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Presented by. Estate Planning Basics in 2015. Reasons for Estate Planning. Because proper planning lets you: Avoid the Probate Court (lifetime and death) Maintain control of your healthcare and finances during life and after death Provide for loved ones (i.e. – minors)

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  1. Presented by Estate Planning Basics in 2015

  2. Reasons for Estate Planning • Because proper planning lets you: • Avoid the Probate Court (lifetime and death) • Maintain control of your healthcare and finances during life and after death • Provide for loved ones (i.e. – minors) • Minimize or avoid Taxes (Capital Gains, Estate, Income, etc.) • Help with Long Term Care planning

  3. Do Nothing • Will Based Planning • Joint Ownership/POD’s • Trust Based Planning What Are My Estate Planning Options?

  4. Individually Owned Property + = PROBATE Death or Incapacity Why Do Assets Go Through Probate? When there is no living or competent owner to control an asset, that asset is “frozen” and can only be “unfrozen” by the Probate Court.

  5. Lifetime Probate If you become incapacitated, with no estate plan, the Probate Court will appoint someone to act in your place. A person appointed to make financial decisions under Probate Court supervision is call a Conservator. A person appointed to make medical decisions under Probate Court supervision is called a Guardian.

  6. What Doesn’t A Will Accomplish? A Will does NOT: • Protect you or your family from Probate court • Take effect during your lifetime • Help you or your family if you become incapacitated • Protect your assets from the cost of long term care • Avoid distributions to immature beneficiaries • Protect you from Estate, Gift or GST Taxes

  7. The Perils of Joint Ownership • Improper drafting • Loss of control over assets • Creditor exposure • Undermines your Will • Creates capital gains tax problems • Possible Medicaid disqualification • Wastes exemptions and deductions

  8. The Benefits of a Living Trust • With a Revocable Living Trust : • Avoid Probate • Control Who receives your assets When and how assets pass Who’s in charge • Maximize Medicaid planning opportunities

  9. Trust Owned Property + ≠ PROBATE Death or Incapacity Assets Held in Trust Avoid Probate Owning your assets as Trustee avoids “asset freeze” and the Probate Court.

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