basic california estate planning checklist that

Basic california estate planning checklist that code#

To be a “qualified disclaimer” for transfer tax purposes, a disclaimer must be exercised within nine months of death or gift, and must comply with other Internal Revenue Code requirements.

Disclaimer:Įlection by done of gift or beneficiary of bequest to decline acceptance. Thus, for example, a charitable organization cannot qualify as a “designated beneficiary”. regulations, one of which requires that to qualify as such the beneficiary must be an individual with an ascertainable life expectancy. The term “designated beneficiary” is a term of art under the I.R.S.

Designated Beneficiary:Īn individual beneficiary of a retirement account (IRA, 401(k), 403(b), etc.) who qualifies as a person whose life expectancy may be used for determining required minimum annual distributions. Under many recent state statutes, the term “Attorney-In-Fact” has been replaced by the term “Agent” under the Uniform Powers of Attorney Act.Ī person who has died. The attorney-in-fact need not be a lawyer any competent adult individual may serve. The person appointed under a Power of Attorney to conduct the affairs and deal with the property of another. The Advance Medical Directive includes both a “living will” and a “durable power of attorney for health care decisions”. The legal instrument in which a person nominates another to make medical decisions when one is unable to do so, and also expresses the person’s wishes as to the extent of “extraordinary” medical care desired in case of imminent death from an irreversible condition, or in the case of a persistent vegetative state. The one appointed by the Probate Court to manage the probate estate where no executor has been designated, or where the designated executor is unable or unwilling to serve. The B-Trust, sometimes referred to as the “By-Pass Trust” or the “Credit Shelter Trust”, will also be held for the benefit of the surviving spouse during his or her lifetime, but upon the death of the surviving spouse, will pass to the children (or other beneficiaries) without any additional estate tax, irrespective of the value of the B-Trust at that point. The two “sub-trusts” created when a person dies, one of which – the “A” Trust – will be maintained for the benefit of the surviving spouse – and the other of which – the “B” Trust – will contain assets of a value equal to the deceased spouse’s remaining estate tax exclusion amount.

Basic california estate planning checklist that