how to avoid the six most common estate planning mistakes
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How to Avoid the Six
Most Common Estate
Planning MistakesPresented by:
Thomas A. Doyle
DOYLE LAW PC
PO BOX 16066
Lansing, MI 48901-6066
(517) 323-7366
www.doylelawpc.com
©2014
Mistake # 1
????
Mistake # 1
Doing Nothing
Mistake # 1
Doing Nothing
80%
Mistake # 1
Doing Nothing
80%
Intestate Succession
Mistake # 2
Parts without a Plan
Mistake # 2
Parts without a Plan
Beneficiary designations
Mistake # 2
Parts without a Plan
Beneficiary designations
o rely upon children
Mistake # 2
Parts without a Plan
Beneficiary designations
o rely upon children
o inconsistent with plan
Mistake # 2
Parts without a Plan
Beneficiary designations
o rely upon children
o inconsistent with plan
o cash poor estate
Mistake # 2
Parts without a Plan
Joint Ownership
Mistake # 2
Parts without a Plan
Joint Ownership
o loss of control
Mistake # 2
Parts without a Plan
Joint Ownership
o loss of control
o liability
Mistake # 2
Parts without a Plan
Joint Ownership
o loss of control
o liability
o gift tax
Mistake # 2
Parts without a Plan
Joint Ownership
o loss of control
o liability
o gift tax
o capital gains tax
Mistake # 3
Having a Will to avoid probate
Mistake # 3
Having a Will to avoid probate
What is a Will?
Mistake # 3
Having a Will to avoid probate
What is a Will?
legal document
Mistake # 3
Having a Will to avoid probate
What is a Will?
legal document
what you own
Mistake # 3
Having a Will to avoid probate
What is a Will?
legal document
what you own
who it goes to
Mistake # 3
Having a Will to avoid probate
Advantages of a Will
still in control
Mistake # 3
Having a Will to avoid probate
Advantages of a Will
still in control
can be changed
Mistake # 3
Having a Will to avoid probate
Mistake # 3
Having a Will to avoid probate
Will does not avoid probate
Mistake # 3
Having a Will to avoid probate
Will does not avoid probate
Will is meaningless document until probate
estate is opened, and Will is accepted
Reasons to avoid Probate
Reasons to avoid Probate
1. Cost
Reasons to avoid Probate
1. Cost
2. Time
Reasons to avoid Probate
1. Cost
2. Time
3. Privacy
Reasons to avoid Probate
1. Cost
2. Time
3. Privacy
4. Medicaid estate recovery
Do I have to avoid Probate?
Do I have to avoid Probate?
No
Do I have to avoid Probate?
No
Probate should be a choice that you make
Mistake # 4
Failing to fund your Living Trust
Mistake # 4
Failing to fund your Living Trust
What is a Trust?
Mistake # 4
Failing to fund your Living Trust
What is a Trust?
legal document
Mistake # 4
Failing to fund your Living Trust
What is a Trust?
legal document
what you own
Mistake # 4
Failing to fund your Living Trust
What is a Trust?
legal document
what you own
who it goes to
Mistake # 4
Failing to fund your Living Trust
Types of Trusts
Mistake # 4
Failing to fund your Living Trust
Types of Trusts
Testamentary
Mistake # 4
Failing to fund your Living Trust
Types of Trusts
Testamentary
Living
Mistake # 4
Failing to fund your Living Trust
Types of Trusts
Testamentary
Living
o revocable
Mistake # 4
Failing to fund your Living Trust
Types of Trusts
Testamentary
Living
o revocable
o irrevocable
Mistake # 4
Failing to fund your Living Trust
Why have a Living Trust?
Mistake # 4
Failing to fund your Living Trust
Why have a Living Trust?
1. manage estate after death
Mistake # 4
Failing to fund your Living Trust
Why have a Living Trust?
1. manage estate after death
2. blended families
Mistake # 4
Failing to fund your Living Trust
Why have a Living Trust?
1. manage estate after death
2. blended families
3. special needs children
Mistake # 4
Failing to fund your Living Trust
Why have a Living Trust?
1. manage estate after death
2. blended families
3. special needs children
4. minimize taxes
Mistake # 4
Failing to fund your Living Trust
Why have a Living Trust?
1. manage estate after death
2. blended families
3. special needs children
4. minimize taxes
5. avoid Medicaid estate recovery
Mistake # 4
Failing to fund your Living Trust
Why have a Living Trust?
6. Avoid Probate
Mistake # 4
Failing to fund your Living Trust
Mistake # 4
Failing to fund your Living Trust
Ownership of assets has to be transferred to the
Living Trust
Mistake # 4
Failing to fund your Living Trust
Ownership of assets has to be transferred to the
Living Trust
You do not want your Trust to be an empty box
when you die
Mistake # 5
Not planning for incapacity
Mistake # 5
Not planning for incapacity
100%
Mistake # 5
Not planning for incapacity
100%
80%
Mistake # 5
Not planning for incapacity
100%
80%
Probate Court will appoint someone
Mistake # 5
Not planning for incapacity
How to Plan for incapacity?
Mistake # 5
Not planning for incapacity
How to Plan for incapacity?
Durable Power of Attorney
Mistake # 5
Not planning for incapacity
How to Plan for incapacity?
Durable Power of Attorney
Health Care Power of Attorney
Mistake # 5
Not planning for incapacity
How to Plan for incapacity?
Durable Power of Attorney
Health Care Power of Attorney
Living Will
Mistake # 6
My estate planning can wait
Mistake # 6
My estate planning can wait
Your planning can wait if you know when you
are going to die or become incapacitated
How we can help you
Personal Consultation
Grand Rapids Office
Lansing Office
Telephone
How we can help you
Express Estate Plans
Through your financial advisor
How we can help you
EstatePlansDirect.com
Attorney prepared estate plans online
How to Avoid the Six
Most Common Estate
Planning MistakesPresented by:
Thomas A. Doyle
DOYLE LAW PC
PO BOX 16066
Lansing, MI 48901-6066
(517) 323-7366
www.doylelawpc.com
©2014
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