Basic Estate Planning
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Basic Estate Planning



Some good basic information

Some good basic information



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    Basic Estate Planning Basic Estate Planning Presentation Transcript

    • Estate Planning Basic Estate Planning Workshop
    • What Is An Estate?
    • Why Do Estate Planning?After Death  Control Who Receives Assets  Pay Minimum Legal Fees, TaxesAt Incapacity  Control Assets, Medical Decisions
    • A.D.D.  Alive  Disabled  Deceased
    • Common Estate Plans  Will  Doing Nothing  Joint Ownership  Giving Away Assets  Beneficiary Transfers  Revocable Living Trust
    • Probate Assets Titled in Just Your Name Go Through Probate PROBATE Probate Fees Taxes Beneficiaries
    • Giving Away Assets You Lose Control
    • Stepped-Up Basis Lifetime Gifts (Your Basis) Selling Price $150,000 Basis - 10,000 Gain $140,000 Capital Gains Tax $ 28,000
    • Stepped-Up Basis Lifetime Gifts Transfers At Death (Your Basis) (New, Stepped-Up Basis)Selling Price $150,000 $150,000Basis - 10,000 -150,000Gain $140,000 $ 0Capital Gains Tax $ 28,000 $ 0
    • Beneficiary TransfersCourt Interference if Beneficiary:  Incapacitated  Dies First or at Same Time  “My Estate”  Minor
    • Keeping Control with aRevocable Living Trust
    • Expenses That ReduceYour Estate Estate Probate Taxes Income Taxes
    • Tax Relief Act of 2001EGTRRA 2001 2002 & 2003 $1,000,000 2004 & 2005 $1,500,000 2006 - 2008 $2,000,000 2009 $3,500,000 2010 Estate and GSTT repealed 2011 to 2013 $5,000,000
    • Choices in Estate Planning No Joint Simple Power of Living Will Tenancy Will Attorney Trust Avoid Guardianship? No No No Yes Yes Avoid Probate No Yes No No Yes on the 1st Death? Avoid Probate No Yes No No Yes on the 2nd Death? Control the Distribution on the 1st Death? No Yes Yes No Yes Control the Distribution on the 2nd Death? No Yes Yes No Yes Provide the Maximum Tax Savings? No No Yes No Yes
    • 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
    • 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!
    • Thanks for Attending
    • Estate Planning Presented by Arthur J. Pauly, Jr. J.D. Esq. 916-207-7526