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PROSPEROUS ESTATE LEGACY

PROSPEROUS ESTATE LEGACY. Eight Fundamental Estate Documents. Three Estate Depleting Expenses. Eight Pillars of a Perpetual Legacy . Four Threats to Retirement Assets. Sixteen Pre-Planning Insights. ESTATE PLANNING. 3 Things That Will Change People the Most. Money that . . .

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PROSPEROUS ESTATE LEGACY

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  1. PROSPEROUSESTATE LEGACY Eight FundamentalEstate Documents Three Estate Depleting Expenses Eight Pillars of a Perpetual Legacy Four Threats to Retirement Assets Sixteen Pre-Planning Insights ESTATE PLANNING

  2. 3 Things That Will Change People the Most • Money that . . . • You didn’t earn that . . . • You have to share with someone else ESTATE PLANNING

  3. 3 Estate Depleting Expenses Three Estate Depleting Expenses ESTATE PLANNING

  4. 3 Estate Depleting Expenses Probate Probate The identification, management and liquidation of a deceased person’s assets. ESTATE PLANNING

  5. 3 Estate Depleting Expenses Probate Estate Taxes ESTATE TAXES No estate tax in 2009 if estate is less than $3,500,000. Well Planned Husband and Wife - $7,000,000. Assets Transferred to Spouse – No Estate Tax 2010 – Unlimited 2011 – $1,000,000 ESTATE PLANNING

  6. 3 Estate Depleting Expenses Probate Estate Taxes Confusion Confusion When parents do not thoughtfully and appropriately prepare ESTATE PLANNING

  7. 3 Estate Depleting Expenses 8 Fundamental Estate Documents Will ESTATE PLANNING

  8. 3 Estate Depleting Expenses 8 Fundamental Estate Documents Will ESTATE PLANNING

  9. 3 Estate Depleting Expenses 8 Fundamental Estate Documents Will Living Trust Living Trust Benefits - Avoids probate - Great planning blueprint - Expedites estate settlement - Flexibility carrying out wishes - Private document - After death asset protection - Less contestable than a will Living Trusts DO NOT - Protect assets during life - Save estate taxes ESTATE PLANNING

  10. 3 Estate Depleting Expenses 8 Fundamental Estate Documents Will Living Trust Living Will General Durable POA Health Care POA Personal History Personal Letters http://www.hsdaas.utah.gov/advance_directives.htm Family Medical History http://www.familyhistory.hhs.gov/

  11. 3 Estate Depleting Expenses 8 Fundamental Estate Documents Will Living Trust Living Will General Durable POA Health Care POA Personal History Personal Letters Family Medical History http://www.familyhistory.hhs.gov/ ESTATE PLANNING

  12. 3 Estate Depleting Expenses 8 Fundamental Estate Documents Will Living Trust Living Will General Durable POA Health Care POA Personal History Personal Letters Family Medical History http://www.familyhistory.hhs.gov/ ESTATE PLANNING

  13. 3 Estate Depleting Expenses 6 HELPERS YOU WILL CHOOSE 8 Fundamental Estate Documents Personal Representative Will Guardian (Get Permission) Living Trust Trustee / Successor Trustee Living Will Agent or Representative General Durable POA Power of Attorney Health Care POA Power of Attorney Personal History Personal Letters Family Medical History ESTATE PLANNING

  14. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Eight Pillars of a Perpetual Legacy ESTATE PLANNING

  15. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Mentor Strong-example mentor(s) ESTATE PLANNING

  16. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Open Communication Open Communication An Open and Ongoing Family Conversation about Financial Objectives ESTATE PLANNING

  17. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Open Communication Responsibility Sharing Responsibility Sharing Responsibility Based ‘Sharing’ ‘PATH OF CHOICE’ Objectives ESTATE PLANNING

  18. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Open Communication Responsibility Sharing Endowed Resources Endowed Resources Money and Finance – Investment / Endowment Approach to Spending and Investing ESTATE PLANNING

  19. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Open Communication Responsibility Sharing Endowed Resources Higher Education Higher Education The direct connection between higher education and future financial and professional success ESTATE PLANNING

  20. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Open Communication Responsibility Sharing Endowed Resources Higher Education Orientation - Future Generations Orientation – Future Generations An empowering vision of the impact current financial activities have on future generations ESTATE PLANNING

  21. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Open Communication Responsibility Sharing Endowed Resources Higher Education Orientation - Future Generations Humanitarian Humanitarian Empowered by a ‘Cause Based’ Family Centered Humanitarian Commitment ESTATE PLANNING

  22. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy Mentor Open Communication Responsibility Sharing Endowed Resources Higher Education Orientation - Future Generations Family History Humanitarian Enthusiasm for Family History An unusual enthusiasm for linking current family successes with those ‘on whose shoulders we stand’ ESTATE PLANNING

  23. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets Four Threats to Retirement Assets ESTATE PLANNING

  24. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets Foolish Investments Foolish Investments NASD / AARP - 2008 Knowledge They don’t listen ESTATE PLANNING

  25. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets Foolish Investments Major Medical Expenses Major Medical Expenses Health Insurance Long–Term Care ESTATE PLANNING

  26. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets Foolish Investments Major Medical Expenses ‘Adult Children Who Know’ ‘ Adult Children Who Know’ What are our financial OBLIGATIONS to our adult children? Have a ‘THIRD PARTY’ response TEACH and REWARD the PATH OF CHOICE The HUMANITARIAN family ESTATE PLANNING

  27. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets Foolish Investments Major Medical Expenses ‘Adult Children Who Know’ ‘Inexperienced Liquidity Inexperienced Liquidity ESTATE PLANNING

  28. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights Sixteen Pre-Planning Insights ESTATE PLANNING

  29. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners Planning Partners Agree before you get buried in documents and attorney fees ESTATE PLANNING

  30. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values Life Values Does the plan reflect life values or create life values ESTATE PLANNING

  31. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children ‘Obligations’ to Adult Children Are children ‘empowered’ by your plan or become ‘entitled’ by your plan ESTATE PLANNING

  32. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask Oxygen Mask Is our own ‘oxygen mask’ firmly in place – Elder Oaks ESTATE PLANNING

  33. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask ‘All at Once’ Or 5 ‘All at Once’ Or Should our beneficiaries receive the money ‘all at once,’ in healthy meaningful installments or as a ‘retirement planning’ option. If anything other than an ‘all at once’ distribution is elected should there be exceptions to the pay-outs? ESTATE PLANNING

  34. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask Estate Endowment 5 ‘All at Once’ Or 6 Estate Endowment Can we endow the assets in our estate? Build as if you, and your posterity, will be here forever. ESTATE PLANNING

  35. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask How Long + 30 5 ‘All at Once’ Or 6 Estate Endowment How long do we ‘plan’ to live + 30 years? 7 How Long + 30 ESTATE PLANNING

  36. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask Conflicts of Interest 5 ‘All at Once’ Or 6 Estate Endowment Should our beneficiaries be a successor trustee, personal representative, power of attorney? 7 How Long + 30 8 Conflicts of Interest ESTATE PLANNING

  37. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask In-Laws 5 ‘All at Once’ Or 6 Estate Endowment How involved should in-laws be in planning, gifting and inheriting. 7 How Long + 30 8 Conflicts of Interest 9 In-Laws ESTATE PLANNING

  38. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask ‘Expected’ Gifts 5 ‘All at Once’ Or 6 Estate Endowment When Gifting – how ‘regular’ should the gifts be provided? 7 How Long + 30 8 Conflicts of Interest 9 In-Laws 10 ‘Expected’ Gifts ESTATE PLANNING

  39. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask 11 Personal Assets 5 ‘All at Once’ Or 6 Estate Endowment What are the personal assets that require special attention in our final documents? How should ownership of these assets be determined in case of a disagreement 7 How Long + 30 8 Conflicts of Interest 9 In-Laws 10 ‘Expected’ Gifts 11 Personal Assets ESTATE PLANNING

  40. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children • Can we establish gifts of profound value that do not cost a lot? • Simple gifts with insightful letters attached • Meaningful work ethic • Lawn Mower Missions • A ‘Working Mother’ Expert on College Funding and Learning Strategies • The ‘Yard Sale’ Shopper /Sellers 4 Oxygen Mask Valuable / Inexpensive Assets 5 ‘All at Once’ Or 6 Estate Endowment 7 How Long + 30 8 Conflicts of Interest 9 In-Laws 10 ‘Expected’ Gifts 11 Personal Assets 12 Valuable/Inexpensive Assets ESTATE PLANNING

  41. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask The ‘Tough’ Assets 5 ‘All at Once’ Or 6 Estate Endowment • Are we really committed to: • ‘No sale’ restriction on assets • Leaving assets not easily divisible (real estate, family business interests) without instructions to sell 7 How Long + 30 8 Conflicts of Interest 9 In-Laws 10 ‘Expected’ Gifts 11 Personal Assets 12 Valuable/Inexpensive Assets 13 The ‘Tough’ Assets ESTATE PLANNING

  42. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask Trust Funding 5 ‘All at Once’ Or 6 Estate Endowment Is our living trust properly funded? 7 How Long + 30 8 Conflicts of Interest 9 In-Laws 10 ‘Expected’ Gifts 11 Personal Assets 12 Valuable/Inexpensive Assets 13 The ‘Tough’ Assets 14 Trust Funding ESTATE PLANNING

  43. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask Guardianship Matrix 5 ‘All at Once’ Or 6 Estate Endowment The ‘Who Should Care for our Minor Children’ decision matrix. 7 How Long + 30 8 Conflicts of Interest 9 In-Laws 10 ‘Expected’ Gifts 11 Personal Assets 12 Valuable/Inexpensive Assets 13 The ‘Tough’ Assets 14 Trust Funding 15 Guardianship Matrix ESTATE PLANNING

  44. 3 Estate Depleting Expenses 8 Fundamental Estate Documents 8 Pillars of a Perpetual Legacy 4 Threats to Retirement Assets 16 Pre-Planning Insights 1 Planning Partners 2 Life Values 3 Obligations to Adult Children 4 Oxygen Mask Tithing 5 ‘All at Once’ Or 6 Estate Endowment Should ‘non tithed’ assets be tithed at our death? 7 How Long + 30 8 Conflicts of Interest 9 In-Laws 10 ‘Expected’ Gifts 11 Personal Assets 12 Valuable/Inexpensive Assets 13 The ‘Tough’ Assets 14 Trust Funding 15 Guardianship Matrix ESTATE PLANNING 16 Tithing

  45. http://www.cnn.com/video/#/video/living/2010/11/04/can.lotto.winner.donates.all.cbc?hpt=T2http://www.cnn.com/video/#/video/living/2010/11/04/can.lotto.winner.donates.all.cbc?hpt=T2 ESTATE PLANNING

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