This document provides information about estate planning documents and strategies. It discusses durable powers of attorney, health care proxies, living wills, probate vs. non-probate assets, trusts, guardianships, and intestacy. The key points are that everyone needs an estate plan to determine who receives assets and makes medical decisions; proper planning can avoid costs and ensure wishes are followed. It also warns that do-it-yourself plans can have unintended consequences, so consulting experts is recommended.
Workshop serves to educate individuals about the importance of preparing a last will and testament; protecting their loved ones and resources available to assist with estate planning.
A presentation explaining the importance of preparing an estate plan sooner rather than later. A brief explanation of the component parts of an estate plan is included.
With approximately half of Canadians having no will, it never hurts to focus on the basic documents everyone needs to put in place. Once you have a basic plan to protect yourself and your family in the event of incapacity or death, you have a foundation upon which to build more sophisticated planning, if required.
Workshop serves to educate individuals about the importance of preparing a last will and testament; protecting their loved ones and resources available to assist with estate planning.
A presentation explaining the importance of preparing an estate plan sooner rather than later. A brief explanation of the component parts of an estate plan is included.
With approximately half of Canadians having no will, it never hurts to focus on the basic documents everyone needs to put in place. Once you have a basic plan to protect yourself and your family in the event of incapacity or death, you have a foundation upon which to build more sophisticated planning, if required.
Basics of Estate Planning and Special Needs Trusts with special guest speaker...mitoaction
Please join MitoAction as we welcome Annette Hines, Esq., founding partner of the Special Needs Law Group of Massachusetts. Ms. Hines will be speaking Wednesday, May 27, 2015 at 12 p.m. on the basics of estate planning and special needs trusts laws in the U.S.
Dr. Barbara O'Neill and Attorney Mary Benzinger will present this 90-minute webinar on estate planning on behalf of the Military Families Learning Network's Personal Finance Concentration Area. Topics to be discussed in this webinar include: probate and probate avoidance, the advantages and limitations of wills, trusts, estate taxes, blended families, life insurance beneficiaries, states that have transfer on death for vehicles and real property, poor planning & minor children, testamentary trusts, and estate planning resources.
How to plan for your personal and financial affairs now, so that YOU (not the state of Michigan) determine what happens to your children and assets when you become incapacitated or die.
SNT in New Jersey
Call our office today. Ask for Mr. Niemann to personally discuss your New Jersey Special Needs Trust.
Call him toll-free at (855) 376-5291
or e-mail him at fniemann@hnlawfirm.com.
He looks forward to meeting with you.
Call our office today. Ask for Mr. Niemann to personally discuss your New Jersey Special Needs Trust.
Call him toll-free at (855) 376-5291
or e-mail him at fniemann@hnlawfirm.com.
He looks forward to meeting with you.
"Nothing is certain, but death and taxes"
Attorney Eran L. Weaver from Weaver, Bennett and Bland, P.A. describes how everyone needs estate planning and gives information on basic documents on estate planning. This is merely a basic primer on estate planning. Although every effort has been made to ensure accuracy, this no way replaces the advice and assistance of legal or tax professionals.
Attorney Eran L. Weaver can be reached at eweaver@wbbatty.com or 740-844-1400.
Before sitting down to work on your plan, you should give some thought to what your priorities are and what goals and objectives you want to focus on in your plan. Learn more about Missouri estate planning in this presentation.
Women, in Estate Planning, You Are the Last ResortDolf Dunn
Because women usually outlive their male counterparts by an average of almost 5 years, making sure both you and your husband's estate documents are completed is crucial. I truly believe if you love someone, you will deal with your own mortality and get your estate documents completed! It is not about you, it is about the people you love most.
New Jersey SNT Estate Planning Attorney.
Call our office today. Ask for Mr. Niemann to personally discuss your New Jersey Special Needs Trust.
Call him toll-free at (855) 376-5291
or e-mail him at fniemann@hnlawfirm.com.
He looks forward to meeting with you.
Basics of Estate Planning and Special Needs Trusts with special guest speaker...mitoaction
Please join MitoAction as we welcome Annette Hines, Esq., founding partner of the Special Needs Law Group of Massachusetts. Ms. Hines will be speaking Wednesday, May 27, 2015 at 12 p.m. on the basics of estate planning and special needs trusts laws in the U.S.
Dr. Barbara O'Neill and Attorney Mary Benzinger will present this 90-minute webinar on estate planning on behalf of the Military Families Learning Network's Personal Finance Concentration Area. Topics to be discussed in this webinar include: probate and probate avoidance, the advantages and limitations of wills, trusts, estate taxes, blended families, life insurance beneficiaries, states that have transfer on death for vehicles and real property, poor planning & minor children, testamentary trusts, and estate planning resources.
How to plan for your personal and financial affairs now, so that YOU (not the state of Michigan) determine what happens to your children and assets when you become incapacitated or die.
SNT in New Jersey
Call our office today. Ask for Mr. Niemann to personally discuss your New Jersey Special Needs Trust.
Call him toll-free at (855) 376-5291
or e-mail him at fniemann@hnlawfirm.com.
He looks forward to meeting with you.
Call our office today. Ask for Mr. Niemann to personally discuss your New Jersey Special Needs Trust.
Call him toll-free at (855) 376-5291
or e-mail him at fniemann@hnlawfirm.com.
He looks forward to meeting with you.
"Nothing is certain, but death and taxes"
Attorney Eran L. Weaver from Weaver, Bennett and Bland, P.A. describes how everyone needs estate planning and gives information on basic documents on estate planning. This is merely a basic primer on estate planning. Although every effort has been made to ensure accuracy, this no way replaces the advice and assistance of legal or tax professionals.
Attorney Eran L. Weaver can be reached at eweaver@wbbatty.com or 740-844-1400.
Before sitting down to work on your plan, you should give some thought to what your priorities are and what goals and objectives you want to focus on in your plan. Learn more about Missouri estate planning in this presentation.
Women, in Estate Planning, You Are the Last ResortDolf Dunn
Because women usually outlive their male counterparts by an average of almost 5 years, making sure both you and your husband's estate documents are completed is crucial. I truly believe if you love someone, you will deal with your own mortality and get your estate documents completed! It is not about you, it is about the people you love most.
New Jersey SNT Estate Planning Attorney.
Call our office today. Ask for Mr. Niemann to personally discuss your New Jersey Special Needs Trust.
Call him toll-free at (855) 376-5291
or e-mail him at fniemann@hnlawfirm.com.
He looks forward to meeting with you.
Estate Planning involves carefully considered decisions regarding your estate and property, your future and also the future of your children. A great estate plan is your opportunity to thoughtfully leave your assets to those whom you value and feel should benefit from your years of hard work and wealth accumulation. The questions you ask yourself initially will guide your entire estate planning process. This presentation discusses what questions you need to ask yourself as you begin the estate planning process. If you have questions about your estate plan, please contact us on 1800 770 780 or ohl@owenhodge.com.au.
What (and How) To Ask Your Parents About Their Estate PlanningCohen and Company
Discussion on estate planning for aging parents, including three fundamental documents every parent must have, why proper titling of assets is so important, benefits of having a trust and more.
This pamphlet which is based on Wisconsin law is issued to inform and not to advise. No person should ever apply or interpret any law without the aid of a trained expert who knows the facts, because the facts may change the application of the law.
From the Oklahoma law firm Cazes Roberts, PC:
A concise yet practical review of what Oklahoma estate planning is, why some would want to do Oklahoma Estate Planning and the tools used in Oklahoma Estate Planning.
In a seminar titled, “Get Your Ducks In A Row,” Fraser Trebilcock attorney Marlaine C. Teahan shared her legal experience with families on topics that included: differences between wills and trusts and how to choose between them, the best planning ideas for minor and special needs children, and more.
In a seminar titled, “Get Your Ducks In A Row,” Fraser Trebilcock attorney Marlaine C. Teahan shared her legal experience with families on topics that included: differences between wills and trusts and how to choose between them, the best planning ideas for minor and special needs children, and more.
Hidden Risks and Mistakes to Avoid in Estate and Long-Term Care PlanningMelinda Merk
Co-presented with Buckley Kuhn Fricker on 11/4/17. Discusses the importance of pre-planning vs. crisis planning, and focuses on 3 key goals of estate and long-term care planning, which lead to Peace Of Mind, Protecting and Preserving Wealth, and Family Harmony: 1) maintaining control and protecting assets during life, including incapacity; 2) efficient and orderly wealth transfer at death; and 3) protecting beneficiaries from others and themselves.
Powers of Attorney have been serving the public for centuries; it is a powerful legal document which allows an
individual (Donor) to appoint a person of their own choice (an Attorney), to look after their
affairs should they at a later stage no longer wish to make these decisions or lack the capacity to
manage their affairs themselves.
At Price & Kelway we get the job done, expertly.
Our clients are businesses and individuals who value clear advice and affordable solutions. They trust our team of specialist solicitors to provide the best legal support, whenever and wherever it is needed.
And we deliver, every time
Our philosophy is simple. Clients deserve legal support which is clear, within budget and effective. So we promise three things:
- Solicitors who speak your language
- Value for money and no hidden charges
- Solutions
How Are Debts Handled After Someone Dies in TexasSteve P. Mendel
Probate is the legal process that is typically required after a death to ensure that the decedent’s assets are identified, located, and eventually transferred to the rightful beneficiaries or heirs of the estate. Another important aspect of the probate process, however, is addressing debts of the decedent. Learn more about debts in Texas in this presentation.
If you're like most parents who have a child with a disability, one of the most
important questions you ask yourself is…
What's going to happen to my child when I'm no longer here?
The importance of an estate plan:
Estate planning is the only viable way to protect your assets, reduce tax obligations, avoid probate and provide financial security and peace of mind to your family. We prepared this eBook for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. Contact www.Drizinlaw.com
This up-coming workshop at the Financial Planning Association of New York's Financial Fitness Workshop highlights the basics of Medicare and Medicaid, and attempt to inform the public of the many changes in the government's pipeline for these programs.
1. LEARNING MORE ABOUT
YOUR ESTATE PLAN
NYPL - SCIENCE, INDUSTRY AND
BUSINESS LIBRARY, FEBRUARY 2017
Provided by the FPA® of New York
2. 2
ALL INFORMATION CONTAINED IN
THESE PAGES IS FOR
INFORMATIONAL PURPOSES ONLY.
IT SHOULD NOT BE CONSIDERED
LEGAL ADVISE.
PLEASE CONSULT AN ATTORNEY
BEFORE TAKING ANY STEPS BASED
ON THIS INFORMATION.
Disclaimer
3. Why Everyone Needs an Estate
Plan3
Avoids Guardianship Proceedings during
your life.
Allows you to leave money to who you
want to receive it when you die.
Can save you certain administration fees.
Obviates the need for an attorney to be
appointed for minor beneficiaries.
Avoids disabled beneficiaries from losing
government programs.
4. DURABLE GENERAL POWER
OF ATTORNEY4
Designate a person or persons to manage
your financial affairs.
Designates also what areas of your
finances you are giving control over.
Beware! This is a blank check. The person
you designate could take all your money.
They could go to jail for it, but the money
may have disappeared before they are
caught.
5. HEALTH CARE PROXY
5
Designates a person to make medical
decisions for you if you are unable to do so.
Also designates a second person in case
the first person is unavailable.
Be selective in who you choose.
6. LIVING WILL
6
Can be within the Health Care Proxy.
States what you would like to happen to you if you
cannot make your own health care decisions and:
1. You are in a terminal condition; or
2. You are permanently unconscious; or
3. You are conscious but have irreversible brain
damage and will never regain the ability to make
decisions and express your wishes.
These conditions are sometimes referred to as "a
vegetative state."
7. LIVING WILL
7
Sample language:
I feel especially strongly about the following forms of treatment:
I do not want mechanical respiration.
I do not want tube feeding.
I do not want antibiotics.
I do not want cardiac resuscitation.
I do want maximum pain relief, even if such treatment hastens
my death.
I direct that treatment be limited to measures to keep me
comfortable and to relieve pain, including any pain that might
occur by withholding or withdrawing treatment.
8. Gross Estate
8
EVERYTHING you own
Non-probate estate
Probate estate
Most people assume that everything you
own passes through your will upon your
death. It does not!
Property passing by your Will (through
“Probate”) only transfers money that “We
don’t know where it goes without the Will.”
9. 9
NOTHING IN YOUR NON-PROBATE
ESTATE IS PART OF YOUR WILL.
10. Non-Probate Estate
We know where money goes without the Will
10
Life Insurance
IRA, 401(k), pension plan, 403(b), TDA
Joint Property: your house, bank
accounts, brokerage accounts
Transfer on Death Accounts, Totten
Trusts (called "In Trust For")
Trusts
Contracts (e.g. pre-nuptial, partnership)
12. Probate Estate - Your Will
12
Everything that is not in
your non-probate
estate
i.e. we don’t know where the money goes without
the Will
13. 13
YOU HAVE A WILL WHETHER YOU
HAVE WRITTEN ONE OR NOT.
14. Intestacy: Dying Without a Will
The “State’s Will” for you, and it’s priorities
14
1. Spouse -100%
2. Spouse/Children -$50,000 + 50%/50%
3. Children -100%
4. Parents -100%
5. Siblings -100% (Nieces and Nephews)
6. Grandparents -100%
7. Aunts + Uncles -100%
8. Cousins -100%
9. The State of New York (yep)
15. The State’s Priority Controls A
Lot About Wills15
Who gets what money if there is no Will?
Who gets put on notice if there is a Will?
Who has the best right to serve as
Executor / Administrator?
Who can legally contest the Will?
16. Those Denied In the State's Will
for You16
1. Life Partners
2. Friends
3. Those people not in line in the priority list
Step-Children; non-adopted children
4. Pets
5. Organizations and Institutions
6. Business Partners
7. Specific Gifts to Specific People
17. List of Who Gets Paid First
17
Funeral Home & Burial Costs
Attorney & Court Fees
Executor / Administrator Fees
Preferred Creditors (Government,
mortgage)
Non-preferred Creditors (everyone else)
Beneficiaries in Will (or Administration)
18. Facts About Wills
18
A Will isn’t public until you die and it is
submitted to the Surrogate’s Court.
The court only Probates original Wills
(photocopies need to be proven valid).
If a valid party cannot be found, the judge
appoints a “Guardian Ad Litem.”
If the “Testator” tells you one thing, but the Will
says something else, the Will wins.
Ex: Mom tells you that you get her jewelry, the Will
says your sister gets it your sister gets the jewelry.
No “Dead Man’s Rule” in New York.
19. MORE Facts About Wills
19
Minors (under 18 years old) cannot receive money
directly from a Will: GAL appointed.
You CANNOT completely disinherit your spouse:
They may elect to receive 1/3 of your TOTAL estate.
You CAN disinherit your children.
A valid Will is also valid in all 50 states, US
territories and many other countries.
Small bequests cost money to give out.
Execution (signing and witnessing) is just as
important as the actual contents of the Will.
20. Minors: Guardians and Money
20
Legal/Custodial Guardian: A child’s acting
parent
Does NOT have to be a biological parent.
Makes daily decisions, has custody of child.
Financial Guardian: control’s child’s
finances
Can be same as custodial.
Guardian Ad Litem (GAL): an attorney
appointed by the court to represent minors.
21. Parties to a Trust
Creator / Grantor / Settlor
> Creates the Trust
> Determines Terms of the Trust
> Funds the Trust
Beneficiaries
> Entitled to the property
under the terms of the Trust
Trustee
> Manages the trust property
> Follows the Terms of the Trust
> Entitled to a Commission
22. The Trust / Trustee is named as the Owner of the property: this
“funds” the Trust:
(1) Deed for real estate
(2) bank or brokerage accounts
(3) Beneficiary o retirement plan or life insurance
How to Name a Trust as Owner of Accounts &Real Estate
The Deed to your house or vacation home in Florida or name of your
bank account is no longer in the name of Cindy Jones, but is instead
owned by The Revocable Trust of Cindy Jones.
Make sure to fund your Trust!
Funding A Trust
23. Wills v. Trusts - Pros
Wills Trusts
• Less Expensive to Draft • No Court Involvement
• No Additional Action or
Expenses
• Private Between Grantor, Trustee
& Current Beneficiary
• No other action required
until death
• Continuity of Asset Usage Upon
Incapacity
• Faster Distributions at Death
• Can Receive Life Insurance &
Retirement Plan Benefits
• Creditor Protection for Certain
Beneficiaries
24. Wills v. Trusts - Cons
Wills Trusts
• Public Document Upon Death • Additional expense to
Create the Document
• Additional Paperwork Required
at Death
• Requires Changing
Accounts and Beneficiary
Forms to Trust’s name
• Court Fees and Legal Fees
• Approval of Surrogate’s Court
Required
• Public “Inventory” with Court
showing ALL Estate assets
25. • Protects from creditors: IRS,
Credit Cards, Ex-Spouses
Spendthrift
Provisions
• Stops mandatory distributions
until treatment is received
Substance
Abuse
Provisions
• Funds are protected from child’s
spouse
Spousal Anti-
Comingling
Provisions
Beneficiary & Creditor Protection
26. Making Your Own Estate Plan
26
Good luck! But beware…
Document content is tricky: You don’t always
know what you don’t know.
Execution of documents is equally as
important as actual content.
Any mistake has no attorney advocate to
substantiate the original intent (no skilled
depositions).
Some mistakes cost 5X as much to fix as
doing it right in the first place…
…and some mistakes can’t be fixed at all.
27. Do It Yourselfers: What to Watch
Out for27
1. Realize that many of your assets will not pass through your Will.
2. Let the Executor of your Will know who and where your closest
(blood) relatives are.
3. Make a list of all your valuable personal property and share it with
immediate family.
4. Let the “right” people know where your original Will is located.
5. Do NOT leave assets directly to disabled persons.
6. Take proper precautions for children (create trusts in the Will).
7. Provide money to pay for your last illness, funeral expenses,
income tax, and administration of your estate.
8. Get rid of small bequests: Only leave larger bequests in your Will.
9. Keep the Will simple and do not cut out relatives who would
otherwise receive under Intestacy (if so, see an attorney).
28. Resources
Legal Assistance / NY State Bar
Association – general information on
obtaining legal assistance
www.nysba.org or www.LawHelp.org/ny
Do-it-yourself websites
(Ex: www.legalzoom.com/last-will)
Careful: Complex Wills require the expertise of an
Attorney.
28
29. Putting It All Together
29
Certified Financial PlannersTM
(CFPs®)are trained financial
professionals that required to
meet certain Experience,
Examination, Education and
Ethical standards.
They are trained in the financial
planning process and bring
together multiple components of
your financial lives (Ex: estate
planning, retirement planning, risk
management, investment
management, etc.)
30. Putting It All Together (cont’d.)
30
Frequently, they work together with other experts
such as Attorneys, Insurance Agents and CPAs to
help ensure the various components work together.
Examples:
Titling and designating beneficiaries for your
brokerage, retirement and savings accounts to
align with your Will.
A CFP® working with an Attorney and CPA to
structure your Estate to minimize estate and
income tax consequences.
31. Daniel Timins, Esq., CFP®
Law Offices of Daniel Timins, P.C.
Wills, Estate Planning and Elder Law
dan@timinslaw.com
Questions & Answers31
Mark Sallinger, CFP®
Financial Asset Management
Corporation
Financial Planning and Wealth
Management
msallinger@famcorporation.com
For more information about the Financial Planning Association of New York visit
www.fpany.org.