The 50 Biggest Estate Planning Mistakes...and How to Avoid Them by Blacklock, Jean -- Read -- Imperial Library of Trantor

Index

Title Page Copyright Page Dedication PREFACE

major themes a note about quebec

Acknowledgements

personal thanks

PART 1 - incompetency issues

WANTED: DEAD OR ALIVE!

basic principles to know and keep in mind points to take away

OKAY, SO LET’S SAY I’M ALIVE

financial matters personal care and medical decisions points to take away

JUST GIVE ME CHERRY GARCIA ICE CREAM

choosing a substitute decision maker for personal care and health decisions communication is essential points to take away

AFTER THE ICE CREAM, I WANT EVERY HEROIC MEASURE KNOWN TO SCIENCE!

points to take away

HEY, HEY, HEY, HAVE I GOT A JOB FOR YOU!

points to take away

GOOD HELP AIN’T CHEAP

points to take away

THERE GO THE DANCING DOGS!

safeguards to consider . . . points to take away

PART 2 - intestacy issues

GIVING AWAY YOUR STUFF 101

points to take away

THE ROAD TO HELL IS PAVED WITH GOOD INTENTIONS

insurance designations for minor children joint assets with your child or children points to take away

LET’S CHECK THE CHICKEN COOP!

the immediate blow medium-term impact long-term effect points to take away

. . . AND THEN THE REST GOES TO SECOND COUSIN LUCY IN BARCELONA

points to take away

MY DIAMOND RING IS GOING WHERE?!

funeral and burial wishes minors’ guardian personal effects gifts to charities, friends and relatives points to take away

SHARE, SHARE AND SHARE ALIKE . . . SHARING YOUR ESTATE FAR AND WIDE . . .

bonding taxes professional fees points to take away

PART 3 - will-planning errors

IS THAT SNORING WE HEAR?

points to take away

AND FOR MAKING THOSE DELICIOUS MUFFINS, I LEAVE MY HOUSEKEEPER ONE MILLION ...

how it all works the tests for capacity how does this affect me? points to take away

INSERT SECTION A INTO WIDGET B AND POUR IN RUBBER CEMENT

the formalities of the document the contents of the document points to take away

I’LL NEVER LOSE IT UNDER THE SILVERWARE!

the original will copies points to take away

PENNY-WISE AND POUND FOOLISH

points to take away

FIRST COMES LOVE, THEN COMES MARRIAGE . . .

points to take away

THEN COMES BABY IN THE BABY CARRIAGE!

points to take away

IT WAS FUN WHILE IT LASTED!

points to take away

YOU NEED A PLAN, STAN

communication documentation funding updating points to take away

WELL, HE SURE CAN MIX A MEAN MARTINI!

points to take away

I DON’T CARE IF JOHNNY IS IN JAIL, HE’S MY LITTLE BOY!

just too many . . . renunciation unanimity points to take away

MOMMA ALWAYS SAID, “LIFE IS LIKE A BOX OF CHOCOLATES, YOU NEVER KNOW WHAT ...

points to take away

“. . . BOND. JAMES BOND.”

bronze medal disclosure silver medal disclosure gold medal disclosure points to take away

KUM BAY YA, MY LORD, KUM BAY YA

appointing a sole executor appointing two or more executors points to take away

AND NO RED BULL AFTER 6 P.M.!

failing to mention some of their minor children stalling on the will because of indecisiveness about a guardian choosing an inappropriate guardian or trustee not providing direction on the guardianship period points to take away

HE LOOKS SO CUTE IN HIS SUIT AND TIE!

points to take away

I LOVE YOU ALL THE WAY TO THE MOON AND BACK

communicating before your death communicating after your death points to take away

THAT’S NOT A MOSQUITO, THAT’S YOUR SISTER- IN-LAW!

the “parents’ presence” issue ownership traps disagreements over use and maintenance taxes ideas to consider points to take away

“. . . AND THOSE OF MY OFFICE PLANTS ALIVE AT MY DEATH TO MY PARTNER, HUGH, FOR ...

1. a general transfer 2. a general transfer with the possibilty of a memorandum made later 3. specific gifts points to take away

THE SOCIETY OF WAYWARD PETS AND OTHER CAUSES CLOSE TO YOUR HEART

points to take away

THE STONY PASTURE AND OTHER PLACES NOT ON THE MAP

those confusing legal descriptions giving away items you don’t own points to take away

YOU CAN’T GIVE WHAT YOU AIN’T GOT!

giving away more than 100 percent of the estate’s value ending up with an unintended result points to take away

CANADA REVENUE WHO?

not contemplating the significant tax burden that may accrue on an asset over ... giving assets to specific beneficiaries and being unclear about who pays the ... missing the available planning techniques that defer taxation until the last ... not addressing foreign ownership or foreign citizenship of the person preparing ... points to take away

CAN I HAVE A SILVER SPOON WITH THAT?

mistakes in the selection of the trustee conflict of interest in acting as both trustee and guardian conflict of interest between trustee and beneficiary points to take away

CAN I HAVE A SILVER SPOON WITH THAT? THE SEQUEL

trusts for minor children spousal trusts points to take away

MINIMUM WAGE SOUNDS ABOUT RIGHT, MARGE

1. say nothing 2. specifically exclude compensation 3. specifically provide for compensation 4. leave a gift to the executor or provide for professional fees to be billed recourse for beneficiaries points to take away

PART 4 - mistakes in estate administration

I CAN’T EVEN READ THIS THING!

1. renunciation 2. appoint an agent 3. carry on but hire assistance as needed points to take away

I’VE ALWAYS BEEN A DO-IT-YOURSELF KIND OF GAL

hiring an agent hiring other professionals points to take away

I ALWAYS LIKED THAT SUSIE THE BEST

points to take away

DO I NEED TO MISS MY GOLF GAME?

points to take away

WHAT, YOU WANT MY PHONE NUMBER TOO?

communicating early and often with the beneficiaries managing beneficiaries’ expectations it’s not “us versus them” points to take away

LET’S JUST TIDY THIS UP TODAY

1. get organized 2. consolidate points to take away

ENOUGH ALREADY!

1. preparing the estate for distribution 2. distribute 3. wind up summary points to take away

I NEVER KNEW APIARIES WERE SO COMPLICATED

points to take away

OKAY EVERYBODY, TAKE WHAT YOU LIKE AND DON’T FORGET THE CAT

points to take away

I THOUGHT I KNEW HIM BETTER THAN THAT . . .

1. assets held unexpectedly in joint tenancy 2. assets with outdated titles 3. loans or guarantees made by the deceased or payments being made to others 4. unfiled tax returns in Canada or other countries, especially the United States points to take away

BACK SEAT DRIVING IS A SNAP!

starting off on the right foot when things go wrong . . . points to take away

GLOSSARY INDEX

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