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13 Cards in this Set
- Front
- Back
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Not in Probate Court |
Joint, Life Insurance, Retirement Accounts, Trusts |
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Probate Fee's on 2,700,000 estate |
100,000 x 4% = 4,000 100,000 x 3% = 3,000 800,000 x 2% = 16,000 1,7000,000 X 1% = 17,000 = 40,000 x 2 for Probate Attorney and |
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Do wills incur probate fees? |
Yes |
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Setting up the trust |
1. Who are trustees |
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Power of appointment |
Someone who has power to direct the assets of the trust for flexibility of irrevocable plans |
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Special Power of appointment |
appoint assets - not in poa's estate |
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General Power of appointment |
Assets are in your estate |
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Health, Education, Support, and Maintenance |
Putting this makes it a gift |
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2042 Proceeds on Life Insurance |
Has to be on the decedent |
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2035 Adjustments for certain gifts within 3 years |
If you die within 3 years of transferring gift out of estate |
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Terminable interest rule |
Any spouse can't be end on an incurrence of an event (Use a QTIP to get around marital deduction) |
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QTIP |
1. Spouse needs to get all income annually 2. No other person can have interest in property until surviving spouse dies |
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2044 |
QTIP goes into estate |
