ABSTRACT
Estate Planning Overview .............................................................................................................. 571 Meeting with Advisors .............................................................................................................. 572 Finalizing the Estate Plan .......................................................................................................... 572
Choosing a Personal Representative .............................................................................................. 572 Probate ........................................................................................................................................... 573 Nonprobate Assets ......................................................................................................................... 573
Joint Tenancy ............................................................................................................................. 573 Community Property ................................................................................................................. 573 Life Insurance............................................................................................................................ 574 Retirement Plans ....................................................................................................................... 574 Revocable Living Trust ............................................................................................................. 574 Buy-Sell Agreements ................................................................................................................ 574
Documents of Property Transfer .................................................................................................... 575 Wills .......................................................................................................................................... 575 Trusts ......................................................................................................................................... 575
Testamentary Trust ............................................................................................................... 576 Marital Trust ......................................................................................................................... 576 Incentive Trusts .................................................................................................................... 576 Irrevocable Life Insurance Trust .......................................................................................... 577
Disclaimers .................................................................................................................................... 578 Unified Estate and Gift Taxes ........................................................................................................ 578
Historical and Future Federal Gift Tax Exemptions and Rates ................................................. 578 Calculation ........................................................................................................................... 579 Exclusion Amount ................................................................................................................ 580
Estate Liquidity Planning ............................................................................................................... 580 Section 6161 .............................................................................................................................. 581 Section 303 Redemption ........................................................................................................... 581 Section 6166 .............................................................................................................................. 581 Section 2032A Special Use Valuation ....................................................................................... 582
Family Gifting and Loans .............................................................................................................. 582 Uniform Transfer to Minors Act ............................................................................................... 583 Section 529 Plans ...................................................................................................................... 583 Medical Care and Tuition Payments ......................................................................................... 583 Intrafamily Loans ...................................................................................................................... 584
Estate planning is an ongoing process and it should be considered a vital part of every medical professional’s overall financial plan. Your estate is the total value of everything you own: your home and everything in it, the car, minivan, diamond brooch, wine collection, portfolio of mutual funds, other investments, retirement plans, medical practice, ownership in a family business, vacation homes, furniture, and clothing. It all adds up very quickly, especially when you consider any positive effect that the stock market may have had on your investments and the escalation in the price of homes in many parts of the United States.
