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Estate Planning


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  • 1. “The only think you take with you when you’re gone is what you leave behind”
    -John Allston
    Making money sensetips and ideas to help your family prosper
    Estate Planning
  • 2. Fundamental Estate Planning
    Estate planning consists of two principal elements:
    The completing of documents that properly provide for you incapacity or death.
    Detailed facts about your assets, liabilities and desires upon either event.
    70% of Americans do not have an estate plan
    The failure to plan and provide basic information could create these unwanted problems for family or friends:
    State takes over
    Loss of assets
    Family tension
    Loss of control over decisions
  • 3. Important Documents To Create
    A will or will substitute (ex. living trust)- is your final declaration on how your assets and family should be treated after your death.
    A personal property disposal list- ask your children what assets they would want if you are gone and then prepare a detailed list (perhaps with pictures) directing how the assets should pass.
    A living will- is your declaration that you do not desire life sustaining treatment if there is no significant hope of recovery.
  • 4. Important Documents Cont.
    Medical power of attorney (Durable healthcare power of attorney)- Is designed to grant someone the power to make any medical decisions for you upon you incapacity.
    Durable general power of attorney- provides for who will manage your assets upon your incapacity.
    Helpful websites for estate planning-
    “Estate planning is a process, not a conclusion. The conclusion begins when you are gone.”
  • 5. Additional Information
    Finding an estate planning attorney
    Important to use experienced guidance to draft the documents listed on the previous slides
    Websites to search for attorneys is: – can provide background of attorneys, their specialties and how they are rated in their area of competence by other attorneys – National Association of Estate Planners and Councils
    Financial Planners
    Integrate estate planning with overall financial planning and offer guidance in building estate plan strategies.
    Reviewing the process
    As least every two to three years or when a significant change occurs, such as marriage, divorce, birth of a child or grandchild, or receipt of a significant inheritance.
  • 6. Important Documents Cont.
    Family love letter
    Is designed to provide basic information to your family about your assets, liabilities and personal desires upon your death or incapacity.
    Advisors and financial information
    Insurance and benefits
    Documents and other information
    Family history
    Ethical will
    Designed to accommodate the unique personalities, family structured values and thoughts of one generation for the next. An ethical will is NOT a formal document, has no set format or required content.
  • 7. What Is long-Term Care
    The care you need when you are no longer able to care for yourself independently
    When you need help with your activities of daily living:
    When you need substantial supervision from a cognitive impairment, such as Alzheimer’s disease.
  • 8. Where Can I Get Long-Term
    Care Services
    • Your home
    • 9. Assisted living facility
    • 10. A facility for people who can live somewhat independently, but need assistance with basic activities of daily living.
    • 11. Adult day care facility
    • 12. Hospice care
    • 13. Care provided for a terminally ill patient; can be provided in the home or at a facility.
    • 14. Nursing home
  • 15. It Could Happen To You
    The New England Journal of Medicine on long-term care:
    At age 65 your chances of entering a nursing facility in your lifetime are 43%, Male 35% & Female 53%
    About 80% of the nursing facility residents are women, most of whom are widows
    7 out of 10 couples reaching age 65 will experience at least one of their partners entering a nursing facility in their lifetime
    The National Center of Health Statistics states:
    The average nursing home stay is about 2 ½ years; 32% of the residents stay 3 years or longer
    Health Insurance Association of America states:
    72% of people age 65 and over may use home health care
  • 16. What Plans have You Made For Long-Term Care
    What is the cost?
    The average cost of nursing home care is more than $71,000/year. With cost increasing at about 5% a year, the cost of a semi-private room in 2030 is estimated to reach $190,000 a year.
    The national annual average cost for home health care is over $43,000 or more than $19/hour
    Cost may vary by geography and the type of care received
  • 17. Benefits Of Long-Term Care Insurance
    Preserve wealth
    Tax benefits
    Maintain your physical and financial independence
    Medicare is not enough
    Maintain choice on how and where to receive care
    Assure high-quality care, at an affordable price
  • 18. The Cost Of Waiting
    For every year that you wait to buy, the cost of care goes up by 5% compounded annually
  • 19. For more information:
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