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

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getting your estate in order

Getting Your Estate In Order?

Wills and Estate Planning

Overview

7 keys steps of effective wills and estate planning
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

step 1 blue print
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

step 2 last will and testament
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

step 3 trusts revocable
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

slide6

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

step 5 retirement plans strategies
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

step 6 trusts irrevocable
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

step 7 succession planning 1
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

slide10

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

addendum to the will
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

updating your will
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

things to consider
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