Presentation is loading. Please wait.

Presentation is loading. Please wait.

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

Similar presentations


Presentation on theme: "The Estate Planning Basics Leah R. Gilbert Pluto Legal, PLLC, Attorney at Law What You Should Know Before You See An Attorney."— Presentation transcript:

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

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

3 PLUTO LEGAL, PLLC Who We Are: 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 Your Will Non-probate transfers Jointly owned property Life Insurance IRA’s 401(k)’s Annuities Planned Distributions Property titled in your name Probate Process

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  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 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

18 Powers of Attorney Common Law Power of Attorney Drafted to Individual Needs Gives Instructions Choice on When POA Takes Effect Has Reporting Requirements

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 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


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

Similar presentations


Ads by Google