1. Estate Planning Basics in 2015
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Estate Planning Basics in 2015

2. Reasons for Estate Planning
Because proper planning lets you:
Avoid the Probate Court (lifetime and death)
Maintain control of your healthcare and finances during life and after death
Provide for loved ones (i.e. – minors)
Minimize or avoid Taxes (Capital Gains, Estate, Income, etc.)
Help with Long Term Care planning
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.

3. What Are My Estate Planning Options?
Do Nothing
Will Based Planning
Joint Ownership/POD’s
Trust Based Planning
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.

4. Why Do Assets Go Through Probate?
Individually
Owned Property
= PROBATE
Death or
Incapacity
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.
When there is no living or competent owner to control an asset, that asset is “frozen” and can only be “unfrozen” by the Probate Court.

5. Lifetime Probate
If you become incapacitated, with no estate plan, the Probate Court will appoint someone to act in your place.
A person appointed to make financial decisions under Probate Court supervision is call a Conservator.
A person appointed to make medical decisions under Probate Court supervision is called a Guardian.
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.

6. What Doesn’t A Will Accomplish?
A Will does NOT:
Protect you or your family from Probate court
Take effect during your lifetime
Help you or your family if you become incapacitated
Protect your assets from the cost of long term care
Avoid distributions to immature beneficiaries
Protect you from Estate, Gift or GST Taxes
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.

7. The Perils of Joint Ownership
Improper drafting
Loss of control over assets
Creditor exposure
Undermines your Will
Creates capital gains tax problems
Possible Medicaid disqualification
Wastes exemptions and deductions
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.

8. The Benefits of a Living Trust
With a Revocable Living Trust :
Avoid Probate
Control
Who receives your assets
When and how assets pass
Who’s in charge
Maximize Medicaid planning opportunities
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.

9. Assets Held in Trust Avoid Probate
Owned Property
≠ PROBATE
Death or
Incapacity
A proper estate plan should provide for you and your loved ones, not only at your death, but also in the event of your incapacity.
The possibility that you will become disabled and require assistance with the management of your assets, and even with your personal care, is surprisingly high.
U.S. Census Bureau records reveal that nearly half of us will suffer some disability during our lifetimes. Over 10% of adult Americans ages are severely disabled, and this percentage rises dramatically as we grow older. Approximately 1 in 5 men and 1 in 4 women between ages 55 and 64 are severely disabled. Between ages 65 and 79 the rate for severe disability reaches 1 in 4 for men and 1 in 3 for women.
Dealing with incapacity is never easy. It can be even harder if you haven’t planned for it.
Owning your assets as Trustee avoids “asset freeze” and the Probate Court.