basic estate planning
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Some good basic informationTRANSCRIPT
Estate Planning
Basic Estate Planning Workshop
What Is An Estate?
Why Do Estate Planning?
After Death Control Who Receives Assets Pay Minimum Legal Fees, Taxes
At Incapacity Control Assets, Medical Decisions
A.D.D.
Alive Disabled Deceased
Common Estate Plans
Will Doing Nothing Joint Ownership Giving Away Assets Beneficiary Transfers Revocable Living Trust
Probate
Assets Titled in Just Your Name Go Through Probate
PROBATE
ProbateFees Taxes
Beneficiaries
Giving Away Assets
You Lose Control
Stepped-Up Basis
Lifetime Gifts(Your Basis)
Selling Price $150,000Basis - 10,000Gain $140,000Capital Gains Tax $ 28,000
Stepped-Up Basis
Lifetime Gifts Transfers At Death
(Your Basis)(New, Stepped-Up Basis)
Selling Price $150,000 $150,000Basis - 10,000 -150,000Gain $140,000 $ 0Capital Gains Tax $ 28,000 $ 0
Beneficiary Transfers
Court Interference if Beneficiary: Incapacitated Dies First or at Same Time “My Estate” Minor
Keeping Control with a Revocable Living Trust
Expenses That Reduce Your Estate
ProbateEstateTaxes
IncomeTaxes
Tax Relief Act of 2001 EGTRRA 2001
2002 & 2003 $1,000,000 2004 & 2005 $1,500,000 2006 - 2008 $2,000,000 2009 $3,500,000 2010 Estate and GSTT
repealed 2011 to 2013 $5,000,000
Choices in Estate Planning
No Joint Simple Power of Living Will Tenancy Will Attorney Trust
Avoid Guardianship?Avoid Probate
on the 1st Death?Avoid Probate
on the 2nd Death?Control the Distribution
on the 1st Death?Control the Distribution
on the 2nd Death?Provide the Maximum
Tax Savings?
No
No
No
No
No
No
No
Yes
Yes
Yes
Yes
No
No
No
No
Yes
Yes
Yes
Yes
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
What is an Estate Plan?
A Trust Agreement “Pour Over” Will Durable Power of Attorney Durable Power of Attorney for Health Care Living Will Trust Amendments (Trust Minutes) Quit Claim Deed Trust Execution & Management
Instructions
The Actual Process
Complete the Data Form and schedule an appointment to review your Data.
The attorney will prepare a draft of your Living Trust for your review and approval.
Upon your approval of the draft, the final copy of your Living Trust will be prepared for signing.
Upon your Execution of your Personal Family Living Trust, your Estate Planning Team will assist you in the FUNDING of your Trust!
Thanks for Attending
Estate Planning
Presented by
Arthur J. Pauly, Jr. J.D. Esq.
916-207-7526
www.paulylaw.com