Estate Planning Essentials

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In this presentation, we will examine the essential components of a basic estate plan.

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Estate Planning Essentials

  1. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraftEstate PlanningEssentialsEssential Components of a Basic Estate Plan
  2. ESTATE PLANNING ESSENTIALSEstate Planning 101In this presentation, wewill examine theessential components ofa basic estate plan.
  3. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraftPEOPLE THAT HAVE ESTATE TAXCONCERNSAND/OR ASSET PROTECTION AIMSMAY BENEFIT FROM THEUTILIZATION OFMORE ADVANCEDLEGAL DEVICES.
  4. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft#1. Transferring Financial AssetsArranging for the transfer of financialassets after your passing is certainlypart of the equation.
  5. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraftThis is often accomplished through theexecution of a last will or arevocable living trust.
  6. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft#2. Last Will
  7. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraftIF YOU STATE YOUR FINAL WISHESTHROUGH THE EXECUTION OF ALAST WILLYOU SHOULD INCLUDE A CHOICE OFEXECUTOR.
  8. THIS INDIVIDUAL WILL BE CHARGED WITHTHE RESPONSIBILITY OFADMINISTERING THEESTATE.THE ADMINISTRATION WILL BESUPERVISED BY THE PROBATE COURT.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  9. #3. The Process of ProbateFrank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  10. DURING THE PROBATE PROCESS THEESTATE MUST PAY ANYOUTSTANDING DEBTSTHAT MAY EXIST, INCLUDING TAXES.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  11. There are expenses incurred during thisprocess, and it can betime consuming.
  12. Interested parties that wanted tocontest thevalidity of the willcould step forward to present theirarguments during probate.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  13. #4. Revocable Living TrustsFrank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  14. A VERY COMMONLY UTILIZEDPROBATE AVOIDANCE TOOL IS THEREVOCABLE LIVING TRUST.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  15. WITH THESE TRUSTS YOU SELECT ATRUSTEETO MANAGE THE FUNDS, AND ABENEFICIARYWHO WILL RECEIVE DISTRIBUTIONS.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  16. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  17. These asset transfers take placeoutside of the process of probate.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  18. #5. Advanced Health Care Directives
  19. The two advance directives that everyoneshould have areA LIVING WILL With a living will yourecord your preferenceswith regard to medicalprocedures.A DURABLEMEDICAL POWEROF ATTORNEYThe durable medicalPOA is used to name anagent who would beauthorized to makehealth care decisions inyour behalf.
  20. #6. A Financial Decision Maker in theEvent of IncapacityFrank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  21. INCAPACITY PLANNINGis important, especially in light of the widespreadnature of Alzheimers disease.
  22. If you use a living trust to direct future assettransfers you can include the choice of asuccessor or disability trustee.This individual would beempowered to managethe resources placed intothe trust in the event ofyour incapacitation.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  23. #7. Durable Financial Power of AttorneyFrank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  24. You can also select an individual of your ownchoosing to make financial decisions in yourbehalf through the execution of a durablefinancial power of attorney.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  25. IF YOU FAIL TO PLAN AHEAD FOR THEPOSSIBILITY OFINCAPACITYTHE STATE MAY BE FORCED TO APPOINT AGUARDIAN OR CONSERVATOR TO HANDLE YOURFINANCIAL AFFAIRS.Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  26. Now that you know the basicsyou may want toFrank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraft
  27. Frank & Kraft, Attorneys at Law www.FrankKraft.com Follow @FrankandKraftFrank & Kraft: Indianapolis EstatePlanning AttorneysWe invite you to contact ourfirm to schedule a freeconsultation.You can give us a call at:(317) 684-1100Or get in touch through ourwebsite:www.FrankKraft.com

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