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The Truth About Estate Planning

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Educational seminar overview of the estate planning process and it's advantages over probate

Educational seminar overview of the estate planning process and it's advantages over probate

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  • MODULE 1A Use Overhead #1 - The Truth About Estate Planning Tell the CLIFF YOUNG STORY (optional) – this is used to explain the name of the workshop “The Truth About Estate Planning” and why we call it that – about preconceived notions and having an open mind QUESTION: Let me ask you a question. How many of you have found that there are really only two types of things in life: things that work, and things that don’t work? May I have your permission to be blunt?
  • Transcript

    • 1. The Truth About Estate Planning  Presented by Suzanne M. Graves Attorney and Counsellor At Law
    • 2. Estate Planning Overview Most Estate Plans Just Don’t Work!
    • 3. Estate Planning Overview Smokescreens
      • Will vs. Trust
      • Avoid Probate
      • Hourly vs. Percentage Billing
      • Funded vs. Unfunded Trust
    • 4. Estate Planning Overview
      • Personalized Counselling
      • Proper Asset Ownership
      • Formal Review Process
      • Controlled Transfer Process
        • What to Do
        • How to Do It
        • How to Pay for It
      Keys to an Effective Estate Plan
    • 5. Estate Planning Overview Definition of Estate Planning I Want to Control My Property While I’m Alive and Well Plan for Me and My Loved Ones if I Become Disabled
    • 6. Estate Planning Overview
      • Definition of Estate Planning
      • Give What I Have
      • To Whom I Want
      • When I Want
      • The Way I Want
      • All While Assuring My Wisdom is Transferred Along with My Wealth
    • 7. Estate Planning Overview The Planning Pyramid ™
      • Focuses on Client Goals
      • Solutions Make Planning Easier
      • Exposes Traditional Planning as
      • “ Upside Down”
    • 8. Estate Planning Overview Contrasting the Traditional and Truth Approaches
      • The Debate Has Centered on
      • Documents
      • “ It’s Not About Documents, It’s About
      • RESULTS!”
    • 9. Estate Planning Overview
      • Traditional
      • Documents Used
      • Will
      • Trust (Testamentary)
      • Powers of Attorney
        • Financial
        • Health Care
      • Living Will
      • Living Trust
      • Documents Used
      • Will (Pour-over)
      • Trust (Living)
      • Powers of Attorney
        • Financial
        • Health Care
      • Living Will
    • 10. Estate Planning Overview Comparison
      • Traditional vs.
      • Approach
      • Client Care ™
    • 11. Estate Planning Overview
        • Client Care Process
        • Meet with Attorney to Develop Goals
        • Design Plan
        • Sign Plan
        • Fund Trust
        • Successor Training Workshops
        • Other Educational Workshops for Client
        • Annual Updating of Trust
    • 12. Estate Planning Overview
      • Three Step Strategy ™
      • DEVELOP Your Plan with Counselling
      • Oriented Planning Partners
      • COMMIT Yourself and Your Family to a Continuing Maintenance and Education Program
      • SECURE Appropriate Assistance for You
      • and Your Family to Transfer Your
      • Wisdom along With Your Wealth
    • 13. Estate Planning Overview
      • Three Types of Estate Plans
      • Married Couple
          • Under $2,000,000
      • Married Couple
          • Over $2,000,000
      • Unmarried Individual
    • 14. Estate Planning Overview
      • Personal Planning Goals
      • Catastrophic Illness Protection
      • Remarriage Protection
      • Creditor Protection
      • Divorce Protection
      • Values Promotion
    • 15. Counselling Oriented Planning Partners
      • How Do YOU Spell Counselling?
    • 16. Counselling Oriented Attorney
      • Counselling vs. Word Processing
      • Counselling vs. Communication
    • 17. Communication
      • No or Low Additional Cost
      • Plain English
      • Use of Stories
    • 18. Estate Planning Overview
      • Three Step Strategy ™
      • DEVELOP Your Plan with Counselling
      • Oriented Planning Partners
      • COMMIT Yourself and Your Family to a Continuing Maintenance and Education Program
      • SECURE Appropriate Assistance for You
      • and Your Family to Transfer Your
      • Wisdom along With Your Wealth
    • 19. Estate Planning Overview
      • Three Types of Change An Estate Plan Faces
      • Changes in Your Personal Situation
          • Personal
          • Financial
    • 20. Estate Planning Overview
      • Three Types of Change An Estate Plan Faces
      • Changes in the Legal Environment
          • Tax
          • Non-Tax (Personal Protections)
    • 21. Estate Planning Overview
      • Three Types of Change An Estate Plan Faces
      • Changes in Your Attorney’s Experience
      • Changes in Your OWN Experience
          • Static vs. Continuous Improvement?
          • Add Earned and Learned Wisdom!
    • 22. Estate Planning Overview
      • Three Step Strategy ™
      • DEVELOP Your Plan with Counselling
      • Oriented Planning Partners
      • COMMIT Yourself and Your Family to a Continuing Maintenance and Education Program
      • SECURE Appropriate Assistance for You
      • and Your Family to Transfer Your
      • Wisdom along With Your Wealth
    • 23. “ Appropriate Assistance”
      • Full Disclosure
      • Controlled Cost
      • True Peace of Mind
    • 24. “ Appropriate Assistance”
      • Are We The Ones?
      • Age
      • Experience
      • Personality
      • Values
    • 25. Controlled Cost
      • Successor Trustees Hire Assistance
      • Proactive Engagement Approach
      • Full Funding
      • Proactive Trustee (&Beneficiary) Training
    • 26. Estate Planning Overview
      • Three Factors of Overall Cost
      • The Cost of the Documents
      • The Cost of Updating
      • (Or Failing to Update)
      • The Cost After Death
        • Transfer of Assets
        • Death Tax Return Preparation
    • 27. Estate Planning Overview
      • “ The Rest” of the Fees
      • Trust Settlement Administration
        • Disability
        • Death
      • Death Tax Return Preparation
      • Probate Services
    • 28. Estate Planning Overview Fees
      • Traditional Probate
        • 2 to 3%
      • “ Standard” Living Trust Planning
        • 1.5 to 2.5%
      • Client Care Process ™
        • .5 to 1%
    • 29. Without Counselling Approach
      • Reduced Initial Planning Options
      • Outdated Plans
          • Technical
          • Personal
      • Little Education
          • For Yourself
          • For Your Family
    • 30. Estate Planning Overview
      • EVERYTHING IN ESTATE PLANNING COMES DOWN TO TITLE!
      • Tax Savings
      • Personal Protections
        • Catastrophic Illness Protection
        • Catastrophic Creditor Protection
        • Remarriage Protection
        • Divorce Protection
    • 31. Estate Planning Overview
      • Three Types of Title
      • Individual Name
      • Joint Name
      • Contract
        • Beneficiary Designation
        • Trust
    • 32. Estate Planning Overview
      • INDIVIDUAL NAME
      • equals
      • WILL
      • equals
      • PROBATE!
    • 33.
      • Estate Planning Options
      Estate Planning Overview
      • No Documents (Joint Tenancy)
      • Simple Will & Power of Attorney
      • Will with Testamentary Trust &
      • Power of Attorney
      • Bare Bones Living Trust
      • Client Care Process ™
    • 34. Estate Planning Overview
      • Estate Planning Challenges
      • Mental Disability
      • Asset Transfer Upon Death
      • Taxation
      • Personal Planning Goals
    • 35. Mental Disability Planning
      • Guardianship
      • Loss of Control (to Judge)
        • When I’m Disabled
        • Who Takes over Control (Guardian)
        • What the Guardian Can Do
    • 36. Mental Disability Planning
      • Guardianship
      • Expensive
        • Attorney’s Fees
        • Accounting Fees
      • Time Consuming
        • Record-Keeping
        • Court Reports
      • Public
    • 37. Mental Disability Planning
      • General Durable Power of Attorney
      • Blank Check
      • Effective Immediately
      • No Instructions
      • No Reporting Requirements
    • 38. Mental Disability Planning
      • Bare Bones Trusts
      • Contain Standard Definitions of Disability
      • and No Personal Instructions;
      • Rely on General Durable Powers of Attorney;
      • or
      • Rely on Funding Only Power of Attorney
    • 39. Mental Disability Planning
      • Client Care Process ™
      • Personalized Definition of Disability
      • Private Transfer to Personally Selected
      • Disability Trustees
      • Personalized Disability Instructions
    • 40. Mental Disability Planning
      • Planning for Retirement Plans
      • Contact Financial Institutions (or Human Resources) in advance
        • Use their own power of attorney; or
        • Get advance approval of your personalized document
    • 41. Federal Estate Tax Reduction
      • Key Tax Savings Provisions
      • Unlimited Marital Deduction
      • $2,000,000 Exemption Equivalent
    • 42. Federal Estate Tax Reduction
      • Trip to the IRS Supermarket
    • 43. Federal Estate Tax Reduction
      • Property in The Supermarket Is Subject to Federal Estate Tax
      • Property out in The Parking Lot Is Not Subject to Federal Estate Tax
    • 44. Federal Estate Tax Reduction
      • Family Trust
      • also called:
      • B Trust
      • Credit Shelter Trust
      • By Pass Trust
      Family Trust
    • 45.
      • Trustee Instructions:
      • Split Trusts Into Two Sub-Trusts
      Federal Estate Tax Reduction Family Marital Survivor May Be Trustee and Beneficiary of Both!
    • 46. Federal Estate Tax Reduction
      • Trustee Instructions:
      • Transfer up to Exemption Equivalent to Family Trust, Put Any Excess in Marital Trust
      Marital Excess 1st $2,000,000 (Today) Family
    • 47. Federal Estate Tax Reduction Marital Trust
      • Trustee Instructions:
      • Income to Spouse
      Marital
    • 48. Federal Estate Tax Reduction Marital Trust
      • Trustee Instructions:
      • Principal
          • Full Control
          • Full Use; Limited
          • Control on Death
          • Full Use
      Marital
    • 49. Federal Estate Tax Return Family Trust
      • Trustee Instructions:
      • Income to Spouse
          • Mandatory
          • Discretionary
      Family
    • 50. Federal Estate Tax Reduction Family Trust
      • Trustee Instructions:
      • Principal For “Needs”
          • Health
          • Education
          • Maintenance
          • Support
      Family
    • 51. Federal Estate Tax Reduction
      • The “Rule of 72”
      • Dividing 72 by the rate of return on your investment roughly equals the number of years it takes to double your account balance.
    • 52. Federal Estate Tax Reduction
      • Effect of Growth
      Excess To Later Beneficiaries But Included in Survivor’s Estate 1st $2,000,000 8,000,000 To Later Beneficiaries WITHOUT Federal Estate Tax Family Marital
    • 53. Federal Estate Tax Reduction
      • Tax Savings Determined By:
        • Applicable Exclusion Amount
        • (Determined by Congress)
        • Funding of Family Trust
    • 54. Federal Estate Tax Reduction
      • Available
      • Individual Name Assets
      • Living Trust Assets
      • Beneficiary Designations Payable to Trust
      • Not Available
      • Joint Assets
      • Beneficiary Designations Payable to Individuals
      Funding The Family Trust
    • 55. The Truth About Estate Planning  Thank you for Attending Law Offices of Suzanne M. Graves, Inc.