It's never too early to start thinking about your estate plan! Take a look at our top tips for estate planning to see if you're on the right track for your income and family situation.

1. TOP TIPS FOR YOUR ESTATE PLAN
December 2017
1. What should you know about your last will and testament?
a. A will names your financial decision maker (i.e. personal representative) to
act after your passing and instructs how to distribute your assets.
b. A will doesn’t avoid a probate court process at your passing.
2. Can probate be avoided by adding your children as joint owners?
a. Yes. Although, there are risks if your children go through a divorce or have
financial issues.
b. There can also be problems if your children don’t not carry out your wishes.
c. Also, naming your child as joint owner may cause unintended Medicaid
and tax issues.
3. What should you know about a living trust?
a. A living trust is a way to title your assets to avoid probate.
b. A joint trust is a helpful plan for spouses.
c. A living trust can be used to protect your children’s inheritance from
divorce and creditors.
d. If you and your spouse have separate trusts, consider combining them if
estate taxes are no longer an issue and you don’t have a blended family.
4. How should you title your assets and name your beneficiaries with a living trust?
a. In general, title your living trust as owner of your assets.
b. Consider creating a “ladybird deed” for your house and tenancy by the
entireties with a transfer on death to the trust for non-IRA investment
accounts.
c. Determine whether you should name your trust or children as beneficiary of
your IRAs.
5. What should you know about powers of attorney?
a. They are important to avoid probate court when you can’t make decisions.
b. Everyone needs a financial and health care power of attorney.
Haans Mulder Jessica Arends
phmulder@cunninghamdalman.com jessica@cunninghamdalman.com
321 Settlers Road, Holland, Michigan 49423
Phone: (616) 392-1821 | Website: www.cunninghamdalman.com