who you want to be and what you want to do in the years ahead
The important decisions relating to retirement |
2. Sound Estate
Planning Demands Time and Study
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Building
a sound estate plan a big job, and worth the effort
Neither Rome nor a good estate plan was ever built in a day
Don't be among those who failed to plan |
3. Your Lawyer
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Getting
the right lawyer to handle your estate planning
Suggestions for selecting a lawyer
The greatly increased complexity of sound estate planning
The lawyer's charges |
4. Sources of
Guidance and Advice
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Getting
important information
Your Senior Center
Using the social agencies to find where to get help
Your financial advisor
Tax preparers
Bankers
Stockbrokers
Life insurance agents and brokers
Getting financial advice
Information on the Internet
Books that help your estate planning |
5. Gathering Information for Your Plan
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The
importance of keeping a complete record of your estate
The easiest way to gather all the necessary information
Keep your information safe from identity thieves |
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Planning
a Financially Secure Retirement
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6.
The Disaster of an Insufficiently Funded Retirement Plan
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The
coming disaster for many who have not planned
The danger in waiting too long to fund your estate plan |
7. A Plan to
Assure Adequate Funding for Future Plans
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A
comprehensive plan to assure financially secure senior years
1. Select your intended living style
2. Determine the cost of paying for that living style
3. Determine how much funding will be available
4. Determine the probable shortfall, if any, in funding your planned
retirement years
5. Decide what needs to be done to fund your retirement years
6. Decide how you will increase your estate to meet your future "perceived"
needs
7. Do what has to be done! |
8. Reviewing
and Revising Your Estate Planning Objectives
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It's
important to define your goals
You need to define your objectives in life
Preparing to define your objectives
My personal estate planning objectives |
9. Determining
the Cost of Funding Your Plan
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Will
your resources be enough to provide a carefree old age?
It may not be easy to answer that question
The factors that can vary to make the future uncertain
Don't be overly optimistic about the future
The most difficult question - your life expectancy
Determining financial requirements during later years
Factoring in the high health costs
Special care inside or outside the home
Putting it all together
The Big Question |
10. Determining
How Much Funding Will be Available
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Making
the important decisions with insufficient information
Determining your total estate and probable retirement income
Projecting your income during your retirement years
The treatment of possible future inheritance
When you receive a substantial inheritance |
11. Determining
Any Shortfall in Funding Your Plan
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If
you don't have to worry about the adequacy of your funding
There still may be serious problems ahead for most of us
Getting the answer to the big question that will determine your future
The inadequacy of Internet sites that compute the sufficiency of your
estate |
12. Deciding
What Must Be Done To Fund Your Plan Adequately
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Increasing
your assets
The crucial importance of eliminating debt
Reducing the costs of home ownership
Is an expensive car really necessary?
Credit cards - a sink hole for our resources
Cutting your living expenses without doing without
Using the reverse mortgage as a Reserve Fund
A secure old age without a huge debt |
13. Deciding
on the Changes You Must Make To Retire Comfortably
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The
basic steps that may be necessary |
14. The Determination
to Make the Changes Necessary to Fund Your Estate Plan Adequately
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What
you really need to do NOW
The hard part - carrying out your plan
Listing the actions you need to take
You've got to be determined and persistent! |
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II.
THE LEGAL DOCUMENTS REQUIRED FOR A SOUND PLAN
Your
Estate Plan's Legal Documents
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15.
Your Will
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The
complexity of the laws that govern wills
The impact of your state laws on your will
Do you need a will? |
16. Making the
Best Use of Living Trusts
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Deciding
whether you can benefit from a living trust
Getting a lawyer to prepare a living trust
The contents of a living trust
The mechanics of the living trust
The trustee of the living trust
The beneficiaries of a living trust
The termination of a living trust
Special provisions of a living trust
Spendthrift trusts
Using a living trust to avoid probate
The payable on death account |
17. Other Useful
Estate Planning Legal Documents
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The
comprehensive living trust
Durable power of attorney for property
Powers of attorney for health care
Living wills
The business buy-sell agreement |
18. Your Letter
of Instructions
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Preparing
and using your Letter of Instructions
Making your Letter of Instructions available
Some of the contents of your Letter of Instructions
Including a comprehensive overview of your estate
Using caution as to what you put into your Letter of Instructions
Instructions as to a surviving spouse
Taking pains to avoid losing your property
Other important information for your Letter of Instructions
Your funeral and burial instructions
Building
Your Net Estate
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19. Handling
Your Personal Finances
20. Building
Your Estate With Investments
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Building
your investment portfolio for retirement
Diversification of your investments
Allocation of your investments
Mutual funds |
21. Building
Your Estate With Life Insurance and Annuities
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Buying
life insurance after you are 50
Do you need more life insurance?
What to do with existing life insurance
Your beneficiary clauses
Should you cash in any life insurance?
Annuities |
22. Building Your Retirement Accounts and Benefits
23. Avoiding
Liability and Losses
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Avoiding
loss of property
Homeowners insurance
The need for title insurance
Zoning restrictions on your property
The danger of loss by eminent domain proceedings
Avoiding personal liability to others
Liability of a property owner
Avoiding unfortunate marriages
The disastrous new business
The use of insurance to avoid losses and liability
Getting insurance to cover all forms of your potential liability
Automobile insurance
Settlement of accident claims
Limits on the insurance company will pay
The suit for damages in an automobile case
The need to review your driving practices
Driving under the influence of drugs or alcohol
When the other driver is uninsured or underinsured |
24. Minimizing
or Eliminating Death Taxes on Your Estate
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The
impact of death taxes
The kinds of death taxes
Your state death taxes
Do you need to be concerned about federal death taxes?
Essential facts about the federal death taxes
Important facts to remember if you are vulnerable to the tax
Powers of Attorney for Property |
25. The Durable
Power of Attorney for Property
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The
importance of the power of attorney
The contents of a power of attorney
The seriousness of giving a power of attorney
The importance of "durability"
Creating a general power of attorney
Your own state's statute on powers of attorney
The use of powers of attorney with the comprehensive living trust
Failure to fully fund a comprehensive living trust
Ability of attorney in fact to complete funding of trust
Rights of people dealing with the agent
Terminating the power or removing the agent |
26. The Contents
of a Durable Power of Attorney
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The
parties to the power of attorney
The need for an alternate agent
The powers given to the agent
Be careful to include all powers that might b needed
Should you use a long, complicated document?
Using a state's Statutory "short Form"
Acknowledging the power of attorney |
27. Selecting
Your Agent
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It's
disastrous to give the wrong person a general power of attorney
There's little control over the actions of the agent
Use of power of attorney by older person is especially dangerous |
28. Using Powers
of Attorney for Property
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The
normal use of the general power of attorney
Controlling the release of copies of the power
The reduced need for POAs for limited purposes
Having the necessary number of POAs |
29. The Duties
of the Agent
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The
agent's duties before and after undertaking the required actions
The special fiduciary duties of the agent
The duty to keep records and to account |
30. Controlling
the Actions of the Agent
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Minimizing
losses from agent's improper conduct
Nipping the agent's improper actions in the bud
Criminal action for the agent's wrongful conduct
Terminating the agent's authority
Court proceedings to correct the agent's actions
Civil remedies for improper actions of the agent |
31. Amending
and Revoking a Power of Attorney
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The
duration of a power of attorney
Can the power of attorney be amended or revoked?
Making amendments to a power of attorney
How a power of attorney is terminated
Terminating the power of attorney due to the agent's misconduct
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The
Living Will and Other Advance Directives
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32.
The Living Will and Other Advance Directive
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The
importance of your state's statutes |
33. The Power
of Attorney for Health Care
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Preparing
the Power of Attorney for Health Care
Using the Power of Attorney for Health Care |
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Avoiding
Probate
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34.
The Pros and Cons of Avoiding Probate
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Making
the decision to avoid probate
What does probate mean?
The sources of laws that control distribution of estates
Opening an estate in your probate court
Other duties of the executor or administrator
Closing the estate
Understanding the meaning of "probate assets"
Reasons that probate is often required
Probate terminology
What are the advantages of probate?
What are the disadvantages of probate?
How can probate be avoided? |
35. Creating a Comprehensive Living Trust
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Using
the Comprehensive Living Trust to avoid probate
The need for a Pourover Will
The importance of complying with your State's Small Estate Statute |
36. Settling an Estate Without Probate
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What
are 'small Estates Procedures?
Planning for the settlement of your estate
Deciding whether to take actions to avoid probating your estate
When you settle an estate without probate |
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Special
Income Tax Problems of Seniors
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37.
Staying Out of Trouble With the IRS
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The
preparation and filing of returns
The need for adequate records
Duty to file returns and estimates, and pay taxes
Duty to estimate and pay income taxes in advance |
38. Special Income Tax Provisions for People Over 50
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Tax
changes that result from your changing circumstances
Special income tax breaks just for senior citizens
The head of the household
The qualifying widow(er)
Tax credit for the elderly and/or disabled
The earned income credit |
39. The Taxation of Social Security Retirement Benefits
40. Some Tax Requirement When a Person Dies
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The
decedent's final return
Duty to file the final return
The surviving spouse's joint return
The decedent's medical expenses
Income in respect of a decedent
The fiduciary return for the estate
The fiduciary return for a trust
Claiming refund of excess income taxes paid
The duty to file death tax returns |
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Getting
Financial Assistance
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41.
Your Social Security Benefits and Medicare
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The
need to study Social Security carefully
The importance of learning the rules before you decide to retire
Getting an idea of your benefits before you decide to retire
Determining your eligibility for retirement benefits
When you retire affects the amount of benefits
Deciding when to retire |
42. Getting Supplemental Security Benefits (SSI)
43. Veterans Benefits
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State
benefits for veterans
Federal benefits for veterans
Health care benefits
Survivors benefits
Death pension and life insurance
Rehabilitation and employment services
Other veterans benefits |
44. Assistance with Living Expenses
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The
federal food stamp program
Eligibility for the food stamp program
Maximum allowable resource limits
Maximum income limits
Monthly income eligibility limits
Allowable deductions in computing net income
Obtaining the stamps
Transportation
Rental assistance |
45. Additional State Benefits [Other Than Income Tax] for the Elderly |
Protecting
Your Health
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46.
Maintaining Good Health the Rest of Your Life
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The
need to be prepared for all your senior years
Taking charge of your own health
Improving your mind
Thinking young
Managing stress and tension
Your personal safety
Your personal habits
Your personal fitness
Your food
Your teeth
Your medical care |
47. Your Rights as a Patient
48. Your Medicare
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Medicare
privacy policy
Medicare prescription discount card
Discount card basics
Who can get a discount card
How the program works
Choosing a discount card
Extra $600 credit
Enrolling in a Medicare-approved drug discount card
Costs to join a Medicare-approved drug discount card
Available drug discounts
Where to get prescriptions with a drug discount card
Leaving a Medicare-approved drug discount card
Enrollment form for the discount card
For more information
Problems with discount card |
49. Your Medicaid
50. "Spending Down" to qualify for Medicaid
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Spending
down to be eligible for Medicaid |
51. Your Health and Medical Insurance
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Your
health insurance
Medicare supplemental insurance
Long term care insurance |
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