Fong Law Group

Estate Planning Checklist 資產規劃清單 (中英對照)

“When most people hear the term “estate planning,” they think of a will. Although planning your estate does involve making a will, it also involves a few other key details.”

A will is just one of a handful of documents every adult should have in place to protect themselves while they are living, and their heirs and families after they have passed. Following are the “5 estate planning must-haves,” according to an article from the Augusta Free Press:

1. Wills and Trusts. Your will directs the distribution of your assets. Without a will, the court will determine who gets your possessions, real property and any other assets, following the laws of your state. Depending on your situation, you and your heirs may benefit from setting up trusts to protect your assets from the probate process, maintain your privacy and possibly avoid some taxes. Keep in mind that if the will or trust is not created properly or doesn’t follow your state’s laws, it could be challenged or deemed invalid. Work with an experienced estate planning attorney to protect your family.
2. Many of your accounts—bank accounts, investment accounts, retirement accounts, insurance policies—may already have a named beneficiary, who will inherit the account upon your death. However, if you have not updated those names recently, you may find the wrong person inheriting your assets. Once that occurs, there is no legal means of transferring the assets to another person. Always make sure you have a contingent beneficiary, so if the primary beneficiary dies before you, or for some reason declines to accept the asset, you will have had an opportunity to choose another person to receive the asset. If there is no contingent beneficiary, the court may make that decision.
3. Letter of Intent. It must be said that this is not a legally binding document. However, the information it could provide to your loved ones might be very helpful, as they move through the process of settling your estate. It can explain why you structured your asset distribution the way you did, why you would want a given family heirloom passed to a specific family member, or what you would like to have happen at your funeral. If you are not able to discuss these matters in a face-to-face conversation with your loved ones, this is a useful alternative.
4. Power of Attorney. Planning for incapacity is an important part of estate planning. If you become incapacitated, you’ll need to have already given someone the power to manage your financial affairs. If you do not have a power of attorney, your family will need to turn to the court system, which will create delays and added stress. You’ll also want to have a healthcare power of attorney in place. Most people assume their spouses will immediately take on this role, but not everyone is capable of making the hard decisions, especially during an emergency situation.
5. Legal Advice. Estate planning laws are governed by your state of residence. Your best option is to make an appointment with a local estate planning attorney to learn whether there are any other documents and plans you need to put into place. Some law firms provide a means of documenting assets to ensure that, at the time of death, your family is not embarking on a scavenger hunt to identify assets. In certain states, you can assign a funeral representative to make sure your funeral, burial or cremation and memorial service wishes are carried out. Your attorney will know what you and your family need.

Reference: Augusta Free Press (Nov. 27, 2018) “5 estate planning must-haves”

“大多數人聽到“資產規劃”這個詞時，他們會想到遺囑。雖然規劃你的資產確實牽涉製定遺囑，但它還涉及其他一些其他關鍵細節。”

遺囑只是每個成年人在生時保護自己以及在他們去世之後保護他們的繼承人和家人的少數文件中的其中一份。根據 Augusta Free Press的一篇文章，以下是“5 estate planning must-haves,”：

1.遺囑和信託。您將指定您的資產如何分配。如果沒有遺囑，法院將根據您所在州的法律確定誰擁有您的財產，不動產及任何其他資產。根據您的情況，您和您的繼承人可於通過建立信託以保護您的資產免受遺囑認證過程的影響，維護您的私隱並可能避免一些稅收。請記住，如果遺囑或信任未有正確建立或不符合您所在州的法律，則可能會被質疑或視為無效。與經驗豐富的資產規劃律師合作以保護您的家人。

2.受益人。在您眾多的賬戶 - 銀行賬戶，投資賬戶，退休賬戶，保險單 - 可能已經有一位指定的受益人，他將在您去世時繼承這些賬戶。但是，如果您最近沒有更新指定受益人，您可能會發現繼承您資產的人並不是您想的人。一旦發生狀況，就沒有合法的方式將資產轉讓給他人。確保您有後備受益人，如果主要受益人在您之前去世，或由於某種原因拒絕接受該資產，您將有機會選擇其他人來繼承資產。如果沒有後備受益人，法院可以作出決定。

3.意向書。必須說這不是具有法律約束的文件。但是，它可以為您的家人提供的信息可能非常有用，因為他們正在解決您的財產問題。它可以解釋您如何按照自己的方式去分配資產，為什麼您希望將特定的家傳之寶傳給某一家庭成員，或者您希望在您的葬禮如何進行。如果您無法與親人面對面討論這些問題，這是一個有用的選擇。

4.授權書。為喪失能力規劃是資產規劃的重要部分。如果你喪失能力，你就需要授權某人去管理你的財務。如果您沒有授權書，您的家人將需要轉向法院系統，這會造成延誤並增加壓力。您還想有醫療授權書。大多數人認為他們的配偶會立即擔任這個角色，但不是每個人都能做出艱難的決定，特別是在緊急情況下。

5.法律諮詢。資產規劃法例由您所居住的州去管轄。您最好是預約當地的資產規劃律師，了解是否還有其他文件和計劃需要落實。一些律師事務所提供了記錄資產的工具，以確保在您去世時，您的家人不需像進行尋寶遊戲去識別您的資產。在某些州，您可以指派一名葬禮代表，以確保您的葬禮，土葬或火葬和追悼會的願望得以實現。您的律師會知道您和您的家人需要什麼。

參考: Augusta Free Press (Nov. 27, 2018) “5 estate planning must-haves”

Being an Adult Means You Need an Estate Plan 成年表示你需要一個資產計劃 (中英對照)

“Although we typically associate the term “estate” with the ultra-wealthy, estate planning is not just for the rich. Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan—a collection of documents that specify how you want your assets distributed.”

Estate planning has a purpose while you are alive, with medical directives and power of attorney, as well as when you have passed. That is something most people don’t understand. As described in a recent article in Forbes, “6 Reasons Why You Need an Estate Plan,” most people continue to neglect to put a plan in place. A recent survey from caring.com found that less than half of American adults have estate planning documents, such as a will or a trust. Here are a few reasons why that’s a big mistake:

Plan for your needs. If you should become incapacitated or unable to make your own decisions, an estate plan will protect you, your assets and your family. Part of your estate plan is preparing for this type of scenario. What kind of cash flow will you need and is there insurance missing from your plan? You should designate a healthcare proxy or a power of attorney who can make medical and financial decisions on your behalf, if necessary. Speak with the people who you want to name to these key roles, so they are prepared and understand your wishes in advance.

Dispose of your assets. With no will, your state will decide how to distribute your assets. At the very least, check your beneficiary designations on accounts so your financial and investment accounts and insurance proceeds go to the right people. A will clearly defines how you want your assets distributed at your death and saves your family from the time, expense and frustration of trying to figure out what you wanted, and what the law allows.

Minimize taxes. If there’s a substantial amount of wealth involved, that you want to transfer it to other family members or loved ones, the estate planning process can help you do this in the most tax-efficient way possible. Speak with your estate planning attorney about different types of taxes to consider: the estate tax, gift tax and generation-skipping transfer taxes. Since the IRS places limits on how much money can be transferred and to whom without being taxed, an estate plan outlines a wealth transfer strategy.

Create a philanthropic legacy. How do you want to be remembered after you die? Do you want to create a family foundation, endow a scholarship or participate in a donor-advised fund to support a cause that is important to you? There’s also the question of giving while you are alive, to enjoy seeing the results of your generosity.

Protect the wealth of the family. Your assets can come under pressure in many different ways, while you are living. Frivolous lawsuits can become an expensive nuisance. Estate planning can remove your name from assets and put them into legally-protected vehicles, such as trusts or limited liability entities. Insurance is also a part of estate plans, with certain types of insurance used to protect you against a variety of legal challenges.

Prepare future generations. For families that have accumulated large amounts of assets, instilling and preserving the family values over generations is a difficult but do-able task. Families that are successful in building long-lasting legacies devote time to teaching children about stewardship, civic and fiscal responsibilities and their role as part of a family that takes its achievements seriously.

An estate planning attorney can help you to create an estate plan that will protect your family and your legacy across generations.

Reference: Forbes (Sep. 13, 2018) “6 Reasons Why You Need an Estate Plan”

“雖然我們通常將“遺產”一詞與超級富豪聯繫在一起，但資產規劃不僅僅適用於富人。無論家庭動態或財務狀況如何，每個人都可以從資產計劃中受益 -資產計劃是指定您希望如何分配資產的文件。”

資產規劃在您活著期間有目標的，為醫療指示和授權書，以及您過世後的問題。這是大多數人不理解的事情。如福布斯最近的一篇文章所述，“6 Reasons Why You Need an Estate Plan” (您需要資產計劃的6個理由) 大多數人繼續忽視制定計劃。caring.com最近的一項調查發現，只有不到一半的美國成年人擁有資產規劃文件，例如遺囑或信託。以下是為什麼這是一個大錯誤的幾個原因：

為你的需求做計劃。如果您喪失能力或無法做出自己的決定，資產計劃將保護您，您的資產和您的家人。您的資產計劃的一部分正在為此類情況做準備。您需要什麼樣的現金周轉並且您的計劃中是否缺少保險？如有必要，您應指定代表您做出醫療和財務決策的醫療代理人或財產代理人。要和這些關鍵的人交談，以便他們提前做好準備並理解您的願望。

處置您的資產。沒有遺囑，您的州將決定如何分配您的資產。至少，檢查您的帳戶的受益人名稱，以便您的財務和投資帳戶和保險收益發送給合適的人。遺囑將清楚地定義您希望在您死亡時分配資產的方式，並使您的家人免於花費時間，費用和挫折來試圖弄清楚您想要什麼，以及法律允許什麼。

盡量減少稅收。如果涉及大量財富，您希望將其轉移給其他家庭成員或親人，那麼資產規劃流程可以幫助您以最節省稅收的方式實現這一目標。與您的資產規劃律師討論要考慮的不同類型的稅收：遺產稅，贈與稅和隔代轉移稅 (Generation-skipping transfer taxes) 。由於美國國稅局限制了可以轉移多少錢給其他人而不用交稅，因此資產計劃可提供概財富轉移的戰略。

創造慈善遺產。你死後怎麼想被人記住？您想創建一個家庭基金會，獲得獎學金或參與捐贈者建議的基金，以支持對您來說重要的事業？還有一個問題就是在你活著的時候給予，享受看到你慷慨的結果。

保護家庭財富。在您生活的過程中，您的資產可能會以多種不同的方式承受壓力。輕微的訴訟可能會成為一種昂貴的麻煩。資產規劃可以將您的名字從資產中移除，並將其置於受法律保護的車中，例如信託或有限責任實體。保險也是資產計劃的一部分，某些類型的保險用於保護您免受各種法律挑戰。

為後代做好準備。對於積累了大量資產的家庭來說，灌輸和保留家庭價值觀是一項艱鉅但可行的任務。成功建立資產計劃的家庭會花時間教育兒童關於管理，公民和財政責任以及認真對待家庭的成就。

資產規劃律師可以幫助您制定資產計劃，以保護您的家人和您的資產代代相傳。

參考: Forbes (Sep. 13, 2018) “6 Reasons Why You Need an Estate Plan”

If It’s Not on Paper, Your Wishes Won’t Come True 如果它不在紙上，你的願望就不會成真 (中英對照)

 

 

“Do not buy into the myth that estate planning is only relevant for wealthy individuals who need tax planning.”

One of an estate planning attorney’s main responsibilities is ensuring that clients understand the importance of addressing these matters before they become an issue, reports the New Jersey Herald in the article “The importance of putting plans in writing.”

The message hits home especially hard, when the friends of estate planning attorneys experience problems that could have been resolved earlier with correct planning. In one example, a woman’s friend began to experience unexpected health problems. Her husband is incapacitated and there are no children to step in and help. The couple’s lack of legal documents has made a difficult situation even worse.

Although discussing concepts like end-of-life care can be challenging, all adults do need to have specific plans in place, even if their estate plan is basic: a last will and testament, a living will and a power of attorney.

It is never to early to put these documents into place. Everyone who is 18 years or older should at least have a designated power of attorney and a medical directive, in case they are unable to manage their own affairs or make healthcare decisions.

Unfortunately, many people still think estate planning is only for wealthy people who want to pay less taxes. Tax planning can help lighten tax liability for some. However, there are far more important reasons to do estate planning.

The main reason for estate planning is to set down expectations and wishes, while you are alive and after you pass. An estate planning attorney will help review the benefits of having a power of attorney and a healthcare directive. They can help, if the situation occurs where your loved ones have to make decisions for you. The amount of time, expense and frustration of going through a guardianship process can be avoided, if these items are in place.

An estate planning attorney can also help you with completing beneficiary forms for non-probate assets, preparing a funeral plan, planning a personal property memorandum and discussing elder care and planning for incapacity.

Making decisions in advance regarding who will care for minor children, if young parents cannot and who will be the person’s executor and handle all the details of their estate, are all necessary.

Many couples choose joint ownership and consider that their estate planning. However, that’s not enough. What happens when the last “surviving” joint owner passes? There are many other issues that need to be dealt with and an estate plan can address them.

Reference: New Jersey Herald (Aug. 22, 2018) “The importance of putting plans in writing”

“不要誤以為資產規劃只適用於需要稅務計劃的富人。”

資產規劃律師的主要職責之一是確保客戶在問題發生之前諒解問題的重要性。在文章中新澤西先驅報報導了“The importance of putting plans in writing.” (以書面形式製定計劃的重要性) 。

當資產規劃律師的朋友們遇到本來可以通過正確規劃來解決問題時，這個消息會特別有

震撼力。在一個例子中，一位女性的朋友開始出現意想不到的健康問題。她的丈夫失去了行動能力, 沒有孩子可以介入去幫助。這對夫婦缺乏法律文件使情況更加惡化。

儘管討論關於臨終關懷這樣的概念可能難以啟齒，但所有成年人都需要製定具體的計劃，即使他們的資產計劃是基本的：遺囑，生前遺囑和授權書。

去將這些文件準備好，永遠不會嫌早。18歲或以上的每個人都應至少擁有指定的授權書和醫療指示，以防他們無法管理自己的事務或做出醫療保健決定。

不幸的是，許多人仍然認為資產規劃只適用於想要減稅的有錢人。稅務規劃可以幫助減輕一些人的納稅義務。但是，進行資產規劃有更重要的原因。

資產規劃的主要原因是為你活著和過世之後，制定期望和願望。資產規劃律師將能草擬財務授權書和醫療授權書。如果您所愛的人必須為您做出決定，那些文件便派上用場。有了這些文件便可以避免經歷監護 (Guardianship) 權過程的時間，費用和挫折。

資產規劃律師還可以幫助您填寫非遺囑認證資產的受益人表格，準備葬禮計劃，規劃個人財產備忘錄以及討論老人護理和喪失行動能力計劃。

事先做出決定關於誰將會照顧未成年子女，當父母不能的時候，誰將成為遺產的執行人並處理其遺產的所有細節，這都是重要的。

許多夫妻選擇聯名擁有財產並認為這樣便是資產規劃。但是，這還不夠。夫婦二人都過世時會發生什麼？還有許多其他問題需要處理，資產計劃可以解決這些問題。

參考: New Jersey Herald (Aug. 22, 2018) “The importance of putting plans in writing”