Estate Strategy: Asset Estate Details

This page covers the following location(s) in NaviPlan:

Set Goals - Estate Planning - Estate Strategy - Asset Estate Details

Planning Objectives :: Procedures :: Screen Notes :: Related Information

Planning Objectives

ClosedWhat can I do on this page?
  • The Estate Strategypage is used to:
    • define the distribution of the estate as either a dollar or percentage value.
    • define bequests of specific assets on the client’s or co-client’s death.
    • define the details of any testamentary trusts applicable for a scenario.
  • Bequests and testamentary trusts cannot be entered in Simple Will type scenarios.
  • Use the Asset Estate Details subtab to change assumptions about how assets will be disposed of after death.

Procedures

ClosedHow do I setup asset estate details?
  1. To re-title a non-qualified or lifestyle asset, select a new owner from the New Owner list under Non-Qualifiedand Lifestyle.
  2. Use the Probate Fees and Admin Fees options for each asset to indicate whether probate or administration fees apply.
    • By default, all options are selected for all assets. However, probate and administration fees are not charged for joint assets on the first death, nor for any qualified assets listed, even though these check boxes are selected by default. By default, probate and administration fees are applied to annuity assets on the second death where the surviving co-client is listed as the beneficiary.
  3. Specify a primary and/or contingent beneficiary.
  4. For qualified accounts and annuities, if a contingent beneficiary other than the co-client is selected for a qualified asset, select the Multi-Generational option to set IRD taxes to zero.
ClosedHow do I model a stretch (multi-generational) qualified asset?
  1. Change the primary beneficiary for a qualified asset to someone other than the client or co-client.
  2. Select the Multi-Generational option for the selected asset. When the owner of the asset dies, the asset will pass to the beneficiary (and not to the client or co-client).
    Note: Estate taxes may be due, but IRD taxes will be avoided.

Screen Notes

ClosedLiving Trust
  • Use this option to prevent probate from being assessed against all assets in the client's and co-client's gross estate.
ClosedNot Available for Estate Needs
  • Select this option to prevent an asset from being liquidated to cover estate settlement costs.

Related Information




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