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Life, Estate & Inheritance Planning – God’s Way. What Is “Estate Planning”? A Process that Allows You to: Control Your Property While You’re Alive and.

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Presentation on theme: "Life, Estate & Inheritance Planning – God’s Way. What Is “Estate Planning”? A Process that Allows You to: Control Your Property While You’re Alive and."— Presentation transcript:

1 Life, Estate & Inheritance Planning – God’s Way

2 What Is “Estate Planning”? A Process that Allows You to: Control Your Property While You’re Alive and Well; Plan for You and Your Loved Ones If You Become Mentally Disabled

3 Give What You Have To Whom You Want When You Want The Way That You Want All at the Lowest Possible /\ Cost to You and Those You Love Overall What Is “Estate Planning”?

4 What Is Estate Planning? (cont’d) Incorporates a balance of financial, social, emotional and spiritual values and aspirations. Establishes a meaningful legacy during your lifetime and beyond.

5 The “Estate Planning Pyramid” Me My Family My Wealth Protect Wealth Save Taxes Estate Plans that “Work” Focuses on Client Goals Solutions Make Planning Easier Exposes Traditional Planning as “Upside Down”

6 Insurance Policies What Is an “Estate?” Cash Stocks Jewelry IRA’s Investments Your Home Income Properties Automobiles Antiques Bonds &

7 What Is an “Estate?”

8 Why Should You Plan Your Estate? Every Family Has Planning Goals  Most common motivations for doing estate planning  The single greatest benefit

9 The Christian’s Estate Plan 1. Recognizes God as owner of ALL property; 2. Distributes that property on death to those who will continue to use it to promote the Christian lifestyle

10 3.Insuring that your minor children are raised and encouraged in their Christian faith. 4.Your final act of stewardship The Christian’s Estate Plan (cont’d)

11 Setting the Priorities of Your Estate Plan 1.What is God’s plan of Stewardship for my Estate? 2.People are more important than dollars 3.Minimize the shrinkage and delay of transferring property

12 What is God’s Plan of Stewardship for My Estate? 1. Stewardship - 10% or 100% 2. Lifestyle Giving  Time  Talents  Treasures

13 People Are More Important Than Dollars 1. Guardians for Minor Children 2. Personal Representative 3. Mental disability determination 4. Disability “Helpers” 5. Trustees

14 Mental Disability – “Living Probate” Conservatorship – Control over the Person’s Money Guardianship – Control over the Person

15 Living Probate = Total Loss of Control When you are disabled Who controls your affairs What the Agent can do Someone Else Determines:

16  Power of Attorney  Gifting Programs  Guardianship  Conservatorship  Revocable Living Trust Common Estate Planning Tools During Your Lifetime

17 Minimize the Shrinkage and Delay of Transferring Property 1. Transfer Taxes 2. Probate / Trust Settlement Costs 3. Privacy issues 4. 4. Control of the Process 5. 5. Asset Protection

18 “Everything” Tax (on All Assets)  Graduated Tax Rates from 37% to 55%  Due 9 months from date of death  3 Major Exceptions

19 2001 Taxpayer Relief Act Applicable Exclusion Amount YearAmount 2000 & 2001$675,000 2002 & 2003$1,000,000 2004$1,500,000 2005$1,500,000 2006$2,000,000 2007 $2,000,000 2008 $2,000,000 2009 $3,500,000

20 Death Probate Definition: The legal process of paying a deceased person’s debts and retitling all of that person’s individually owned assets to the names of the heirs listed in a will.

21 Problems With Probate Expensive Averages 5to7 % of the value of the Gross Estate Time Consuming Record-Keeping Court Reports Proceedings are all Public No Control

22 Common Estate Planning Tools After Your Death  Intestacy  Joint Tenancy  Will  Beneficiary Designations  Revocable Living Trust

23 Asset Protection 1. 1. Divorce 2. 2. Predator / Remarriage 3. 3. Creditors / Lawsuits 4. 4. Catastrophic Illness 5. 5. Leaving the Legacy

24 Advanced Planning Tools Life Insurance Trust Minor’s Trust Family Limited Partnership Charitable Trust Other Irrevocable Trusts Gifting Programs

25 Title to Property (Who Owns Your Stuff?) Tax Savings Personal Goals Personal Protections TITLE MEANS EVERYTHING !

26 1.By Yourself  With Someone Else   Tenants in Common   Joint Tenancy With Rights of Survivorship 3.By Contract Three Ways to Own Property

27 When Should You Plan Your Estate? Today Mental Incapacity Catastrophic Illness Death Your Planning Opportunity Revocable Living Trust WillLiving Will Powers of Attorney Irrevocable Trust James 4:14, 17 1 Timothy 5:8

28 Does Your Family Know:   What to Do ?   How to Do It ?   How to Pay For It ? The Real Question

29   Documents that are properly counseled, designed and drafted to express God’s plan of stewardship for your estate   Assets that are properly titled   Regularly updated   Educated family   Controlled settlement costs The Perfect Estate Plan

30 The 3 Laws of the Harvest 3.You reap MORE than you sow 2.You reap LATER than you sow 1.You reap WHAT you sow

31 The End Result - Peace of Mind “Well done, my good and faithful servant.”

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