Estate Planning & Administration

Size: px
Start display at page:

Download "Estate Planning & Administration"

Transcription

1 Estate Planning & Administration

2 Introduction If you ve been putting off creating an estate plan, then you re missing out on a chance to get some peace of mind. Many of our clients tell us that they feel much better after implementing an estate plan. They feel happy because they know that no matter what happens, their loved ones will be taken care of. At King Law, we help clients with basic estate planning issues such as drafting a will or a power of attorney. We also handle more complex issues, including creating trusts to avoid probate or control how your heirs use an asset after you re gone. The good news is that many people can benefit from a simple estate plan. Your first priority should be to get a few important documents in place, which we discuss in detail later in this estate planning guide. We think you ll feel a lot better once you know you have a basic estate plan to protect your family. We discuss some of the estate planning strategies everyone can use along with some more advanced estate planning strategies in the following sections of this ebook. You ll get a good idea of what you need to do to get started with your estate plan. Once you ve learned a little bit about estate planning, you may want to contact us for a consultation. Call us at (888) 748-KING or fill out our contact form to set up your initial consultation with one of our estate planning attorneys. 2 Estate Planning and Administration

3 The Estate Planning Documents Everyone Should Have There are four documents that everyone should have in their estate plan. These documents are just a starting point, but they can also be very powerful. They can protect your family and avoid a lot of potential legal complications. The Four Documents You Need: Completing these four documents is a great first step when making your estate plan. Each of these documents has a specific legal purpose. Simple Will If you pass away, your will states who will receive your property. North Carolina law will determine who receives your property if you pass away without a valid will. You must comply with certain legal requirements in order to create a valid last will and testament. North Carolina law requires that you sign the will in front of two witnesses and that the witnesses also sign the will. A simple will Healthcare power of attorney General durable power of attorney Living will G H L You can also name a guardian for your minor children in your will. This gives you control over who will care for your children if something happens to you. If you don t name a guardian, a court will end up making this decision. Another important provision in your will is your choice of executor. The executor is the person who administers your estate. They will need to locate your assets, notify your creditors of their right to make claims, and distribute your property according to the terms of your will. You can choose a family member or a professional as your executor. Many people only need a simple will that names their spouse or children as heirs. If you d prefer to leave property to another relative or friend, you may need to create a complex will with the help of your estate planning attorney. General Durable Power of Attorney If you are involved in an accident and become incapacitated, a durable power of attorney lets someone else manage your finances. You may give your agent the power to transfer your assets, deal with the IRS on your behalf, make gifts, or modify your existing trusts. Without a durable power of attorney, your family may not be able to access your accounts or make financial decisions on your behalf. They would need to go to court to seek a guardianship appointment, which can be a costly and time-consuming procedure. You can limit your agent s powers or give them the power to do anything you could do yourself. Choose someone you trust to manage your finances and make smart decisions. 3

4 Healthcare Power of Attorney A healthcare power of attorney gives a loved one control of your medical decisions. Your healthcare agent can decide whether to accept or refuse treatment if you are incapacitated or unable to communicate your wishes. Your healthcare agent may have to make life-and-death decisions on your behalf. You should talk to this person about your priorities so they can attempt to carry out your wishes regarding medical treatment. You can limit the decisions your healthcare agent can make or give them the power to make any medical decision for you. They will also be required to follow the wishes stated in your living will. Living Will Your living will states your wishes regarding certain medical treatments, such as whether you wish to remain alive on life support in certain situations. This document takes the stress off your family of having to make these decisions and can prevent inter-family disputes. You may decide that you do not wish to be kept alive on life support if a doctor has determined that your condition has no chance of improving. Your living will gives the doctor instructions on what to do in these situations. You should have both a living will and a healthcare power of attorney because you can t predict every type of medical decision that may come up. Your living will covers decisions you have thought about and decided, but your healthcare power of attorney will make decisions that you had not anticipated. We believe that everyone should have at least these four documents as part of their estate plan. If you are married or have children, it s even more important that you have these estate planning documents created. 4 Estate Planning and Administration

5 If you don t have a lot of assets or complex estate planning goals, these documents may be all you need. We offer a package of services that includes all of these documents, along with guardianship provisions if you have minor children. Our Essential Plan Package makes sure your bases are covered and your family is protected. If you need a little extra planning or protection, we offer two other estate planning packages that include extra documents and updates. These packages are a great way to take care of all of your estate planning needs in a quick and cost-effective manner. How to Protect Property Using a Trust When you own property, you can do whatever you please with it. You can use it, sell it, or even let it go to waste because it s your property. Say you want to leave property to someone, but you re not sure that this person is mature enough to own the property yet. You want to create some rules for how they use the property to make sure they don t waste it. This is a great situation to use a trust. For example, think about your children s toys. Your kids probably think they own the toys, but you may set some restrictions on how they can use them. They may only be able to play with the toys after doing their chores or homework. A trust operates in a similar fashion. It s like attaching a set of instructions to a piece of property. If you want to leave property to a minor child, you can use a trust to make sure they don t waste the property. You might create a trust that says the property can only be used for the child s college education expenses. A person in charge of managing the trust called a trustee has to follow the instructions you ve created. If there are funds left over in the trust, you may decide that the child can use them however they wish once they ve reached age 25. You would include this provision in the trust documents. Once the child reaches age 25, they would receive the property outright. They could use the property how they wished. That s one simplified example of when a trust can be a good tool. There are many other situations where a trust can be helpful. Revocable Living Trusts Another commonly used estate planning tool is a revocable living trust (RLT). Some common reasons to establish an RLT include the following: 1. Organization of a person s financial affairs prior to his or her death. 2. Continued management of a person s assets in the event of his or her incapacity (i.e., a similar function to the Durable Power of Attorney). 3. Bridging the gap between a person s incapacity and estate administration after his or her death. 4. Avoidance of some of the problems associated with probate of wills and administration of estates. 5

6 Avoiding probate is a big reason people use an RLT. An RLT avoids probate because your property is owned by the trust, so technically there s nothing for the probate courts to administer. Your successor trustee will gain control of your assets and distribute them exactly according to your instructions. A will doesn t take effect until your death, and is therefore no help to you during lifetime planning, an increasingly important consideration since Americans are now living longer. An RLT can help you preserve and increase your estate while you re alive, and offers protection should you become mentally disabled. There so many other types of trusts to consider gun trusts, pet trusts, special needs trusts, and life insurance trusts, to name a few. The important thing when using a trust is that it matches your estate planning goals. What to Expect During the Probate Process Probate is also known as estate administration. It is essentially a court process after a person s death that determines how the person s probate assets will be distributed. Probate is the public process of: Filing and validating a will in court Paying all the debts and taxes of the deceased person Dividing up the assets according to the will or North Carolina law The probate process begins with determining whether or not the decedent wrote a will, and locating it if one exists. If there is a will, the person named as the executor or personal representative in the will must qualify with the court in order to be officially named as executor. If there is no will, North Carolina law or Clerk of Superior Court determines who can qualify with the court as executor of the estate. The probate process will take at least several months to complete. Once all the assets of the estate have been identified and valued, creditors of the estate must be notified. Creditors are given three months to make their claims against the estate. Some estates may take much longer to get through probate. This is particularly true of very large estates that may have to deal with estate tax issues. You may not be able to avoid probate entirely, but you can take steps to remove some assets from probate. Probate avoidance is done to maintain privacy (probate is a matter of public record), reduce probate costs, and avoid delays in transferring assets. Several types of property do not go through probate, including: Assets held as joint tenants with right of survivorship. Assets held as tenants by the entirety between husband and wife. Life insurance proceeds and retirement plans and IRA proceeds, unless the estate is named as the beneficiary. Assets held in certain types of trusts. Your choice of executor is another important aspect of the probate process. The executor will need to complete many different estate administration tasks over the course of several months or more. 6 Estate Planning and Administration

7 You may choose a family member or loved one as executor, but make sure they willing and able to take on this position. They will already be dealing with an emotional loss, and probate administration can add to that stress. It s also helpful if your executor has some financial or legal knowledge. You can choose an attorney that handles estate administration as your executor if you don t want to select a family member for this role. King Law Offices: Helping You Provide for Your Family s Future We hope this ebook has given you an idea of some basic estate planning concepts and how they can be used to care for your loved ones. If you re ready to take the next step, our estate planning attorneys can sit down with you and get to know more about you and your family. Schedule a consultation today by calling us at (888) 748-KING. You also fill out the contact form on our website and someone from our office will get in touch with you shortly. We know that every family situation is unique and that every person has their own estate planning goals. We offer our estate planning packages to clients that are a good fit for these services. But if you need a customized estate plan, we can help with that too. We have multiple King Law office locations to serve clients throughout the Upstate of South Carolina and Western North Carolina. We look forward to working with you and helping you provide for your family s future. 7

8 We work as a team with each client to identify the essential information for each case and to develop a strong legal strategy with a continued focus of bringing our clients to a better place. Serving North and South Carolina

WILLS. a. If you die without a will you forfeit your right to determine the distribution of your probate estate.

WILLS. a. If you die without a will you forfeit your right to determine the distribution of your probate estate. WILLS 1. Do you need a will? a. If you die without a will you forfeit your right to determine the distribution of your probate estate. b. The State of Arkansas decides by statute how your estate is distributed.

More information

ESTATE PLANNING. Estate Planning

ESTATE PLANNING. Estate Planning ESTATE PLANNING Estate Planning 2 Why do you need estate planning? Estate planning is a way for your family to create a plan in case something happens to you. It may help you take care of both the financial

More information

Seven Steps to Handling Your Loved One s Estate

Seven Steps to Handling Your Loved One s Estate Seven Steps to Handling Your Loved One s Estate How to close out accounts, notify key authorities, access death benefits, and begin the probate or trust administration process after the loss of a loved

More information

Asset Protection. A planning, conversation, and resource guide

Asset Protection. A planning, conversation, and resource guide Asset Protection A planning, conversation, and resource guide LOREM IPSUM A PLANNING, CONVERSATION, AND RESOURCE GUIDE Use this guide to help create a plan for protecting those you love and what you have.

More information

Settlement Services. Asset Protection 101. What is Estate Planning?

Settlement Services. Asset Protection 101. What is Estate Planning? Settlement Services TABLE OF CONTENTS Asset Protection 101 IRREVOCABLE TRUSTS What is an Asset Protection Trust Who Controls My Assets Where Do My Assets Go Liability Protection Type of Assets Personal

More information

Estate Planning What Do We Need to Know Now? Stacy Hambelton Agriculture Business Specialist Gainesville, MO

Estate Planning What Do We Need to Know Now? Stacy Hambelton Agriculture Business Specialist Gainesville, MO Estate Planning What Do We Need to Know Now? Stacy Hambelton Agriculture Business Specialist Gainesville, MO Retirement and Estate Planning Issues Men (farmers in particular) don t plan for their retirement

More information

WEALTH TRANSFER FUNDAMENTALS

WEALTH TRANSFER FUNDAMENTALS WEALTH TRANSFER FUNDAMENTALS Hello and welcome. Northern Trust is proud to sponsor this podcast, Wealth Transfer Fundamentals, based on our book titled Legacy: Conversations about Wealth Transfer. Today

More information

Estate Planning Basics

Estate Planning Basics Estate Planning Basics PRESENTED BY Brian S. Feldman Attorney at Law WICZER SHELDON & JACOBS, LLC 500 Skokie Boulevard, # 325 Northbrook, IL 60062 ( 8 4 7 ) 8 4 9-4 8 5 0 www.wsjlaw.com What is an estate

More information

WHAT IS ESTATE PLANNING? (A Primer)

WHAT IS ESTATE PLANNING? (A Primer) WHAT IS ESTATE PLANNING? (A Primer) Estate planning is about developing a plan for what happens to you and your assets (including money, accounts, stock, household items and real property) when you are

More information

Seven Steps to Handling Your Loved One s Estate

Seven Steps to Handling Your Loved One s Estate Seven Steps to Handling Your Loved One s Estate How to close out accounts, notify key authorities, access death benefits and begin the probate or trust administration process after the loss of a loved

More information

ESTATE PLANNING FACTS

ESTATE PLANNING FACTS (A 501(c)(3) Non-Profit Corporation) ESTATE PLANNING FACTS What is a Will? A Will is a legal document declaring how an estate is to be administered and distributed after death. The Will states who the

More information

ESTATE PLANNING TOOLS The basics of common wills and trusts.

ESTATE PLANNING TOOLS The basics of common wills and trusts. ESTATE PLANNING TOOLS The basics of common wills and trusts. Created by Patricia A. Clements, Attorney. The Law Offices of Matthew H. Kehoe, LLC www.kehoelawoffices.com 2013 This article is meant for general

More information

The Law Office of Joseph McConnon & Associates, P.C. 35 Worth Street New York, New York (212) Fax (212)

The Law Office of Joseph McConnon & Associates, P.C. 35 Worth Street New York, New York (212) Fax (212) The Law Office of Joseph McConnon & Associates, P.C. 35 Worth Street New York, New York 10013 (212) 343-5658 Fax (212) 343-5690 www.mcconnonlaw.com Dear SBA Member: Thank you for your inquiry to our firm

More information

2. What will happen to my property if I die without a will or trust?

2. What will happen to my property if I die without a will or trust? 1. What is estate planning? Estate planning is the accumulation, the preservation, and the distribution of your assets. It is accomplishing your personal family goals and easing the management of your

More information

If you would like you can also add a picture of the church or church activity of your choice.

If you would like you can also add a picture of the church or church activity of your choice. Please enter the name of your church and location on this page. If you would like you can also add a picture of the church or church activity of your choice. 1 2 Many people have not really thought about

More information

MEDICAID PLANNING. The facts... Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care.

MEDICAID PLANNING. The facts... Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care. MEDICAID PLANNING Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care. If you are married, your home is exempt and cannot be taken when applying

More information

ESTATE PLANNING FACT SHEET

ESTATE PLANNING FACT SHEET What is a Will? ESTATE PLANNING FACT SHEET A Will is a written legal document which sets out your wishes following your death ranging from who is to receive your property and possessions to who is to look

More information

ESTATE PLAN. Questionnaire

ESTATE PLAN. Questionnaire Gordon Fischer, JD, CAP ESTATE PLAN Questionnaire Congratulations on beginning this important first step of smart estate planning! I will use this information to craft a thorough and legally sound plan

More information

ESTATE PLANNER THE. Do you need to file a gift or estate tax return?

ESTATE PLANNER THE. Do you need to file a gift or estate tax return? THE ESTATE PLANNER September/October 2016 Asset protection PRESERVING WEALTH FOR YOURSELF AND YOUR HEIRS Do you need to file a gift or estate tax return? Of sound mind Take steps now to minimize the chance

More information

Presented by: Christine Brown Murphy, Esquire. Zacharia & Brown P.C. Elder Law Attorneys Offices in McMurray, McKeesport and Greensburg

Presented by: Christine Brown Murphy, Esquire. Zacharia & Brown P.C. Elder Law Attorneys Offices in McMurray, McKeesport and Greensburg Presented by: Christine Brown Murphy, Esquire. Zacharia & Brown P.C. Elder Law Attorneys 724-942-6200 Offices in McMurray, McKeesport and Greensburg DISCLAIMER NOTHING YOU HEAR IN THIS PRESENTATION CONSTITUTES

More information

Estate Planning. Insight on. Saving for college is also good for your estate plan. Will your estate plan benefit from a trust protector?

Estate Planning. Insight on. Saving for college is also good for your estate plan. Will your estate plan benefit from a trust protector? Insight on Estate Planning Year End 2014 Saving for college is also good for your estate plan Will your estate plan benefit from a trust protector? Charitable deductions Substantiate them or lose them

More information

November is Beneficiary and Estate Planning Month at Taylor Financial Group

November is Beneficiary and Estate Planning Month at Taylor Financial Group Taylor Financial Group s Monthly Planning Letter November 2016 Are you turning 65? The Medicare open enrollment period runs from October 15, 2016 through December 7, 2016. Learn more in this month s planning

More information

Strategic Planning for Life and Death

Strategic Planning for Life and Death Claude B. Bass, J.D. Advanced Planning Consultant - Architect Telephone (678) 580-2400 Claude_Bass@Comcast.Net Strategic Planning for Life and Death Rule Number One Beware the Short Form Estate Plan If

More information

The Consumer s Guide to Special Needs Planning

The Consumer s Guide to Special Needs Planning The Consumer s Guide to Special Needs Planning INCLUDING: How to provide for the present and future needs of a person with disabilities First-Party and Third-Party Special Needs Trusts The Role of the

More information

ABCs of Estate Planning. THE LEDBETTER LAW FIRM, APC 111 N. Sepulveda Blvd., Suite 330 Manhattan Beach, CA (877)

ABCs of Estate Planning. THE LEDBETTER LAW FIRM, APC 111 N. Sepulveda Blvd., Suite 330 Manhattan Beach, CA (877) ABCs of Estate Planning THE LEDBETTER LAW FIRM, APC 111 N. Sepulveda Blvd., Suite 330 Manhattan Beach, CA 90266 (877) 536-6613 Introduction My interest in estate planning began when I realized that needed

More information

Spiegel & Utrera, P.A., P.C. Counselors & Attorneys at Law

Spiegel & Utrera, P.A., P.C. Counselors & Attorneys at Law Spiegel & Utrera, P.A., P.C. Counselors & Attorneys at Law Offices Located In: Chicago, Dover, DE, Fort Lauderdale; Las Vegas, London, Los Angeles, Miami, New York City, Northern New Jersey, Orlando, Tampa

More information

ESTATE PLANNING DICTIONARY

ESTATE PLANNING DICTIONARY ESTATE PLANNING DICTIONARY Administrator For estates administered prior to April 1, 2012, the fiduciary appointed by the Probate Court to settle your estate if you die without a Will (intestate). Attorney-in-fact

More information

ESTATE PLANNING WORKSHEET

ESTATE PLANNING WORKSHEET + ESTATE PLANNING WORKSHEET THE FIRST STEP TOWARD PREPARING APPROPRIATE ESTATE PLANNING DOCUMENTS SUCH AS WILLS, POWERS OF ATTORNEY AND LIVING WILLS IS TO THOROUGHLY REVIEW YOUR CIRCUMSTANCES, NEEDS AND

More information

Estate Planning Concepts

Estate Planning Concepts Estate Planning Concepts Hartman Private Law LLP 2009 2 Estate Planning Do you have or need an estate plan? Old Documents/Non-Georgia Documents Estate planning foundation Four primary estate planning documents

More information

Basic Estate Planning

Basic Estate Planning Basic Estate Planning Overview Regardless of your level of wealth, the failure to establish an estate plan can be detrimental to your family. A properly structured estate plan helps ensure that your family

More information

Spiegel & Utrera, P.A. Counselors & Attorneys at Law

Spiegel & Utrera, P.A. Counselors & Attorneys at Law Spiegel & Utrera, P.A. Counselors & Attorneys at Law Offices Located In: Chicago, Dover, DE, Fort Lauderdale, Las Vegas, London, Los Angeles, Miami, New York City, Northern New Jersey, Orlando, Tampa Fourth

More information

ESTATE PLANNING 101:

ESTATE PLANNING 101: Introduction ESTATE PLANNING 101: THE IMPORTANCE OF DEVELOPING AN ESTATE PLAN At some point, most people will contemplate estate planning. Often, this is prior to or shortly after a significant life event,

More information

ESTATE PLANNING DOCUMENTS RIGHT TO LIFE OF MICHIGAN

ESTATE PLANNING DOCUMENTS RIGHT TO LIFE OF MICHIGAN ESTATE PLANNING DOCUMENTS RIGHT TO LIFE OF MICHIGAN office of gift planning CONTENTS 03 WILLS 09 LIVING TRUSTS 15 POWERS OF ATTORNEY 17. Durable Power of Attorney 18. Durable Power of Attorney for Health

More information

FIDUCIARY WORKSHEET. Telephone Numbers: Telephone Numbers: Telephone Numbers:

FIDUCIARY WORKSHEET. Telephone Numbers: Telephone Numbers: Telephone Numbers: FIDUCIARY WORKSHEET Name: A fiduciary is a person who manages the assets or affairs of another person; a general term used to refer to executors, trustees, guardians, conservators, and agents. A fiduciary

More information

BECOME THE KEY TO YOUR CLIENTS WEALTH PRESERVATION

BECOME THE KEY TO YOUR CLIENTS WEALTH PRESERVATION COVER STORY BECOME THE KEY TO YOUR CLIENTS WEALTH PRESERVATION HOW TO USE LPL S HELP TO LEAVE NO OPPORTUNITY BEHIND PLAN 32 LPL Magazine Winter 2016 Only 18% of affluent investors are receiving estate

More information

Take Charge! Your Estate Planning Guide and Organizer

Take Charge! Your Estate Planning Guide and Organizer Take Charge! Your Estate Planning Guide and Organizer Table of Contents Introduction...3 Key Elements of an Estate Plan...5 Steps to Having an Estate Plan...7 Consider Your Charitable Legacy...9 Essential

More information

Workplace Education Series

Workplace Education Series Preserving Your Savings for Future Generations (Estate Planning) Kelly Quinlan Regional Vice President, Estate Planning March 1, 2018 So, you would like to leave behind a legacy Your questions at this

More information

WILL QUESTIONNAIRE. Section 1: Your details. Client 1 Client 2. Your title: Your full name (include middle names): Have you ever used any other names?

WILL QUESTIONNAIRE. Section 1: Your details. Client 1 Client 2. Your title: Your full name (include middle names): Have you ever used any other names? WILL QUESTIONNAIRE This is our standard Will Questionnaire. It s long because it has to cover everybody. You don't need to fill in all the sections though - just the ones that apply to your circumstances.

More information

Estate Planning Worksheet Married Couples

Estate Planning Worksheet Married Couples Estate Planning Worksheet Married Couples The information requested on this worksheet may seem like none of our business, but it is very important that an estate planner understands your present situation

More information

Dangers of Do-It- Yourself Wills and Living Trusts

Dangers of Do-It- Yourself Wills and Living Trusts Dangers of Do-It- Yourself Wills and Living Trusts Compliments of: Nirenstein, Horowitz & Associates (860) 548-1000 www.preserveyourestate.net American Academy of Estate Planning Attorneys AAEPA Estate

More information

IRREVOCABLE LIFE INSURANCE TRUSTS FOR ESTATE AND TAX PLANNING (Estate Planning Advisory No. 1)

IRREVOCABLE LIFE INSURANCE TRUSTS FOR ESTATE AND TAX PLANNING (Estate Planning Advisory No. 1) IRREVOCABLE LIFE INSURANCE TRUSTS FOR ESTATE AND TAX PLANNING (Estate Planning Advisory No. 1) This Advisory discusses the general estate planning and asset protection benefits of an irrevocable life insurance

More information

Revocable Trust Vs. Irrevocable Trust

Revocable Trust Vs. Irrevocable Trust I am not an attorney but here to help you undertand what things are... Speak to An Asset protection Attorney and find the best solution for you... Revocable Trust Vs. Irrevocable Trust Trusts are relatively

More information

Vanguard Financial Education Series ESTate planning. How to create an estate plan that will help your family

Vanguard Financial Education Series ESTate planning. How to create an estate plan that will help your family Vanguard Financial Education Series ESTate planning How to create an estate plan that will help your family People don t like to think about their own demise. Perhaps that s why most Americans lack a will.

More information

Estate Planning. A Basic Guide to. JMBM Taxation and Trusts & Estates Groups. What s Inside? Client Services. Living Trusts, Page 13

Estate Planning. A Basic Guide to. JMBM Taxation and Trusts & Estates Groups. What s Inside? Client Services. Living Trusts, Page 13 JMBM Taxation and Trusts & Estates Groups Client Services A Basic Guide to Estate Planning What s Inside? Why You Need A Plan, Page 2 Estate and Gift Taxes, Page 3 Tax Legislation Annual Gift Tax Exclusion

More information

GETTING THE MOST OUT OF YOUR LIFE INSURANCE

GETTING THE MOST OUT OF YOUR LIFE INSURANCE GETTING THE MOST OUT OF YOUR LIFE INSURANCE The Irrevocable Life Insurance Trust AMERICAN ACADEMY OF ESTATE PLANNING ATTORNEYS, INC. Getting The Most Out Of Your Life Insurance 1 If you own life insurance,

More information

THE REVOCABLE OR LIVING TRUST APPROACH

THE REVOCABLE OR LIVING TRUST APPROACH THE REVOCABLE OR LIVING TRUST APPROACH In working with innumerable clients over the years we have reviewed all types of estate planning documents. From simple Wills that were done just after a couple married,

More information

Guide to trusts. A brief guide to Trusts and our Trustbuilder tool. Trusts the basics. Settlor makes a gift to the trust

Guide to trusts. A brief guide to Trusts and our Trustbuilder tool. Trusts the basics. Settlor makes a gift to the trust Guide to trusts A brief guide to Trusts and our Trustbuilder tool This brief guide explains some of the main features and benefits of our trusts, and gives you some information to help you decide whether

More information

Estate Planning Questionnaire (for Single Client)

Estate Planning Questionnaire (for Single Client) Estate Planning Questionnaire (for Single Client) The following information will help me advise you of your estate planning options and prepare your documents quickly and accurately. The more information

More information

Testator (whose estate plan is this?)

Testator (whose estate plan is this?) Page 1 www.andersonlawmn.com Eric Anderson Attorney at Law Phone: 651-321-4977 4782 Banning Ave. Fax: 651-460-9899 White Bear Lake, MN 55110 eric@andersonlawmn.com Estate Planning Intake Form Instructions.

More information

Getting your affairs in order

Getting your affairs in order It s a good idea for everyone to get their, whether you have cancer or not. By preparing a few simple documents, you can make sure that your wishes are followed, and you will make things easier for your

More information

HAVE YOU DONE PROPER ESTATE PLANNING?

HAVE YOU DONE PROPER ESTATE PLANNING? HAVE YOU DONE PROPER ESTATE PLANNING? Everyone has an estate plan, whether intentionally or by default. If you think you have no plan because you have not created a will or a trust, you still have a plan

More information

INTRODUCTION. You may become incapacitated. Your estate plan can provide for management of your financial affairs and for your medical care.

INTRODUCTION. You may become incapacitated. Your estate plan can provide for management of your financial affairs and for your medical care. INTRODUCTION We're giving you this set of Estate Planning Questions and Answers to answer many of the questions that clients often have. If you take the time to read it before our meeting, then our meeting

More information

ESTATE PLANNING WORKSHEET for Married Couples

ESTATE PLANNING WORKSHEET for Married Couples ESTATE PLANNING WORKSHEET for Married Couples Information provided is held in complete confidence, and is used for the sole purpose of analyzing estate planning needs and designing estate planning documents.

More information

Estate Planning A Guide for Clients

Estate Planning A Guide for Clients Estate Planning A Guide for Clients The purpose of this guide is to give you a general sense of what will be involved in planning your estate. It is not intended to be encyclopedic, or to give conclusive

More information

Credit shelter trusts and portability

Credit shelter trusts and portability Credit shelter trusts and portability Comparing strategies to help manage estate taxes Married couples have two strategies to choose from to help protect their families from estate taxes. Choosing the

More information

The importance of assistance

The importance of assistance TRANSFERRING Estate Planning Guide for Ontario Resident The importance of assistance Table of contents Creating Your Legacy.... 02 Steps in Setting Up an Estate Plan.... 02 1. Gather Your Information............................................

More information

PROBATE. A Guide for Family & Friends on the death of a loved one.

PROBATE. A Guide for Family & Friends on the death of a loved one. PWF, BSPG A Guide for Family & Friends on the death of a loved one. PROBATE For a specialist, professional advice at a time of bereavement Help when you need it most... I hope you find this guide to be

More information

Basic Estate Planning

Basic Estate Planning Basic Estate Planning Overview Regardless of your level of wealth, the failure to establish an estate plan can be detrimental to your family. A properly structured estate plan helps ensure that your family

More information

Estate Planning in New York

Estate Planning in New York The Definitive Guide to Estate Planning in New York Attorney Randy H. Gugino Most people don t engage with lawyers until there s an unavoidable need. You wouldn t retain a personal injury lawyer before

More information

FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED QUESTIONS FEDOR CAMARGO WESTON PLC A T T O R N E Y S A N D C O U N S E L O R S FREQUENTLY ASKED QUESTIONS Estate Planning and Wealth Preservation At Fedor, Camargo & Weston PLC, we view each client on a broad spectrum,

More information

HOPKINS & CARLEY GUIDE TO BASIC ESTATE PLANNING TECHNIQUES FOR 2017

HOPKINS & CARLEY GUIDE TO BASIC ESTATE PLANNING TECHNIQUES FOR 2017 HOPKINS & CARLEY GUIDE TO BASIC ESTATE PLANNING TECHNIQUES FOR 2017 PART I: REVOCABLE TRUST vs. WILL A. Introduction In general, an estate plan can be implemented either by the use of wills or by the use

More information

THE STATE BAR OF CALIFORNIA DO I NEED A WILL? GET THE LEGAL FACTS OF LIFE

THE STATE BAR OF CALIFORNIA DO I NEED A WILL? GET THE LEGAL FACTS OF LIFE THE STATE BAR OF CALIFORNIA DO I NEED A WILL? GET THE LEGAL FACTS OF LIFE Do I need a will? 1 What is a will? 2 Does a will cover everything I own? 3 What happens if I don t have a will? 4 Are there various

More information

Why do I need an estate plan?

Why do I need an estate plan? INTRODUCTION We're giving you this set of Estate Planning Questions and Answers to answer many of the questions that clients often have. If you take the time to read it before our meeting, then our meeting

More information

Estate Planning. A Basic Guide to. JMBM Taxation and Trusts & Estates Groups. What s Inside? Client Services. Living Trusts, Page 13

Estate Planning. A Basic Guide to. JMBM Taxation and Trusts & Estates Groups. What s Inside? Client Services. Living Trusts, Page 13 JMBM Taxation and Trusts & Estates Groups Client Services A Basic Guide to Estate Planning What s Inside? Why You Need A Plan, Page 2 Estate and Gift Taxes, Page 3 Tax Legislation Annual Gift Tax Exclusion

More information

ESTATE PLANNING GUIDEBOOK. An Introduction to Ensuring Your Intentions

ESTATE PLANNING GUIDEBOOK. An Introduction to Ensuring Your Intentions ESTATE PLANNING GUIDEBOOK An Introduction to Ensuring Your Intentions WHAT IS AN ESTATE PLAN? Simply defined, estate planning is the process of thoughtfully providing for the efficient transfer of your

More information

BEYOND ONE DAY AT A TIME PLANNING FOR YOUR FUTURE AND THE LIFETIME OF A PERSON WITH SPECIAL NEEDS

BEYOND ONE DAY AT A TIME PLANNING FOR YOUR FUTURE AND THE LIFETIME OF A PERSON WITH SPECIAL NEEDS BEYOND ONE DAY AT A TIME PLANNING FOR YOUR FUTURE AND THE LIFETIME OF A PERSON WITH SPECIAL NEEDS To accomplish great things, we must dream as well as act. Anatole France, French Novelist AN EXTRAORDINARY

More information

Guide to trusts. A brief guide to Trusts and our Trustbuilder tool

Guide to trusts. A brief guide to Trusts and our Trustbuilder tool Guide to trusts A brief guide to Trusts and our Trustbuilder tool A Brief guide to Trusts and our Trustbuilder tool Introduction This brief guide explains some of the main features and benefits of our

More information

Building a bridge to the future

Building a bridge to the future An Educational Guide for Families and Individuals Building a bridge to the future Personalized Trust and Wealth Management Services Financial Strategies Managing the details of a friend or family member

More information

Estate Planning Basics

Estate Planning Basics Your Retirement Advisor 508-798-5115 lynnt@yourretirementadvisor.com www.yourretirementadvisor.com Estate Planning Basics Page 1 of 12, see disclaimer on final page What Is Estate Planning? Estate planning

More information

the Private Trust Company gain peace of mind Simplified Trust Solutions

the Private Trust Company gain peace of mind Simplified Trust Solutions the Private Trust Company gain peace of mind Simplified Trust Solutions What is a Trust? As the nation s leading independent broker/dealer*, LPL Financial serves the independent financial advisor with

More information

For Preview Only - Please Do Not Copy 3. The letter also discusses the consequences of dying without a will in Texas.

For Preview Only - Please Do Not Copy 3. The letter also discusses the consequences of dying without a will in Texas. Information & Instructions: Letter to a client explaining wills, trusts, probate and the consequences of dying without a will in Texas. 1. Send this letter to a new client so that they may become familiar

More information

Estate Planning. A Basic Guide to. JMBM Taxation and Trusts & Estates Groups. What s Inside? Client Services. Living Trusts, Page 13

Estate Planning. A Basic Guide to. JMBM Taxation and Trusts & Estates Groups. What s Inside? Client Services. Living Trusts, Page 13 JMBM Taxation and Trusts & Estates Groups Client Services A Basic Guide to Estate Planning What s Inside? Why You Need A Plan, Page 2 Estate and Gift Taxes, Page 3 Tax Legislation Annual Gift Tax Exclusion

More information

GLOSSARY. Compiled by Carolyn Paseneaux

GLOSSARY. Compiled by Carolyn Paseneaux GLOSSARY Compiled by Carolyn Paseneaux AB TRUST A trust giving a surviving spouse or mate a life estate interest in property of a deceased spouse or mate. It is used to save eventual taxes on the estate.

More information

REVOCABLE LIVING TRUST

REVOCABLE LIVING TRUST CHERRY CREEK CENTER 4500 CHERRY CREEK DRIVE SOUTH, SUITE 600 DENVER, CO 80246-1500 303.322.8943 WWW.WADEASH.COM CORPORATE DISCLAIMER The federal tax discussions in this memorandum will be affected by any

More information

Basic Estate Planning

Basic Estate Planning Basic Estate Planning 20 Speen Street, Suite 101 Framingham, Massachusetts 01701 Annette Hines Worthington, Esq. www.specialneeds-law.com508-861-3453 ***************************************************************************************************

More information

Estate Planning and Recent Developments. Ashley Newhall Mid-Atlantic Women in Agriculture August 27, 2014

Estate Planning and Recent Developments. Ashley Newhall Mid-Atlantic Women in Agriculture August 27, 2014 Estate Planning and Recent Developments Ashley Newhall Mid-Atlantic Women in Agriculture August 27, 2014 Disclaimer This presentation is intended to provide general information about estate planning and

More information

Special Needs Planning Information Guide

Special Needs Planning Information Guide Special Needs Planning Information Guide We are a full service special needs planning firm focusing on families who have a loved one with special needs prepare for their care, supervision, and quality

More information

ESTATE PLANNING GUIDE

ESTATE PLANNING GUIDE ESTATE PLANNING GUIDE 2014 70825688.20 0099830-00217 TABLE OF CONTENTS DRAFT PREFACE A NOTE FROM THE ESTATE PLANNING COUNCIL... 1 INTRODUCTION... 1 CHAPTER 1 BASIC STEPS OF ESTATE PLANNING... 6 1.1 Identify

More information

Estate Planning Worksheet for Individuals

Estate Planning Worksheet for Individuals Estate Planning Worksheet for Individuals The information requested on this worksheet may seem like none of our business, but it is very important that an estate planner understands your present situation

More information

Why Your Estate Plan May Not Work: Basic Steps to Plan Implementation

Why Your Estate Plan May Not Work: Basic Steps to Plan Implementation The following information and opinions are provided courtesy of Wells Fargo Bank, N.A. Why Your Estate Plan May Not Work: Basic Steps to Plan Implementation Prepared by : Wells Fargo Investment and Fiduciary

More information

Patricia A. Leong Attorney at Law

Patricia A. Leong Attorney at Law Patricia A. Leong Attorney at Law 3180 Crow Canyon Place, Suite 250 San Ramon, California 94583 Telephone (925) 830-0684 Facsimile (925) 866-7087 E-Mail: pat@patricialeong.com Website: www.patricialeong.com

More information

Express Estate Plan SM Workbook

Express Estate Plan SM Workbook Express Estate Plan SM Workbook DOYLE LAW PC PO Box 16066 Lansing, MI 48901-6066 517-323-7366 2015 1 On behalf of Doyle Law PC, I would like to thank you for your interest in our Express Estate PlanSM

More information

How to Prepare a Last Will and Testament

How to Prepare a Last Will and Testament How to Prepare a Last Will and Testament The Simplest Way The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepare

More information

WHAT DO TRUSTEES DO? A HANDBOOK FOR TRUSTEES

WHAT DO TRUSTEES DO? A HANDBOOK FOR TRUSTEES WHAT DO TRUSTEES DO? A HANDBOOK FOR TRUSTEES Ross Estate Planning 218 N. 14th Ave. P.O. Box 317 Sturgeon Bay, WI 54235 TEL: (920) 743-9117 FAX: (920) 743-9180 Table of Contents INTRODUCTION... 1 THE TRUST...

More information

TRUST AND ESTATE PLANNING GLOSSARY

TRUST AND ESTATE PLANNING GLOSSARY TRUST AND ESTATE PLANNING GLOSSARY What is estate planning? Estate planning is the process by which one protects and disposes of his or her wealth, sometimes during life and more often at death, in accordance

More information

GENERAL ESTATE PLANNING QUESTIONS

GENERAL ESTATE PLANNING QUESTIONS What is estate planning? GENERAL ESTATE PLANNING QUESTIONS Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your

More information

Do You Need To Fully Fund Your Revocable Living Trust During Your Life? Separating Facts From Fiction

Do You Need To Fully Fund Your Revocable Living Trust During Your Life? Separating Facts From Fiction Do You Need To Fully Fund Your Revocable Living Trust During Your Life? Separating Facts From Fiction By Richard M. Morgan & Loraine M. DiSalvo This newsletter is the second part of a three part series

More information

LIVING WILLS & RELATED POWERS OF ATTORNEY 52 FW/JA

LIVING WILLS & RELATED POWERS OF ATTORNEY 52 FW/JA LIVING WILLS & RELATED POWERS OF ATTORNEY 52 FW/JA The thought of being placed in an irreversible coma is a scary one, and the permanent incapacitation of a loved one can be a highly stressful time for

More information

ESTATE PLANNING + ASSET PROTECTION

ESTATE PLANNING + ASSET PROTECTION ESTATE PLANNING + ASSET PROTECTION ESTATE ADMINISTRATION Documents to Execute + Retain Last Will and Testament Revocable Trust Agreement Durable Power of Attorney Living Will Durable Power of Attorney

More information

Estate and Charitable Planning. Artist Archives of the Western Reserve

Estate and Charitable Planning. Artist Archives of the Western Reserve Estate and Charitable Planning Artist Archives of the Western Reserve December 5, 2015 Jaclyn M.Vary, Esq. Schneider, Smeltz, Ranney & LaFond, P.L.L. 1111 Superior Avenue, suite 1000 Cleveland, OH 44114

More information

PREPARING FOR THE TRANSITION: FARM TRANSITION AND ESTATE PLANNING

PREPARING FOR THE TRANSITION: FARM TRANSITION AND ESTATE PLANNING PREPARING FOR THE TRANSITION: FARM TRANSITION AND ESTATE PLANNING Paul Goeringer, Extension Legal Specialist Mid-Atlantic Women in Ag Webinar April 26, 2017 Disclaimer This presentation is intended to

More information

BALDOCK STACY & NIVEN

BALDOCK STACY & NIVEN PLANNING AHEAD YOUR FUTURE Information for older age & retirement www.bsnlaw.com.au Intro Planning Ahead - Introduction Baldock Stacy & Niven has written this brochure to assist our clients in planning

More information

Estate and Legacy Planning

Estate and Legacy Planning Estate and Legacy Planning Contents Estate Planning 101... 1 Who Needs Estate Planning?... 2 The Tools of Estate Planning... 3 The Problem with Probate... 4 Reducing the Bite of Taxes... 5 Other Planning

More information

PLANNING WITH CONFIDENCE. Simplified Trust Solutions

PLANNING WITH CONFIDENCE. Simplified Trust Solutions PLANNING WITH CONFIDENCE Simplified Trust Solutions Named the largest of America s Most AdvisorFriendly Trust Companies by The Trust Advisor magazine,* we are dedicated to serving families and individual

More information

PROBATING A VERMONT ESTATE *Rules and statutes are subject to change. This information is intended as a guide only*

PROBATING A VERMONT ESTATE *Rules and statutes are subject to change. This information is intended as a guide only* PROBATING A VERMONT ESTATE *Rules and statutes are subject to change. This information is intended as a guide only* This Summary is designed to help you carry out your duties as an executor or administrator

More information

THE CLIENTS ROLE IN ESTATE PLANNING

THE CLIENTS ROLE IN ESTATE PLANNING 1 THE CLIENTS ROLE IN ESTATE PLANNING The role of Tampa Estate Planners is to serve your life and estate planning needs. It is important that you have the right and current documentation to meet your legal

More information

UNDERSTANDING LIVING TRUSTS FOR FLORIDA RESIDENTS

UNDERSTANDING LIVING TRUSTS FOR FLORIDA RESIDENTS UNDERSTANDING LIVING TRUSTS FOR FLORIDA RESIDENTS A PRACTICAL GUIDE ON HOW TO: Avoid Probate Save Estate Taxes Minimize Court Intervention Rarick & Beskin, P.A. 6500 Cowpen Rd., Ste. 204 Miami Lakes, FL

More information

Estate And Legacy Planning

Estate And Legacy Planning Estate And Legacy Planning An Overview of the Estate Planning Process By: Samuel S. Stalsberg Sjoberg & Tebelius, P.A. 2145 Woodlane Drive, Suite 101 Woodbury, Minnesota 55125 Phone: 651-738-3433 sam@stlawfirm.com

More information

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Your Will Planning Workbook

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Your Will Planning Workbook TAX, RETIREMENT & ESTATE PLANNING SERVICES Your Will Planning Workbook Preparing your Will Glossary of terms... 1 Introduction... 2 Your estate... 2 Beneficiaries of your estate Your spouse... 3 Your children...

More information

Why should I take the time to plan? 2. Questions/considerations 2. How do I get started? 2. Planning checklist 4

Why should I take the time to plan? 2. Questions/considerations 2. How do I get started? 2. Planning checklist 4 Advanced Planning Estate planning 101 Estate planning involves outlining goals and objectives, organizing your financial affairs, planning the distribution of your assets and communicating your intentions.

More information