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Do I Need a Will or a Trust Ackerman Brown

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Do I Need a Will or a Trust Ackerman Brown

  1. 1. DO I NEED A WILL OR A TRUST?J. Max Barger, Attorney, MBAAckerman Brown1250 Connecticut Avenue, NWSuite 200Washington, DC 20036Max.Barger@AckermanBrown.com202.393.5428© J. Max Barger, 2012
  2. 2. TITLE MATTERS© J. Max Barger, 2012
  3. 3. TITLE MATTERS© J. Max Barger, 2012
  4. 4. TITLE MATTERS Types of Title • Own assets alone, or with others • Individual • Co-Tenancy • Joint Tenancy with Rights of Survivorship • Tenancy by the Entirety • Tenancy in Common • Operation of Law • With Rights of Survivorship • Real Property (in some jurisdictions) • Pay Death/Transfer on Death • Other Contracts© J. Max Barger, 2012
  5. 5. TITLE MATTERS© J. Max Barger, 2012
  6. 6. TITLE MATTERS How Assets Pass to Beneficiaries • Made during the Donor’s lifetime and completed. Gifts • Donor changes title.© J. Max Barger, 2012
  7. 7. TITLE MATTERS How Assets Pass to Beneficiaries • Made during the Donor’s lifetime and completed. Gifts • Donor changes title. • With a Will or No Will Probate • Property owned individually or in a tenancy in common© J. Max Barger, 2012
  8. 8. TITLE MATTERS How Assets Pass to Beneficiaries • Made during the Donor’s lifetime and completed. Gifts • Donor changes title. • Assets held by the Trustee are subject to the terms of Trusts the Trust Agreement Lifetime • Life insurance, annuities Transfers Contracts • Retirement plans Operation of Law • TOD/POD • Rights of Survivorship Transfers at • Real Estate Death • With a Will or No Will Probate • Property owned individually or in a tenancy in common© J. Max Barger, 2012
  9. 9. MANAGEMENT OF YOUR AFFAIRS© J. Max Barger, 2012
  10. 10. MANAGEMENT OF YOUR AFFAIRS Management of the Decedent’s EstateProbate Assets Probate EstateBeneficiaryDesignations Operation of LawTrust Assets Trust Estate© J. Max Barger, 2012
  11. 11. MANAGEMENT OF YOUR AFFAIRS Management of the Decedent’s EstateProbate AssetsBeneficiaryDesignations Trust EstateTrust Assets© J. Max Barger, 2012
  12. 12. WHAT DO I CHOOSE?© J. Max Barger, 2012
  13. 13. • Planning for death • Probate • Orderly Court supervised transfer of assets • Public accountability • Publicity of Will • Court appoints personal representative, guardian • Creditor claims cut-off© J. Max Barger, 2012
  14. 14. Trusts – Will It Really Make Things Easier? • Planning for incapacity and death • Avoids probate • No court supervision • Transfer of title to assets currently • Accountability according to the trust term • Privacy of document • Grantor appoints trustee • Creditor claims may be extended© J. Max Barger, 2012
  15. 15. WILLS VS. TRUSTS Wills – The Good and the Bad Trusts – Will It Really Make Things Easier? • Larger individual deduction • Uniform Trust Code for income tax purposes implemented in many • Require beneficiaries to jurisdictions release PR from liability • Privacy and less formal • May help quell contentious reporting requirements situations • Elimination of multiple • May need the Letters of Administration to transact probate administrations some business • Centralized management of • International Wills treaty Decedent’s affairs may make planning with Will • The concept of trust is not preferable for some non- recognized in all citizens clients international jurisdictions© J. Max Barger, 2012
  16. 16. WILLS VS. TRUSTS© J. Max Barger, 2012
  17. 17. APPROPRIATE PLANNING© J. Max Barger, 2012
  18. 18. APPROPRIATE PLANNING Foundational Planning – Care of the Foundational Planning – Care of the Property Person • Revocable Trust and Pour Over Will or Last Will • Healthcare Power of Attorney (Advance Medical and Testament Directive) • Healthcare Proxy • Durable Power of Attorney • Living Will • Statutory Power of Attorney • Anatomical Gifts • HIPAA Authorization • Disposition of Bodily Remains/Funeral Ancillary Documents Arrangements • Standby guardianship for minor children • Healthcare power of attorney for children Phase II Planning • Common interest agreement for couples who are • Prenuptial or marital agreement not married, or whose marriages are not • Irrevocable life insurance trust recognized • Domestic asset protection trust • Equity sharing agreement or partnership agreement • Grantor retained annuity trust • Certificate of Trust • Charitable reminder or lead trust • Funding documentation and instruction • Intentionally defective trust • Executive summaries of the primary documents • Family partnership or limited liability company • Record of personal history • Inventory of assets and liabilities • Document locator© J. Max Barger, 2012
  19. 19. DO I NEED A WILL OR A TRUST?J. Max Barger, Attorney, MBAAckerman Brown1250 Connecticut Avenue, NWSuite 200Washington, DC 20036Max.Barger@AckermanBrown.com202.393.5428© J. Max Barger, 2012

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