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Wealth Management & Estate Planning Jeffrey M. Axelson, Esq. Axelson, Williamowsky, Bender & Fishman, P.C.

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Presentation on theme: "Wealth Management & Estate Planning Jeffrey M. Axelson, Esq. Axelson, Williamowsky, Bender & Fishman, P.C."— Presentation transcript:

1 Wealth Management & Estate Planning Jeffrey M. Axelson, Esq. Axelson, Williamowsky, Bender & Fishman, P.C.

2 What We Will Discuss  Transfer of Property with/without a will  Wealth preservation documents  Powers of attorney

3 Documentation  Will  Power of Attorney over Finance  Power of Attorney over Healthcare  Living Will/Advance Directive  Living Trust  Insurance Trust  Probate

4 Power of Attorney  Medical power of attorney (POA)  Financial power of attorney (POA)  Durable power of attorney  Nondurable power of attorney  Springing power  Non-Springing power

5 Power Of Attorney  Medical power of attorney (POA). The medical POA is a legal document that designates an individual — referred to as your health care agent or proxy — to make medical decisions for you in the event that you're unable to do so.  Financial power of attorney (POA). The financial POA is a legal document that designates an individual — referred to as your health care agent or proxy — to make financial decisions for you in the event that you're unable to do so.  A durable power of attorney is the one that often comes to mind. These are the legal documents that can start immediately and allow someone to act on your behalf until it is either terminated by revocation or your death.

6 Power Of Attorney  A nondurable power of attorney is generally used for limited transactions. For example, if someone needs to grant authority for a single transaction, such as a stock trade, a nondurable power of attorney would be most applicable.  A Springing power of attorney is a power of attorney that becomes effective only after a specified occurrence, such as if two physicians find that the principal is unable to manage his or her own affairs.  A non-springing power of attorney is a power of attorney that goes into effect immediately upon signing.

7 Power of Attorney  Medical power of attorney (POA)  Financial power of attorney (POA)  Durable power of attorney  Nondurable power of attorney  Springing power  Non-Springing power

8 Health Care Decisions  Healthcare Power of Attorney  Advance directives/Living Will – Do not resuscitate (DNR) order

9 Health Care Decisions  Healthcare power of attorney names someone who tells the health care providers what to do - or not do - for you in a medical situation in which you are unable to speak for yourself.  Advance directives or living wills are written instructions regarding your medical care preferences. Your family and health care providers will consult your advance directives if you're unable to make your own health care decisions.  Do not resuscitate (DNR) order. This is a request to not have cardiopulmonary resuscitation (CPR) if your heart stops or if you stop breathing.

10 Health Care Decisions  Healthcare Power of Attorney  Advance directives/Living Will – Do not resuscitate (DNR) order

11 Financial Documents  A Trust  Revocable living trust  Irrevocable Life Insurance Trust

12 Financial Documents  A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust.  A revocable “living trust” is simply a trust you create while you're alive, rather than one that is created at your death.  An irrevocable life insurance trust offers the opportunity of escaping taxes not just in one estate, but in several estates using the benefit of the spouse and/or children.

13 Financial Documents  A Trust  Revocable living trust  Irrevocable Life Insurance Trust

14 Probate  Probate is the process by which legal title of property is transferred from the decedent's name to the decedent’s estate and then to his/her beneficiaries.

15 Transfer of Assets without Probate  Pay-on-death designations  Beneficiary designations  Joint tenancy  A living trust  Insurance  Gifts

16 Probate With/Without a Will  If a person dies with a Will ("testate"), the probate court determines if the Will is valid, hears any objections to the Will, orders that creditors be paid and supervises the process to assure that property remaining is distributed in accordance with the terms and conditions of the Will.  If a person dies without a Will ("intestate"), the probate court appoints a person to receive all claims against the estate, pay creditors and then distribute all remaining property in accordance with the laws of the state.

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18 Maryland Estate

19 Maryland State Estate Tax  After a $1,000,000 tax exemption, Maryland taxes the estate at a 16% of the remaining value.

20 Federal Estate Tax Rate YearExemptionRate over Exemption 2009$3,500,00045% 2010Unlimited0% 2011$1,000,00055%

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