legacy & estate planning basics

14
Legacy & Estate Planning Basics An Introduction & How-to-do-it Series Spring 2008 Axis Legacy Planning & Trusts, P.L.

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An Introduction to Legacy & Estate Planning Basics

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Page 1: Legacy & Estate Planning Basics

Legacy & Estate Planning BasicsAn Introduction & How-to-do-it Series

Spring 2008

Axis Legacy Planning & Trusts, P.L.

Page 2: Legacy & Estate Planning Basics

What is Legacy Planning?

What is Estate Planning?

Legacy & Estate Planning Checklist

11

22

33

Presented by; Donald L. West, Jr., JD, CTEPChartered Trust & Estate Planner

Axis Legacy Planning & Trusts, P.L.

Page 3: Legacy & Estate Planning Basics

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.

Page 4: Legacy & Estate Planning Basics

What is Legacy Planning?

Page 5: Legacy & Estate Planning Basics

What is Estate Planning?

Page 6: Legacy & Estate Planning Basics

Business Succession Planning

EstatePlanning

• Will• Legacy

Long Term Care

Assignment ofGuardians

Planning Directives

Gifts

Trusts

Life Insurance

Estates 101

Page 7: Legacy & Estate Planning Basics

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

Page 8: Legacy & Estate Planning Basics

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)

Page 9: Legacy & Estate Planning Basics

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

Page 10: Legacy & Estate Planning Basics

Non-Tax Reasons to Prepare a Plan

Page 11: Legacy & Estate Planning Basics

CommittedEthical Axis Legacy Planning & Trusts

Trusted

Professional

How to Choose the Best Estate Planning Attorneyfor You and Your Family

Page 12: Legacy & Estate Planning Basics

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

Page 13: Legacy & Estate Planning Basics

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

Page 14: Legacy & Estate Planning Basics

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]