Family Estate Planning

Resources for Consumers

The ACTEC Family Estate Planning Guide offers families insight into the fundamentals of wills and trusts to encourage planning. We have tapped some of our most honored ACTEC Fellows to help explain to families some of the basics of Wills, estate planning and guardianship.

Estate Planning Topics

 The ACTEC Family Estate Planning Guide series was a recipient of the 2022 Communicator Award. 

• Managing Guns in Your Estate  ACTEC Fellows Professor Gerry W. Beyer and Jonathan W. Michael explain the complexity of transferringfirearms and guns in your will and offer tips regarding what to consider when bequeathing weapons.
• Understanding Special Needs Trusts  ACTEC Fellows Chang H. Chae and Stuart D. Zimring explain the different types of Special Needs Trusts (SNT) and offer tips to families to determine which one they should use.
• Tips for Individuals Living Alone (Pt. 1 of 2)  ACTEC Fellows Stacy E. Singer and Margaret Van Houten share tips for individuals living alone to prepare for a healthcare or medical emergency, including a downloadable checklist and contact forms.
• Tips for Individuals Living Alone (Pt. 2 of 2)  ACTEC Fellows Stacy E. Singer and Margaret Van Houten share tips for individuals living alone on how to plan for incapacity or illness for an extended period of time and provide a review of critical power of attorney documents.
• Preparing for Your Initial Estate Planning Meeting  ACTEC Fellows Richard R. Gans and Richard N. Sherrill explain what information and documents clients need to provide to an attorney during the initial meeting to be efficient with time.
• Common IRA Beneficiary Scenarios  ACTEC Fellows Richard R. Gans and Alfred J. Stashis, Jr. explain typical IRA beneficiary scenarios and why it’s critical to review EVERY time you set up or rollover your IRA.
• Understanding Cryptocurrency in Estate Planning  ACTEC Fellows Karin C. Prangley and Suzanne Brown Walsh explain how to manage cryptocurrency in your estate and plan for the succession of your digital assets.
• Tips for Managing Digital Assets of a Deceased or Disabled Person ACTEC Fellows Karin C. Prangley and Suzanne Brown Walsh offer tips for adding legacy contacts to email and social media accounts, and provide recommendations for executors who are working to access digital property when a legacy contact has not been set up.
• 529 Plan Pros and Cons  ACTEC Fellows Susan T. Bart and Stacy E. Singer answer parents' and families' questions about how 529 Plans work and what you need to keep in mind when saving for higher education.
• When and How to Use a Prenuptial Agreement  ACTEC Fellows Elizabeth R. Glasgow and Toni Ann Kruse explain what a prenuptial agreement is, why you should get one, when in the marriage planning process to discuss it, and more. A prenuptial agreement is also known as a premarital agreement.
• Key Roles Involved in an Estate Plan  ACTEC Fellows Emily Kembell and Natalie M. Perry explain of the roles and responsibleness involved in a will, trust, or estate plan such as fiduciary, agent, executor, trustee, and guardian.
• Can I Do a Will for Myself?  ACTEC Fellows Elizabeth K. Arias and Kerri L.S. Mast discuss the pros and cons of writing a will for yourself and what should be considered when planning for the disposition of your assets.
• How to Talk with Your Family About Estate Planning  ACTEC Fellows Jonathan W. Michael and Michaelle Rafferty offer recommendations for how and when to talk with your family about your estate plan, will and other critical documents.
• How to Pay for College for a Grandchild or Someone Else  ACTEC Fellows Michael H. Barker and Jean Gordon Carter offer recommendations to grandparents and benefactors on how to contribute to a student’s education without jeopardizing grants and paying taxes. 
• How to Talk With Your Parents About Estate Planning  ACTEC Fellows Jean Gordon Carter and Linda Johnson Funke offer practical recommendations for how to have critical conversations with your parents about estate documents and postmortem planning.
• Understanding Life Insurance Policy Ownership  ACTEC Fellows Lawrence Brody and Jonathan W. Michael offer an overview of life insurance policy ownership, insurance options, an explanation of irrevocable life insurance trust and more in this video.
• Life Insurance Policies and Estate Planning  ACTEC Fellows Lawrence Brody and Jonathan W. Michael offer a general overview of the opportunities and risks associated with term and permanent life insurance policies and how to choose the right policy.
• Estate Tax Returns ACTEC Fellows Adam M. Damerow and Tye J. Klooster provide a step-by-step overview of estate tax preparation and filing process, including what clients need to know about the estate tax return, the extension, the exemption, and the IRS timeline for closing.
• What is Estate Administration?  ACTEC Fellows Carole M. Bass and Ray Prather answer the questions that clients have surrounding estate administration, such as “what happens if someone dies without a will?” and “how long will the distribution of assets process take?”.
• Postmortem Planning  ACTEC Fellows Laura Beck and J.P. Lee offer an overview of what estate planning decisions can be made postmortem and pre-mortem, including taxes, decanting, and portability considerations.
• The Basics of Fiduciary Income Taxation - ACTEC Fellows Farhad Aghdami and Lora G. Davis explain the differences between estate tax and fiduciary income tax, when you need to file IRS Forms 1040 or 1041, and offer a general overview of fiduciary income tax.
• What is Portability for Estate and Gift Tax?  ACTEC Fellows Jean Gordon Carter and Stephen W. Murphy offer an explanation of portability of the estate and gift tax exemption and what to consider if electing to use it. 
• Direct Payment of Medical Expenses and Tuition as an Exception to the Gift Tax  ACTEC Fellows Jean Gordon Carter and Toni Ann Kruse explain what is considered a “gift” by the IRS, the do’s and don’ts of paying another person’s tuition or medical bills, what qualifies as tuition and medical expenses, and practical examples.
• Pitfalls of Do-It-Yourself Estate Planning  ACTEC Fellows Richard R. Gans and Brian Sparks discuss what you need to know about DIY forms, what might be missing from the documents and some of the legal technicalities.
• What to Expect After Hiring an Attorney  ACTEC Fellows Chang H. Chae and Toni Ann Kruse offer tips on what to keep in mind when working with an attorney, including the difference between individual, joint and family representation.
• How to Choose an Estate Planning Attorney  ACTEC Fellows Richard R. Gans and Linda A. Griffin offer families recommendations for what to look for in an estate planning attorney and where to look online to find one close to you. 
• Alternatives to Guardianship ACTEC Fellows Professor David M. English and Tara Anne Pleat explain to families the alternatives to guardianship including revocable trusts, powers of attorney, medical orders and social security options.
• Supported Decision-Making ACTEC Fellows Professor David M. English and Tara Anne Pleat explain how supported decision-making, an alternative to guardianship, works for individuals with developmental disabilities, with an overview of New York’s pilot SDM project.
• Should your Adult Child be a Co-Signer on your Bank Account? ACTEC Fellows Crystal W. Edwards and Letha S. McDowell explain why it is a bad idea to have an adult child as a co-signer on a bank account.
• Inheritance and Estate Settlement  ACTEC Fellows Jean Gordon Carter and Kerri L.S. Mast answer common questions regarding when beneficiaries of a will or trust will receive their inheritance and explain the estate settlement process.
• Common Ways to Title Your Home  ACTEC Fellows Chang H. Chae and Shaheen I. Imami explain the options when titling your home: Tenancy by the Entirety (TBE), Joint Tenants with Rights of Survivorship (JTWROS), Tenancy in Common (TIC) and more.
• Social Security Retirement Age and Benefits  ACTEC Fellows Crystal West Edwards and Rosemarie S. Sam explain when you should take Social Security retirement benefits and how the decision may result in a reduction of income for dependents.
• Owning Property and Titling Assets  ACTEC Fellows Stephanie Perry and Akane R. Suzuki explain the ins and outs of how to title property - joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property.
• Gift Tax Exemption  ACTEC Fellows Jean G. Carter and Larry H. Rocamora explain the lifetime gift tax exemption amount and when to use it. The exemption amount is scheduled to decrease to six million dollars in the future. 
• Who Pays Taxes on a Gift? ACTEC Fellows Natalie M. Perry and Robert E. Temmerman, Jr. discuss exemption from transfer tax and when and why the lifetime gift tax exemption may change. Because each state is a different jurisdiction, tax advisors are critical when considering planning that involves federal or local taxes.
• What is a Prenuptial Agreement? ACTEC Fellows Anne W. Coventry and Natalie M. Perry discuss premarital agreements in this video. Learn when it’s important to create a premarital agreement and what to consider if you live in a community property state.
• What is Community Property?  ACTEC Fellows Michelle B. Graham and Todd J. Schneider explain what community property is, how it affects assets such as a home or a business, what is quasi-community property and more in this short video.
• Motivating Heirs with an Incentive Trust  ACTEC Fellows Tami Conetta and Thomas E. Simmons discuss how an incentive trust works, examples of incentives, and what to keep in mind when creating a family incentive trust for heirs.
• Gift Tax, the Annual Exclusion and Estate Planning  ACTEC Fellows Jean Gordon Carter and Janice L. Davies explain when gift tax comes into play, how the age of the recipient impacts gift tax, efficient ways to transfer property, split gifts, the annual exclusion and more.
• Estate Planning in the 2020 Election Year  ACTEC Fellows Ronald D. Aucutt and Stacy E. Singer discuss how the 2020 election might affect estate planning, taxes and charitable giving. Learn what steps taxpayers may want to consider and how to plan for future legislation, changes in the estate gift tax exemption and charitable giving.
• Estate Planning Strategies for Retiring Abroad  ACTEC Fellows Lyat Eyal and Natalie M. Perry discuss estate planning information to keep in mind when moving overseas, such as if your will or trust will be valid in another country, guardianship considerations when moving with minor children, and special tax considerations and laws.
• Estate Planning Considerations for Small Business Owners  ACTEC Fellows Michaelle Rafferty and Natalie Perry explain items of importance in small business owners estate plans, such as impact of state laws, multiple beneficiaries, how to plan for estate taxes and more.
• Utilizing Positive Psychology in Your Estate Plan  ACTEC Fellows Stacy E. Singer and Ray Odom discuss the role of positive psychology in estate planning. Learn about the importance of effective estate planning communication with family and beneficiaries and how to measure happiness and success.
• Can I Change My Irrevocable Trust?  ACTEC Fellows Susan T. Bart and Stacy E. Singer explain what individuals need to know and the possible pitfalls when considering modifying an irrevocable trust.
• Special Needs Trusts  ACTEC Fellows Stacy E. Singer and Peter S. Stern discuss the different types of special needs trusts, what to consider to avoid losing public benefits like Medicaid, and other potential pitfalls.
• Advance Medical Directives  ACTEC Fellows Daniel G. Fish and Tara Anne Pleat define and discuss end-of-life advance medical directives including a Living Will, Healthcare Proxy, medical orders (MOLST & POLST), and Do Not Resuscitate (DNR) orders.   
• Getting Your Affairs in Order: Essential Legal Documents  ACTEC Fellow Bernard A. Krooks, an elder law expert, reviews the essential legal document such as Durable Power of Attorney (aka Financial Power of Attorney), and Advanced Healthcare Directives (Healthcare Proxy and Living Will) that should be in place.
• How the SECURE Act May Impact Your Retirement Plan  ACTEC Fellows Steven E. Trytten and Nancy H. Welber help families understand what has changed in retirement planning following the enactment of the SECURE Act.
• Estate Planning for a College Student or Young Adult ACTEC Fellows Jean Gordon Carter and Katherine E. Ramsey discuss what documents you should discuss and prepare for your college-bound and young adult when they turn 18, a legal adult.
• Transferring Assets to a Minor Child ACTEC Fellows Jonathan W. Michael and Sandra L. Perkins discuss how to transfer assets to minor children, the Uniform Transfers to Minors Act (UTMA), 529 plans, naming a caregiver for a minor child in a will and more.
• A Child's Right to Information When a Parent Dies ACTEC Fellows Eric W. Penzer and Natalie M. Perry discuss the rights of a child to information after the death of a parent.
• Coordinating Beneficiary Designations with the Overall Estate Plan ACTEC Fellows Frank Adams and Richard Gans discuss coordinating beneficiary designations in assets such as life insurance, annuities, pension plans, 401ks and IRAs in this helpful video.
• Digital Asset Management in Life and Death ACTEC Fellows Stacy E. Singer and Suzanne Brown Walsh discuss how to plan and manage your digital assets, such as photos, email accounts and passwords, during life and in your estate documents in this informative video.
• 5 Reasons to Update Your Estate Plan ACTEC Fellows Nancy C. Hughes and Natalie M. Perry discuss when to update a will or trust, such as after a move or divorce, when your children grow up or if you have a business.
• What to Consider When Setting Up Trusts for Children What’s the best way to leave assets to minor children.  Should children receive equal assets?  These and other questions are answered by ACTEC Fellows Tami Conetta and Natalie M. Perry.      
• Choosing an Executor or Trustee Selecting an executor or trustee to oversee your will or trust requires careful consideration. ACTEC Fellows Lorraine Cavataio and Stacy Singer clarify the duties of an executor or trustee, traits to look for when selecting an individual(s) executor or trustee and when to consider a corporate trustee.  
• Divorce and Estate Planning  Going through a divorce can be emotionally and financially stressful. Knowledge is power. Understand what estate planning documents are impacted by a divorce from ACTEC Fellows Richard R. Gans and Diana S.C. Zeydel, experts in the trust and estate field. 
• Should I Sign New Estate Planning Documents When I Move to a New State? Individuals and families need to update estate planning documents when relocating to a new state. ACTEC Fellows Jonathan W. Michael and Anita M. Sarafa explain why in this short video.
• What is a Will and Why Do I Need One? Experts in estate planning, ACTEC Fellows Jean Gordon Carter and Elizabeth K. Arias, answer questions that families often have when preparing a will.
• IRAs and IRA Beneficiaries IRA beneficiary designations can be confusing. Learn the essentials of naming IRA beneficiaries from trust and estate experts and ACTEC Fellows Stacy E. Singer and Svetlana V. Bekman.
• How Does a Revocable Trust Avoid Probate? ACTEC Fellows Stacy E. Singer and Jonathan W. Michael discuss the purpose and role of a revocable trust in avoiding probate, what a revocable trust can and cannot do, if a revocable trust can protect assets from creditors, and step individuals need to take when setting up a revocable trust. 
• What is Joint Tenancy and When Should I Use It? ACTEC Fellows Richard R. Gans and Tami Conetta of Sarasota, Florida offer professional information and insight regarding the topic of joint tenancy. 
• What Is Probate? ACTEC Fellows Richard R. Gans and Phillip A. Baumann discuss probate, probate administration of a decedent's (deceased person) and other probate-related topics. 
• What Is a Revocable Trust and Do I Need One? is a common question among families beginning estate planning. ACTEC Fellow Professor Mary F. Radford frequently gives presentations on estate planning and guardianship and shares her insights with families in this video. 
• Understanding Power of Attorney addresses a fundamental question in estate planning. ACTEC Fellow Bernie Krooks explains why a Power of Attorney (POA) is the most important estate document you can sign in this video presentation.