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Estate Planning Fundamentals

TABLE OF CONTENTS

• The Need for Estate Planning
• No Will? No Problem! (State Drawn Will in Common Law States)
• Advantages of a Will
• Avoiding Probate
• Types of Wills and Trusts
• Revocable Living Trust
• How a Bypass Trust Works
• How Bypass and QTIP Trusts Work
• Irrevocable Life Insurance Trust for a Married Couple
• How Bypass and Irrevocable Life Insurance Trusts Work
• Special Needs Trust
• How a Special Needs Trust Works
• Transfers to Noncitizen Spouses
• Generation Skipping Transfer Tax
• Funding Your Revocable Living Trust
• Holding Title
• Valuation of Estate Assets
• Estate Settlement Costs Funnel
• The Federal Estate Tax
• How The Federal Estate Tax Works
• Federal Estate Tax Tables
• Paying Estate Costs with Estate-Tax-Free Dollars
• Duties of an Executor
• Durable Power of Attorney
• Who Makes Medical Care Decisions when I Cannot?