legacy & estate planning basics
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An Introduction to Legacy & Estate Planning BasicsTRANSCRIPT
Legacy & Estate Planning BasicsAn Introduction & How-to-do-it Series
Spring 2008
Axis Legacy Planning & Trusts, P.L.
What is Legacy Planning?
What is Estate Planning?
Legacy & Estate Planning Checklist
11
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33
Presented by; Donald L. West, Jr., JD, CTEPChartered Trust & Estate Planner
Axis Legacy Planning & Trusts, P.L.
Legacy & Estate Planning
Unless you would like to “donate” your estate to Uncle Sam, it’s time to join the 30% who do. Though writing a will may not be fun to think about, a little foresight now can save your heirs and loved ones enormous hassles down the road.
Learn to:
• Understand the basics of wills, trusts, probate, charitable giving, and more• Set up power of attorney, a living will, and long-term care arrangements• Minimize the impact of estate and inheritance taxes on your heirs
70% of Americans do not have a will.
What is Legacy Planning?
What is Estate Planning?
Business Succession Planning
EstatePlanning
• Will• Legacy
Long Term Care
Assignment ofGuardians
Planning Directives
Gifts
Trusts
Life Insurance
Estates 101
Successful Successions
• Seventy Percent (70%) of all
estate plans fail.
Including beneficiaries in the long-term strategic
planning creates a cooperative environment
where everyone “buys-in” instead of
being dictated a course.
A Good Family Mission
Statement helps too.
The Axis Legacy Pyramid TM
The 2008 Individual Exemption is $2 million with a federal estate tax rate on all assets over the exemption set at 45%.
Federal Estate Taxes (Death Taxes)
Who NeedsTo Plan
Almost Everyone
•Married Couples•Parents
•Divorced Couples•Professionals
•Business Owners
Almost Everyone
•Real Estate Investors•Inventors
•Painters, Writers, Performers
•Pro Athletes•Future Millionaires
Non-Tax Reasons to Prepare a Plan
CommittedEthical Axis Legacy Planning & Trusts
Trusted
Professional
How to Choose the Best Estate Planning Attorneyfor You and Your Family
3. Write a Will
1. Lists your Assets
4. Write Planning Directives
2. Assign heirs & beneficiaries
5. Learn about Probate
6. Consider Establishing Trusts7. Look into Life Insurance
8. Consider Long-Term Care Needs
9. Consider charitable giving & family gifting10. Plan the future of your business
CHECKLIST
LEGACY & ESTATE PLANNING
Establishing TiesTo Empower
Client Optionsin Life InsuranceAnd Legacy & Estate Planning
Enabling CFPsto Distinguish
Themselves fromOther Financial
Advisors.
Helping AccountantsBuild Stronger
Relationships and Offer more Compete
Services.
Assisting Attorneys whose core
specialty is not estate planning.
Attorneys CPAs CFPs CLUs
Legacy & Estate Planning Support for Advisors
www.Axis-Trust.com
Donald L. West, Jr., JD, CTEPChartered Trust & Estate Planner
Don West, Jr. counsels families, individuals and entities on the principles of generational legacy and wealth transfer as a Vice President and Trust Officer for Axis Legacy Planning & Trusts, P.L., an elite wealth management firm with a unique planning philosophy of promoting "Healthy & Sustained Family Wealth" with offices in Atlanta, Georgia and four Florida locations: Tallahassee, Tampa, Palm Beach and Miami.
EMAIL:[email protected]