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The Estate Planning Basics

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Presentation on theme: "The Estate Planning Basics"— Presentation transcript:

1 The Estate Planning Basics
What You Should Know Before You See An Attorney Leah R. Gilbert Pluto Legal, PLLC, Attorney at Law 1

2 About Us Memberships and Organizations Member of Wealth Counsel
Member of the National Academy of Elder Law Attorneys Member of the Hennepin County Medical Assistance Committee Member MN State Bar Association

Main Office in Tyler, MN Two attorneys Lisa K. Pluto: Managing attorney and Owner Dodge Center, MN Leah R. Gilbert: Associate Attorney Chaska, MN Seven Support Staff including a Licensed Social Worker, paralegal, Medicaid / Elderly Waiver expertise, funding and probate support

4 Proper Estate Planning
Caring for loved ones as if you were still there With your resources With your love With your wisdom

5 The Estate Planning Process
Education Design Drafting Documents Implementation

6 Common Planning Techniques
Owning property jointly Designating a beneficiary Signing a will

7 Wills Can Fall Short of Estate Planning Goals
Won’t provide for your disability Won’t necessarily give what you have: to whom you want the way you want when you want Certainly won’t avoid probate

8 Traditional Estate Planning
Gross Estate Non-probate transfers Property titled in your name Jointly owned property Life Insurance IRA’s 401(k)’s Annuities Probate Process Your Will Planned Distributions

9 Last Will of Jackie K. Onassis

10 The Living Trust It plans for your disability
It plans for your loved ones Contains your loving instructions Its private and confidential Reflects your hopes, fears, dreams and values Its good in every state

11 How to Distribute to Your Heirs
No protection Creditor protection Predator protection Self protection Estate tax protection Outright In Trust

12 Basic Estate and Gift Tax Rules
It’s a tax on everything Estate and gift taxes begin at 40% $14,000 annual exclusion* Unlimited marital deduction $5,250,000 unified credit (Federal) MN limit of $1,000,000** Unlimited charitable deduction Federal = Portable; MN State = Use it or Lose it * Indexed for inflation * * Small Family Businesses and Family Farms may get up to $4MM

13 Estate Plans Revocable Living Trust Will Transfer on Death Deed
Trust, Pour Over-Will, HCD, POA, funding assistance Will Will, HCD, POA Transfer on Death Deed TODD, HCD, POA

14 The Most Overlooked Reasons to Create an Estate Plan:
Mental Disability Physical Disability

15 Disability Planning Guardianship / Conservatorship
Legal Proceeding to Establish Authority for One Individual to Act on Behalf of Another

16 Powers of Attorney Two Types: Statutory Short Form Common Law P.O.A.

17 Statutory Short Form Power of Attorney
Powers of Attorney Statutory Short Form Power of Attorney It is a FORM! No Instructions Effective Immediately Blank Check No Reporting Requirements No requirement for Others to Accept! Statutory Limitations for Medical Assistance Plans Look up “loss of control” in dictionary, and you’ll see the General Durable Power of Attorney!

18 Common Law Power of Attorney
Powers of Attorney Common Law Power of Attorney Drafted to Individual Needs Gives Instructions Choice on When POA Takes Effect Has Reporting Requirements Look up “loss of control” in dictionary, and you’ll see the General Durable Power of Attorney!

19 Health Care Directives
Combines….. Health Care Power of Attorney and Living Will You choose the Health Care Agents You give them instructions and directions regarding your health care wishes

20 Health Care Directives
Legal Requirements: be in writing be dated state the principal's name (The principal is the person filling out the health care directive) be executed by a principal with capacity to do so with the signature of the principal or with the signature of another person authorized by the principal to sign on behalf of the principal contain verification of the principal's signature or the signature of the person authorized by the principal to sign on behalf of the principal, either by a notary public or by witnesses as provided under this chapter; and include a health care instruction, a health care power of attorney, or both.

21 Health Care Directives
Allows One to Make Decisions Regarding Organ Donation Terminal Care (Living Will) Burial Services DNR, DNI, etc. AND Guardian Designation HIPAA Designee

22 The Next Step Seek Competent Legal Counsel

23 Thank You! Questions Please Fill Out Course Evaluation
Mark YES for a No Cost Consultation If you do not want us to contact you please mark NO on your evaluation

24 THANK YOU! Pluto Legal, PLLC 100 E. Highway 14 Tyler, MN 56178
Toll Free:

25 Pluto Legal Team Juell Buchholz, Cheryl Vos, Amy VanEck, Attorney Lisa K. Pluto, Todd Berger, Attorney Leah R. Gilbert, Beth Daniels, Traci Sherman

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