Basic Estate Planning Seminar (July 2012) Part One Questions and Answers

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The question and answer sections were the focus of this estate planning seminar held in July 2012. Richard S. Land, attorney and member of Chipman, Mazzucco, Land & Pennarola, LLC, Danbury, Connecticut, made the presentation in five parts, each part building on the preceding one and followed by a question and answer session. Part One (and the Part One Q&A) covers: Will basics; consequences of not having a Will, the difference between probate property and nonprobate property; trusts; guardians; and executors. Part Two (and the Part Two Q&A) covers: federal and Connecticut estate taxes and estate tax “exemptions”; the “portable” estate tax “exemption”; “exemption” increases and decreases; the estate tax marital deduction; assets included in an estate for estate tax purposes; life insurance as part of the estate for estate tax purposes; 529 education plan accounts; and Will and trust provisions designed to save estate taxes including the differences between trusts created by a surviving spouse’s disclaimer and trusts established under a formula provision included in the Will. Part Three (and the Part Three Q&A) covers: common mistakes made in estate planning; jointly owned assets; things to consider when selecting Executors, Trustees and Guardians; retirement plan accounts (IRAs, 401(k), 403(b), etc.); how rules relating to required minimum distributions from retirement accounts affect the drafting of Wills, trusts and beneficiary designations; and life insurance and

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