Estate Planning

What You Need to Know About Estate Planning

A Financial Planning Association brochure “shows why you need an estate plan and highlights some of the basic components of an estate plan.”

Click this link to open and read this estate planning brochure: http://www.plannersearch.org/assets/brochures/fpa_estate planning_web_060315.pdf

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deed

REAL ESTATE LAW
Transfer-on-Death Deeds

By Susan N. Gary

September 2007

“A transfer-on-death (TOD) deed, or beneficiary deed, allows an owner of real property to execute a deed that names a beneficiary who will obtain title to the property at the owner’s death without going through probate. This article examines the advantages and disadvantages of using TOD deeds and details how these deeds work. It provides several typical estate planning scenarios that highlight when the use of a TOD deed may be appropriate and when a different method should be used to transfer real property.

The execution of a TOD deed has no tax consequences.

Pros and cons of TOD deeds. A TOD deed solves many of the drawbacks associated with the other mechanisms available for transferring real property at death. Making a TOD deed an option will help property owners in a variety of circumstances. In contrast with using joint tenancy or a legal remainder interest, a TOD deed creates no present interest in the named beneficiary. This provides several benefits: The owner does not make a completed gift for gift tax purposes; if the owner changes his mind about the beneficiary, the owner can change the designation at any time before death; and because the beneficiary has no interest in the property until the owner dies, the beneficiary’s creditors cannot reach the property. In contrast with the transfer of property under a revocable trust or a will, the transfer of property through a TOD deed is much less expensive. In some states the cost of probate is substantial, and in any state a probate proceeding will cost more than the fees associated with a TOD deed.”

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Susan N. Gary is a professor of law at the University of Oregon School of Law.  She is an Academic Fellow and Regent of the American College of Trust and Estate Counsel, the preeminent U.S. organization for estate planning lawyers and academics.

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imagesPlanning for Retirement?  Take a break, for survivors’ sake

by Wendi Strom

December 27, 2015

“Many of us face the likelihood of eventually becoming the survivor of someone that we love. With that, it may mean inheriting the task of settling the affairs of their estate. Not an easy task, even when everything is thoughtfully organized.

The truth is, in our death-denying society, hours and hours may be spent on planning for that big phase we call ‘retirement.’ Retirement, though it may be more pleasant to think about, is not guaranteed. Death, as we all know, is.

Having worked with many widows and other survivors, I’ve come to realize that while planning, saving and investing for education and retirement may seem like the most important of our financial tasks, its tending to the fact that our survivors may one day be living a life without us that can ultimately become that task which is most important. Our best and final gift.

So what kind of steps can you take to help your survivors?”

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Wendi Strom, Certified Financial Planner, LOTUS Financial Partners, Denver, CO and president-elect, Financial Planning Association of Colorado.

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