Getting Your Estate In Order?

1. Getting Your Estate In Order? Wills and Estate Planning Overview

2. 7 Keys Steps of Effective Wills and Estate Planning • Blue Print • Execute a Last Will and Testament • Living Trust – (Revocable) • Living Will – Durable Power of Attorney • Retirement Plan and Strategies • Trust (Irrevocable) • Business Succession Plan Comprehensive Will and Estate Planning Guide

3. Step 1:Blue Print • Will assist in assessing your estate planning needs and objectives. • Estate Planning Checklist • Appoint the right team. • Attorney • Accountant • Insurance Consultant • Financial Consultant • Real Estate Professional • Business Coach – Succession Planning Comprehensive Will and Estate Planning Guide

4. Step 2- Last Will and Testament. • Clearly state in writing how your assets/properties should be distributed to beneficiaries which includes: • Names of beneficiaries, how much, when (timing) and how and restrictions (if any) • Appoint appropriate financial agents. • Administrator • Executor • Trustee • Guardian (for Minors) Comprehensive Will and Estate Planning Guide

5. Step 3: Trusts - Revocable • Your personal property should be properly structured and transfers timed to best preserve an Estate. • Revocable/Living Trust • Avoid probate issues • Maintain control • Not public Comprehensive Will and Estate Planning Guide

6. Step 4-Living Will/Durable Power of Attorney • Create appropriate documents to allow management of your affairs if your become incapacitated. • Options: • During lifetime or at death • By law through joint tenancy with right of survivorship, joint bank account titled “or” or “and” • Durable Financial Power of Attorney • Living Trust • Living Will • Do Not Resuscitate • Durable Power of Attorney for Health Care Comprehensive Will and Estate Planning Guide

7. Step 5 –Retirement Plans Strategies • A Estate Plan should take into account Life during retirement • Lifestyle sustenance • Final transition • Possible disability • Medical needs Comprehensive Will and Estate Planning Guide

8. Step 6 – Trusts - Irrevocable • 2.Irrevocable Trust • Estate Tax consideration • Public • I have changed ownership or transferred assets to be consistent with my estate planning documents. • Caution: Trust Costs, Administrator, Agreement Comprehensive Will and Estate Planning Guide

9. Step 7-Succession Planning (1) • Know your net worth and adjusted gross estate which includes • Current assets and debts • Current fair market value • List of debts • Determine best property/asset title structure. • Key Man Insurance • Plan for Business Continuity • Mentorship • Business Coach • Transition Team Comprehensive Will and Estate Planning Guide

10. Step 7-Succession Planning (2) • I have my business property properly structured and transfers timed to best preserve my estate. • Sole Proprietorship • General Partnership • Corporations (C or S) Comprehensive Will and Estate Planning Guide

11. Addendum to the will • Prepare a letter of last instruction that includes: • Location of personal documents, financial papers and accounts • Names, Addresses, Phone Numbers of family, personal/financial professionals to be notified of death • Names of people to receive special things (jewelry, etc) • Statement of Wishes • Preferences for funeral/burial service & organ donations Comprehensive Will and Estate Planning Guide

12. Updating your will. • Update every 3 years or upon a life changing event. • Marriage, Birth, Divorce, Separation, Business changes, health changes, work changes, Comprehensive Will and Estate Planning Guide

13. Things to Consider • Design your estate plan to mitigate • Income taxes • Probate costs • Gift taxes • Estate taxes • Family and Personal situations • Jurisdictions and residencies, Comprehensive Will and Estate Planning Guide

14. Comprehensive Will and Estate Planning Guide