Peninsula seniors pg workshop power point


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Peninsula seniors pg workshop power point

  1. 1. ? ?? ? ?
  2. 2.  Gather all information needed to create your plan Consult those closest to you to help make optimum decisions Share information with trusted advisors Review and execute documents and provide them to executors or trustees.
  3. 3.  California laws of intestate succession are used to determine who will inherit your estate. As a “community property” state, transfer of property, even when a will or trust is in place, can be more complicated requiring good professional advice. Examples of distribution of decedents property according to California intestacy laws.
  4. 4. Will: A written legal document signed and witnesseddirecting the distribution of your property.Living Trust: A legal document to which ownership ofproperty is transferred and a trustee is appointed andwhich distributes your property according to the termscreated in the trust.Which is best for me? Will or Living Trust?
  5. 5. The unintended consequence of intestacy or a poorlyor incorrectly drafted will or living trust.How to avoid Accidental Inheritance:  Gather all pertinent information accurately  Consult with family and friends if appropriate  Consider all personal passions and legacy giving  Consult with trusted professional advisors when drafting documents.
  6. 6.  Current Will or Living Trust Durable Power of Attorney for Finances Durable Power of Attorney for Healthcare Proper Distribution of Real Estate and Retirement Funds Use of Insurance Legacy Gifting Options
  7. 7.  Wills and trusts are “living” documents requiring periodic review and updating What is a codicil? Trust titling and “pour over will” Trustee and Executor selection and periodic review
  8. 8.  Avoid fraud or misrepresentation Legal authority to manage your property under defined circumstances Able to choose best representative while competent to do so
  9. 9.  Two primary documents:  Durable Power of Attorney  Living Will Combined into an Advanced Directive document
  10. 10.  How Real Estate and Retirement Plans are transferred at death:  By title  By beneficiary designation  By will or trust Tax trap for transfer of retirement assets
  11. 11.  Long Term Care Insurance Life Insurance Annuities Cost – Benefit Analysis
  12. 12.  Why A Legacy Gift? Life Income Gifts Charitable Trusts Bequest Giving Gifting Through Titling of Assets
  13. 13.  Personal information on you and your family Define your estate planning goals Take inventory of your current situation Select person for role as Healthcare Power of Attorney Select person for role as Financial Power of Attorney Take inventory of assets: real estate, bank accounts, investments, and personal property Take inventory of liabilities: mortgages, vehicles, credit card accounts, loans and other debts Estate Plan details
  14. 14.  Complete the workbook accurately. Engage professional advisors, especially if you have unique assets, blended family issues, or specific questions. Contact your charities of choice about legacy gifting. Call me with specific questions about legacy gifts in general or gifts to Marymount College or the Peninsula Seniors.
  15. 15. Tom Zajac MARYMOUNT COLLEGE Major/Planned Gifts Officer Development 30800 Palos Verdes Drive East Rancho Palos Verdes, CA 90275Ph. (310) 303- 7625, Fax: (310) 303-7284 Email:
  16. 16. Spouse ChildrenCharity Relatives Friends