1. WELCOME TO OUR ESTATE PLANNING CLASS Estate Planning & Elder Law Services, P.C.

2. WHAT IS ESTATE PLANNING? Estate Planning is the development of a specific plan for managing your assets and affairs:  In case you become incapacitated, and  After your death.

3. DO I NEED AN ESTATE PLAN? Because proper planning lets you:  Avoid the Probate Court  Maintain control of your healthcare and finances during life and after death  Provide for loved ones  Minimize or avoid Capital Gains, Estate, Gift, Generation Skipping, Income and Real Estate Transfer Taxes

4. WHAT ARE MY ESTATE PLANNING OPTIONS?  Do Nothing  Joint Ownership/POD’s  Will Based Planning  Trust Based Planning

5. When you die or become disabled: The Probate Court decides:  Who controls your assets  Who makes your medical decisions  Who raises your children  Who gets your assets, and how much they will receive WHAT HAPPENS IF I JUST DO NOTHING?

6. WHY DOES PROPERTY GO THROUGH PROBATE? Individually Owned Property + = PROBATE Death or Incapacity 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.

7. WHAT HAPPENS IF I DO WILL BASED ESTATE PLANNING? A Will does NOT:  Protect you or your family from Probate costs or delays  Take effect during your lifetime  Help you or your family if you become incapacitated  Protect your assets from the cost of long term care  Let you avoid distribution of your assets to immature beneficiaries  Protect you from Estate, Gift or Generation Skipping Taxes

8. THE DANGERS OF JOINT OWNERSHIP  Improper drafting  Loss of control over assets  Creditor exposure  Temporarily avoids Probate but undermines your Will  Creates capital gains tax problems  Possible Medicaid disqualification  Wastes exemptions and deductions

9. WHAT CAN A TRUST BASED ESTATE PLAN DO FOR ME? 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  Minimize or eliminate Estate, Gift and Generation Skipping Taxes

10. HOW DOES A LIVING TRUST AVOID PROBATE? - BUT - Own your assets as Trustee to avoid “asset freeze” and the Probate Court. Individually Owned Property + = PROBATE Death or Incapacity