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Legacy & Estate Planning Basics


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An Introduction to Legacy & Estate Planning Basics

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Legacy & Estate Planning Basics

  1. 1. Legacy & Estate Planning Basics An Introduction & How-to-do-it Series Spring 2008 Axis Legacy Planning & Trusts, P.L.
  2. 2. What is Legacy Planning? What is Estate Planning? Legacy & Estate Planning Checklist 1 2 3 Presented by; Donald L. West, Jr., JD, CTEP Chartered Trust & Estate Planner Axis Legacy Planning & Trusts, P.L.
  3. 3. Legacy & Estate Planning Unless you would like to “donate” your estate to Uncle Sam, it’s time to join the 30% who do. Though writing a will may not be fun to think about, a little foresight now can save your heirs and loved ones enormous hassles down the road. Learn to: <ul><li>Understand the basics of wills, trusts, probate, charitable giving, and more </li></ul><ul><li>Set up power of attorney, a living will, and long-term care arrangements </li></ul><ul><li>Minimize the impact of estate and inheritance taxes on your heirs </li></ul>70% of Americans do not have a will.
  4. 4. What is Legacy Planning?
  5. 5. What is Estate Planning?
  6. 6. Business Succession Planning Long Term Care Assignment of Guardians Planning Directives Gifts Trusts Life Insurance Estates 101 <ul><li>Estate </li></ul><ul><li>Planning </li></ul><ul><li>Will </li></ul><ul><li>Legacy </li></ul>
  7. 7. Successful Successions <ul><li>Seventy Percent (70%) of all </li></ul><ul><li>estate plans fail. </li></ul><ul><li>Including beneficiaries in the long-term strategic </li></ul><ul><li>planning creates a cooperative environment </li></ul><ul><li>where everyone “buys-in” instead of </li></ul><ul><li>being dictated a course. </li></ul><ul><li>A Good Family Mission </li></ul><ul><li>Statement helps too. </li></ul>The Axis Legacy Pyramid TM
  8. 8. <ul><li>T he 2008 Individual Exemption is $2 million with a federal estate tax rate on all assets over the exemption set at 45%. </li></ul>Federal Estate Taxes (Death Taxes)
  9. 9. Who Needs To Plan <ul><li>Almost Everyone </li></ul><ul><li>Married Couples </li></ul><ul><li>Parents </li></ul><ul><li>Divorced Couples </li></ul><ul><li>Professionals </li></ul><ul><li>Business Owners </li></ul><ul><li>Almost Everyone </li></ul><ul><li>Real Estate Investors </li></ul><ul><li>Inventors </li></ul><ul><li>Painters, Writers, Performers </li></ul><ul><li>Pro Athletes </li></ul><ul><li>Future Millionaires </li></ul>
  10. 10. Non-Tax Reasons to Prepare a Plan
  11. 11. Committed Ethical Axis Legacy Planning & Trusts Trusted Professional How to Choose the Best Estate Planning Attorney for You and Your Family
  12. 12. 3. Write a Will 1. Lists your Assets 4. Write Planning Directives 2. Assign heirs & beneficiaries 5. Learn about Probate 6. Consider Establishing Trusts 7. Look into Life Insurance 8. Consider Long-Term Care Needs 9. Consider charitable giving & family gifting 10. Plan the future of your business CHECKLIST LEGACY & ESTATE PLANNING
  13. 13. Establishing Ties To Empower Client Options in Life Insurance And Legacy & Estate Planning Enabling CFPs to Distinguish Themselves from Other Financial Advisors. Helping Accountants Build Stronger Relationships and Offer more Compete Services. Assisting Attorneys whose core specialty is not estate planning. Attorneys CPAs CFPs CLUs Legacy & Estate Planning Support for Advisors
  14. 14. Donald L. West, Jr., JD, CTEP Chartered Trust & Estate Planner Don West, Jr. counsels families, individuals and entities on the principles of generational legacy and wealth transfer as a Vice President and Trust Officer for Axis Legacy Planning & Trusts, P.L., an elite wealth management firm with a unique planning philosophy of promoting &quot;Healthy & Sustained Family Wealth&quot; with offices in Atlanta, Georgia and four Florida locations: Tallahassee, Tampa, Palm Beach and Miami. Thank You! EMAIL: [email_address]