Estate Planning

Starting an Estate Plan

	Define the most commonly-used estate planning terms
	Determine the goals of his or her estate plan
	Choose members of an estate planning team
	Take inventory of the estate's assets
	Compare the different types of property ownership

Sorting Out Your Assets

	Identify different types of life insurance and the benefits of each
	Choose the insurance policy that best suits his or her situation
	Compare the options available with pension plans
	Recognize the saving options available other than pension plans
	Distinguish between the different types of business entities
	Determine the goals for the future of his or her business

Preparing Your Will

	Describe the disadvantages of dying without a will
	Explain the function of probate court
	Identify the main parts of a simple will
	Create a distribution plan of his or her assets
	Distinguish between the functions of a will and a trust
	Select a trustee
	Recognize the relative benefits of different types of trusts

All About Probate

	Describe the probate process
	Distinguish between an administrator and an executor
	Select an executor
	Explain how an estate can avoid probate
	Prepare for some unique probate situations

Considering Your Family

	Determine the qualifications needed for a guardian
	Recognize the different options available for providing for children in a will
	Describe spousal property rights
	Identify the areas of an estate affected by a divorce
	Prepare for a will contest

Taxes to Expect

	Calculate a gross estate and determine the federal estate taxes for it
	Identify types of gifts subject to federal gift tax
	Recognize the different types of state taxes that can affect an estate

Tax Strategies

	Determine which assets to donate and when to make the donation
	Recognize the different types of charitable gifts
	Identify the tax exclusions and deductions that will reduce estate taxes the most
	Plan asset distribution within the family

Retirement Issues

	Explain the benefits covered by Social Security income
	Distinguish the different types of medical benefits available at retirement
	Examine the alternatives to appointing a guardian if the estate can no longer be managed
	Explain the functions of a living will and a health care power of attorney
	Define final wishes such as anatomical gifts and burial wishes in the estate plan

Revising an Estate Plan

	Recognize the options available for caring for an aging parent
	Manage an estate plan as changes to the estate occur
	Distinguish between the concerns related to preparing an estate plan early in life and the concerns for preparing one later in life