Estate Planning: Use of Trust and Common Mistakes to Avoid
- 1. © 2014 McNees Wallace & Nurick LLC www.mwn.com
ESTATE PLANNING – USE OF TRUST AND
COMMON MISTAKES TO AVOID
MAY 13, 2014 Vance E. Antonacci, Esquire
McNees Wallace & Nurick LLC
570 Lausch Lane, Suite 200
Lancaster, PA 17601
717.581.3701
vantonacci@mwn.com
- 2. © 2014 McNees Wallace & Nurick LLC www.mwn.com
Estate Planning
Estate Planning
Pieces to the Puzzle
o Financial Power of Attorney
o Health Care Power of Attorney (Living Will)
o Last Will and Testament
o Trust Agreements
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- 3. © 2014 McNees Wallace & Nurick LLC www.mwn.com
Estate Planning
Estate Planning
Last Will and Testament disposes of individually
owned assets not subject to a beneficiary
designation
Power of Attorney appoints agent for financial
matters
Living Will appoints agent for health care decisions
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- 4. © 2014 McNees Wallace & Nurick LLC www.mwn.com
Estate Planning
Types of Trust
o Revocable ("Living" Trusts)
o Irrevocable
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- 5. © 2014 McNees Wallace & Nurick LLC www.mwn.com
Estate Planning
Revocable Trusts
Lifetime funding
Can be revoked or amended at any time
No creditor protection
No death tax avoidance
Avoiding "probate"
Privacy
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- 6. © 2014 McNees Wallace & Nurick LLC www.mwn.com
Estate Planning
Revocable Trusts - Uses
Planning to avoid federal estate tax
Real estate located in another state
Substitute for power of attorney
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Estate Planning
Irrevocable Trusts
Lifetime funding or funded at death
Typically designed to provide creditor protection
and to avoid death taxes
Life insurance planning
Medical assistance planning
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- 8. © 2014 McNees Wallace & Nurick LLC www.mwn.com
Questions?
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Vance E. Antonacci
570 Lausch Lane, Suite 200
Lancaster, PA 17601
717-581-3701
vantonacci@mwn.com