Federal Employee Estate Planning and Retirement Guidance. Features Estate Planning and Probate Avoidance Techniques Tailored for the Federal Employee.

Federal employees with find that estate planning is not as daunting a task as many lawyers make it out to be. Most people with estates worth less than the federal estate tax threshold, currently $1,500,000, and who know what they want to do with their property can prepare their own estate plans using this site and the resources that we reference.

The book, "Plan Your Estate" states that, "Probate is the name given the legal process by which a court oversees the distribution of property left by a will." The average probate proceedings take a year before the estate is actually distributed.

Most federal workers accumulate assets throughout their lives and for the most part they don't want those assets going through Probate. Probate delays asset distribution to your heirs, wastes your beneficiaries inheritance and it is a windfall for attorneys who can charge high fees to transfer property to your beneficiaries under probate proceedings. There are simple ways for you to avoid probate and this section will describe basic probate avoidance and estate planning techniques that all can use.

Your personal estate is very simply “your property” – all that you own – at its current market value. The planning that is required does not require you to be a mathematical wiz or rocket scientist – anyone with average intelligence can plan their estate – even without an attorney. The key is to have the proper references to help you through the process. I highly recommend that you purchase a copy of “Plan Your Estate” to guide your step-by-step through this process. It is the ultimate estate planning guide and covers all states except Louisiana which has a legal system based on Napoleonic Code. You can also visit your local library to review this excellent resource. Many libraries have this title in their reference section. When I was completing my estate plan I used this book extensively, highlighting important information, underlining text, and writing notes in the margins. I refer to it as situations change and keep it on my reference shelf.

NOTE: Some situations require legal help such as providing long-term care for disabled children. Also, if your estate will be subject to estate taxes and/or you own a business you may wish to consult with a professional. It is wise to review your plan with your attorney in these situations and they can often add additional insight into your particular needs and wishes. The key here is that you will have done much of the leg work up front and your attorney fees should be considerable less if you go through this process.

The planning that we propose is useful for estates of any size, from modest to those who were fortunate enough to accumulate estates worth millions. This is especially true for probate avoidance techniques. The guidance offered here and in “Plan Your Estate” will help you avoid probate and understand estate planning basics.

There is no one-size-fits-all prepackaged estate plan, everyone’s plan is unique and personal. Going through this process will provide you with a much better understating of your true net worth, your personal desires, and estate planning vision. Estate planning pays big dividends up front that at first glance seem transparent. By going through this process you will know who will inherit, what they will receive, where all of your assets are now, your total net worth, and it will help you focus on consolidating and simplifying your estate so that you can start to better manager your assets TODAY. This was a real eye opener for me when I went through this process.

This site along with the recommended books and software will help you address your concerns including:

Estate Planning Basics Quick & Easy Step-by-Step Guide *(Don't get burned)* Required to fully prepare for retirement	Retirement Software / Wills & Trusts Software Takes You From A to Z Through the Process *(learn From the Pros)*

All retiree’s and their spouses should have a will. A will is the basic tool that you need to distribute your assets to those who you wish to inherit it. Property left by a will is subject to probate and you can avoid probate with the use of joint tenancy, Pay On Death (POD) asset registration, beneficiary designations, and basic revocable living trusts. When you use these probate avoidance methods the main purpose of the will is to designate a guardian for minor children, transfer some property that is difficult to transfer otherwise such as vehicles, and to transfer all residual estate property to your heirs. The will captures your residual estate that includes unexpected gifts, lottery winnings, or asset acquisitions that you did not have time to register using other probate avoidance techniques. Plan Your Estate is an indispensable estate planning guide that describes everything you need to know and what to do in easy-to-follow steps. WillMaker Plus 2006 is an excellent software program for you to use to write your own wills and trust documents. I highly recommend all federal employees who are approaching retirement and those who are already retired who haven’t completed an estate plan to use these resources to guide them through this process.

A living trust is a simple document that allows you to transfer property direct to your heirs after your death without going through probate. Probate delays the distribution of your assets for a year or longer and the attorney costs can be as much as 5% or more of the estate’s value. Trusts are ideal for transferring stocks, bonds, homes, collectables, antiques, and other assets that you can’t easily transfer through POD, joint tenancy or beneficiary designations. Typically you name the trust after the originator, called the trustee. For example if you have stocks that you want to add to your trust you would transfer registration from your name to “(Your Name), as trustee for the (Your Name) Trust.”

As trustee you have full control over all assets in the trust for as long as you live. You can sell all trust assets and use them anyway you choose. Only after you die does the trust become irrevocable and the successor trustee that you designate in the trust document follows your wishes and distributes your assets according to your wishes.

Trusts have many benefits and several of the major ones are probate avoidance, the ability to list any asset in the trust even those items such as collectables that don’t have legal registrations like homes, stocks and bonds. You can simply make a list of your coin collections, memorabilia, antiques, and art with good descriptions and add this list to your trust documents. Then, your successor trustee will be able to distribute the assets direct to your heirs soon after you die without going through probate. Another advantage is that unlike a will that is registered with the county and a public record, a trust document is confidential and does not have to be registered with the county. Only your successor trustee and heirs who are inheriting will know what is in the document.

You can easily write your own wills and trust with WillMaker Plus 2007. Also, "Plan Your Estate" is the ultimate estate planning guide and it describes everything you need to know and do in easy-to-follow steps. WillMaker Plus 2006 automates the process and all you have to do is answer questions and from your answers the software program draws up your wills and trusts with full instructions on how to proceed. The program will create will and trust documents specifically for your state and in accordance with current state law. You can modify your wills and trusts as the need arises with this program and your are guided along the way so you are never left guessing what to do next.

Wills, Trusts, and Living Wills Software
Software Takes You From A to Z Through the Process.
Includes valid Living Wills & Healthcare Directives for each state.

A living will allows you to determine - in advance - the level of care you desire if you should become terminally ill. It also covers conditions such as Alzheimer's disease or if you are diagnosed to be in a permanent coma, a medical condition that results in death regardless of the continued application of life support. Every state has their own unique forms.

I used WillMaker Plus to draft both my wife's and my Living Wills, called a Declaration in Pennsylvania. Two forms are printed out, a Declaration which outlines your wishes, and a Durable Power of Attorney that appoints a primary and alternate person to make healthcare decisions for you if you can't. It takes less than a half hour to complete your forms and print them out. In Pennsylvania you must have two persons over the age of 18 witness your signature and attest to your soundness of mind at the time the document is signed. This excellent software covers all states except for Louisiana. WillMaker Plus takes you through a step-by-step interview to complete your personal forms.

Pennsylvania residents can download a Living Will and Healthcare Power of Attorney booklet with sample forms from the Allegheny County Bar Association at http://www.acms.org/lw/livwill6.pdf. This highly informative booklet explains the living will process through a question and answer format and includes free fill in forms for the State of Pennsylvania. Even if you aren't from Pennsylvania the booklet is highly informative.