List of estate planning terms

Estate planning is a complex, but essential component, to a comprehensive financial plan. Suffice it to say, that this area of financial planning requires professional assistance. Still, knowledge is power.

Exemptions and tax rates
On April 2, 2009, the Senate agreed on S.AMDT.873, an amendment to S.CON.RES.13, a non-binding concurrent resolution setting forth the congressional budget for FY 2010, which was later passed. If enacted in the FY 2010 budget, a new $5,000,000 exemption level will be created with a maximum tax rate of 35%.

General Terms

 * Estate Planning
 * Taxable Estate
 * Estate Tax
 * Gift Tax
 * Marital Deduction
 * Power of Attorney
 * Living Will

The Parties Involved

 * Trustee
 * Grantor
 * Beneficiary
 * Heir
 * Guardian
 * Executor

Wills and Probate

 * Will
 * Pour Over Will
 * Intestate
 * Probate
 * Transfer on Death (ToD)
 * Escheat

Trusts

 * Trust
 * Revocable Trust
 * Inter Vivos Trust
 * Testamentary Trust
 * Credit Shelter Trust (CST)
 * Qualified Terminable Interest Property Trust (QTIP)
 * Irrevocable Trust
 * Crummey Power
 * Grantor Retained Annuity Trust (GRAT)
 * Generation-Skipping Trust
 * Charitable Remainder Trust
 * Charitable Lead Trust
 * Family Limited Partnership
 * Qualified Disclaimer

Introductory Materials on Estate Planning

 * Estate Planning lawyer and CFP Michael T. Palermo presents his adult education class course in estate planning at Crash Course in Wills & Trusts (link may be broken, domain name up for sale).
 * CCH provides an estate planning module on their website at Estate Planning.
 * Vanguard Estate Planning FAQ
 * Vanguard Trust Services

The Internal Revenue Service has a great deal to say about the transfer of assets:


 * Estate Tax Rates and Exemptions (broken)
 * Tax Law Changes for Gifts and Estates and Trusts
 * Pub 950: Introduction to Estate and Gift Taxes
 * Pub 559: Survivors, Executors, and Administrators

Papers

 * Estate Planning for Persons with Less Than $5 Million by Blattmachr, Jonathan G., Slade, Georgiana J. and Crawford, Bridget J (March 2007)
 * Taxes, Estate Planning and Financial Theory: New Insights and Perspectives by Dammon, Robert M., Spatt, Chester S. and Zhang, Harold H (March 15, 2004)
 * Using Charitable Planned Gifts in Estate Planning to Maximize Tax-Efficient Results by Mary C. Hester (2006)