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Family Protection Plan Seminar
 

Family Protection Plan Seminar

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This presentation was presented to families with young children concerning their estate plan options.

This presentation was presented to families with young children concerning their estate plan options.

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    Family Protection Plan Seminar Family Protection Plan Seminar Presentation Transcript

    • www.berrylawoffices.com
    • A little about me. . .
    • What do you want to learn from this presentation?
    • How many people have their estate plan done?
      Why did you do it?
    • The purpose of your estate plan?
      To protect your kids!
    • What should your estate plan include?
      • Last Will & Testament
      • Revocable Trust
      • Temporary Custodian Designation
      • Power of Attorney
      • Healthcare Directive
    • What are we going to talk about?
      The importance of a Will. . .
      What is a temporary custodian?
      Do I really need a Trust?
    • The importance of a Will. . .
      . . . and how does it protect my kids?
    • A Will accomplishes three things. . .
      Appoints a guardian for your children
      Allows you to create a tangible personal property list
      Distributes property to your trust
    • Guardianships . . .
    • What should you consider when choosing your guardian?
      First, let’s consider the responsibilities of a guardian:
    • Other Guardianship considerations . . .
    • Question #1:
      Do your children actually like who you are proposing to act as your guardian?
    • Do your children actually like who you are proposing to act as your guardian?
    • Question #2:
      What is your proposed guardian’s relationship with their own family?
    • Is your proposed guardian in a stable relationship?
      How is their marriage?
      How do they communicate?
      How happy are their children?
    • Question #3:
      What are your proposed guardian’s religious beliefs?
    • Do they share your values, ethics, spiritual beliefs and morals?
      Do you practice the same religion as your proposed guardians?
      Do they attend church regularly?
      Does it matter to you whether your child is exposed to a different religion or potentially none at all?
    • Question #4:
      Do you have the same child rearing techniques as your proposed guardian?
    • Question #5:
      What activities will they do with your kids?
    • Question #6:
      What is the ability of your proposed guardian to raise your children?
    • Question #7:
      Is their house too small or is it BIG enough?
    • Question #8:
      Where does your proposed guardian live?
    • Will your children attend the same school?
      Will your children have easy access to your relatives?
    • Questions on Wills and Guardians?
    • Designation of Temporary Custodian. . .
    • What is a Temporary Custodian Designation?
      A Temporary Custodian Designation is a written document naming a standby or temporary custodian who may act if you become incapacitated, incompetent or if you die.
    • Why do I need to designate a temporary custodian?
      A Temporary Custodian Designation can avoid your children having to be placed temporarily into a foster home
    • Why do I need a Trust. . .
    • To avoid
      PROBATE
    • What is Probate?
    • How does probate work?
      Probate Court
      Assets
      Beneficiaries
    • Probate takes time!
      Probate usually takes 6 to 12 months to complete
    • In addition!!!
      Without a Trust. . .
      A conservator must be Court appointed to manage your children’s inheritance
      Your children receive their lump sum share when they turn 18
      At the age of 18 your children are in charge of managing their lump sum distribution and can spend it on the purchase of their choice
       
    • How do I avoid Probate?
    • By Establishing a Trust
      Avoids Probate
      Accelerates Distributions to your Beneficiaries
      Keeps your Estate Plan Private
      Cost Savings to your Beneficiaries
      You are able to plan for your Disability or Incapacity
    • How does a Trust work?
      Probate Court
      Assets held in Trust
      Beneficiaries
    • With a trust, there is no delay in the availability of your estate assets for your children
    • Why should I establish a trust for my children?
      A trust can prevent your children from receiving a large lump sum distribution when your children turn 18!
    • Why should I establish a trust for my children?
      You can determine appropriate expenses for your children such as. . .
    • Why should I establish a trust for my children?
      You can determine when and under what conditions they are able to receive their inheritance!
    • Why should I establish a trust for my children?
      TRUST
      =
      PROTECTION
      PEACE OF MIND
      CONTROL
      GUIDANCE
    • Questions on Trusts?
    • 130 North Rum River Dr.
      Princeton, MN 55371
      (763) 389-0178
      Fax (763) 225-0636
      Go to: www.berrylawoffices.com/forms for an Estate Planning Packet
      Copyright © 2010 Berry Law Offices 2010