Estate Planning Alternatives

PLANNING
ALTERNA-TIVES:
INTESTATE  SUCCE-SSION
(NO WILL)
JOINT
TENANCY
LIFE
INSURANCE
SIMPLE
WILL
TESTA-MENTARY
TRUST (IN A WILL)
UNFUNDED
LIVING  TRUST
FUNDED
LIVING TRUST
Avoids probate
at death of
first spouse
 NO NO  Some-times  NO  NO  NO  YES
Avoids probate
at death of
second spouse
 NO  NO  NO  NO  NO  NO  YES
Provides
maximum
tax savings
 NO  NO  NO  NO  Some-times  Some-times  YES
Avoids Living
Probate
 NO  NO  NO  NO  NO  NO  YES
Provides family
privacy
 NO  NO  Some-times  NO  NO  NO  YES
Establishes trust for benefi-ciaries  NO  NO  NO NO  Some-times  Some-times  YES
Permits testing
during life
 NO  NO  NO  NO  NO  NO  YES
Prevents
attachment of
bene-ficiary’s
assets
 NO NO  NO  NO  Some-times  Some-times  YES