Basic Estate Planning
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  • 52

Transcript

  • 1. Estate Planning Basic Estate Planning Workshop
  • 2. What Is An Estate?
  • 3. Why Do Estate Planning?
    • After Death
      • Control Who Receives Assets
      • Pay Minimum Legal Fees, Taxes
    • At Incapacity
      • Control Assets, Medical Decisions
  • 4. A.D.D.
      • Alive
      • Disabled
      • Deceased
  • 5. Common Estate Plans
      • Will
      • Doing Nothing
      • Joint Ownership
      • Giving Away Assets
      • Beneficiary Transfers
      • Revocable Living Trust
  • 6. Probate
      • Assets Titled in Just Your Name Go Through Probate
    PROBATE Probate Fees Taxes Beneficiaries
  • 7. Giving Away Assets
      • You Lose Control
  • 8. Stepped-Up Basis
      • Lifetime Gifts (Your Basis)
      • Selling Price $150,000
      • Basis - 10,000
      • Gain $140,000
      • Capital Gains Tax $ 28,000
  • 9. Stepped-Up Basis
      • Lifetime Gifts Transfers At Death
      • (Your Basis) (New, Stepped-Up Basis)
      • Selling Price $150,000 $150,000
      • Basis - 10,000 -150,000
      • Gain $140,000 $ 0
      • Capital Gains Tax $ 28,000 $ 0
  • 10. Beneficiary Transfers
    • Court Interference if Beneficiary:
      • Incapacitated
      • Dies First or at Same Time
      • “ My Estate”
      • Minor
  • 11. Keeping Control with a Revocable Living Trust
  • 12. Expenses That Reduce Your Estate Probate Estate Taxes Income Taxes
  • 13. Tax Relief Act of 2001 EGTRRA 2001
      • 2002 & 2003 $1,000,000
      • 2004 & 2005 $1,500,000
      • 2006 - 2008 $2,000,000
      • 2009 $3,500,000
      • 2010 Estate and GSTT repealed
      • 2011 to 2013 $5,000,000
  • 14. Choices in Estate Planning
      • No Joint Simple Power of Living
      • Will Tenancy Will Attorney Trust
      • Avoid Guardianship?
      • Avoid Probate on the 1st Death?
      • Avoid Probate on the 2nd Death?
      • Control the Distribution on the 1st Death?
      • Control the Distribution on the 2nd Death?
      • Provide the Maximum Tax Savings?
    No No No No No No No Yes Yes Yes Yes No No No No Yes Yes Yes Yes No No No No No Yes Yes Yes Yes Yes Yes
  • 15. What is an Estate Plan?
      • A Trust Agreement
      • “ Pour Over” Will
      • Durable Power of Attorney
      • Durable Power of Attorney for Health Care
      • Living Will
      • Trust Amendments (Trust Minutes)
      • Quit Claim Deed
      • Trust Execution & Management Instructions
  • 16. The Actual Process
      • Complete the Data Form and schedule an appointment to review your Data.
      • The attorney will prepare a draft of your Living Trust for your review and approval.
      • Upon your approval of the draft, the final copy of your Living Trust will be prepared for signing.
      • Upon your Execution of your Personal Family Living Trust , your Estate Planning Team will assist you in the FUNDING of your Trust !
  • 17. Thanks for Attending
  • 18. Estate Planning
    • Presented by
    • Arthur J. Pauly, Jr. J.D. Esq.
    • 916-207-7526
    • www.paulylaw.com
    • [email_address]