Cover Your A$$ets
A trust that can be amended.
Revocable Trust
The individual who will inherit assets of trusts, life insurance, annuities or retirement accounts when a person deceases.
Beneficiary
Passing away in 2009, this King of Pop had a trust but failed to fund it.
Michael Jackson
These types of accounts are covered by the FDIC up to 250,000 per vesting.
Bank account.
This annual tax exemption doubled in 2017 from $5.34 M to $11.4 M in 2019.
Federal Estate Tax Exemption
Another name for this legal document is "Living Will".
Advance Health Care Directive
The individual that establishes the trust.
Grantor
Verbal promises fell short on this young wife causing her to fight in court against her husband's family for years for what she was rightfully promised.
Anna Nicole Smith
This is used to convey real property from an old owner to a new owner.
Real Estate Deeds of Trust
You can gift this amount to as many individuals as you'd like. The annual gift exclusion amount for 2019 per recipient is...
$15,000
This is a written authorization to represent or act on another's behalf regarding all financial or legal matters while they are alive.
Power of Attorney
A legal person who is appointed to carry out the terms of a will during probate.
Executor
This public figure failed to disclose where the estate documents were to the family.
Florence Joyner Griffin
A reasonably interchangeable good or material that is bought and sold freely as an article of commerce.
A Commodity
A married couple can leave this amount to their heirs and pay no federal estate or gift tax.
$22.8 M
It is critical to review this with your legal and financial advisors to ensure you are updating according to your overall estate plan with respect to inheritance.
Beneficiary Designation
This person is appointed for either a durable power of attorney or in place of an advance health care directive.
Agent
Marrying his 6th wife but passing away from cancer before his son was born. He failed to update his beneficiaries which resulted in unhappy baby mama drama.
Michael Crichton
For the accumulation of capital on a tax-deferred basis. In exchange for a lump sum of capital, a life insurance company credits this account with a guaranteed fixed interest rate while guaranteeing the principal investment.
Fixed Annuity
SB 378 seeks to impose an estate tax on estates ranging from $3.5 M to $11.4 M in order to help produce more socioeconomic equity in California. If approved by California legislature, it will appear on the ballet in this election.
November 2020
If you have a trust, this will be your safety net to catch assets that were not transferred over or held in title into a trust prior to your death.
Pour Over Will
The person who dies without any estate planning documents.
Intestate
Only wrote a 172-word will.
Chief Justice Warren Burger
A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated foundation.
Charitable Trust
A tax planning strategy that allows each contributor to a 529 college savings plan to make a lump sum contribution of up to five times the annual gift tax exclusion.
Superfunding