estateplanningworkshop.pptVIP

* * * * * * * * * * Some Advantages of Trusts Control over WHEN your beneficiary inherits. Creditor Protection. Lifetime management of property. Possible tax planning. Complete probate avoidance, even if no successors named. Unified bucket for assets An overarching statement of how you want your estate to pass. E.g. if I name my son as beneficiary of an investment account currently worth 10% of my estate, what happens if the accounts value increases to 50% of my estate (or 2% of my estate) by the time I die? What are advance directives? Living will Health care power of attorney Financial power of attorney How often should you update your plan? Any major change in life: Divorce Marriage New child (birth, adoption, ART) Otherwise, every 3-5 years for review How do you get started? Who do you involve? What other information might you be asked to provide? Names and relationships Special considerations for children/descendants: Adopted/adopted-out/non-marital/step-children Special needs/addictions/relationships/spending patterns/other personal habits Personal information Ages (guardian, trust, education) Elderly (planning for incompetence) Contingent beneficiaries (“giftover”) Information about the beneficiaries Information about Fiduciaries Positions: Who will serve as “executor”? Trustee? Guardian of minor children? Characteristics: Individual Corporate or professional – Fees? Fiduciaries Accurate descriptions, including How title is held Value Form (insurance, retirement assets, employee benefits, stock, real property, personal property) Characteristics (“community” or separate) Debts/liabilities Expectancies Information about Property What do you wish to accomplish? Create a legacy Care for family Avoid taxes Promote certain behavior Timing/cost Goals Hiring an EP Attorney: Some Questions to Ask Is the attorneys primary focus on estate planning? How many years of experience does the attorney have? Does the attorney assist clients with properly funding their as