The Box With The Box With The Pretty Red Bow The Pretty Red Bow Asset Protection of America | 702-897-9997 1
Today’s Agenda 1 Three Ways To Pass Your Estate To Your Heirs 2 What is “PROBATE?” 3 Different Levels of Probate 4 Probate Process 5 Unnecessary Torture 6 Putting Your Assets Into a Living Trust Can Avoid Probate 7 Your Living Trust Team 8 Checklist For A Proper Estate Plan 9 20 -Step Estate Planning Portfolio 10 HIPAA (Health Insurance Portability and Accountability Act of 1996) 11 What A Homestead Can Do For You 12 Two Locations To Serve You 13 The Retirement Planning Specialist 2
Three Ways To Pass Your Estate To Your Heirs WITH A WILL WITHOUT A WILL WITH A LIVING TRUST 3
What is “PROBATE?” Probate is the judicial process whereby a will is “proved” in a court and accepted as a valid public document that is the true last testament of the deceased. If you have a will Your loved ones could and will probably go through the terrible nightmare of probate. If you do not have a will Your property is controlled and distributed by probate court according to State law. 4
Different Levels of Probate SET-ASIDE For estates that are valued less than $100,000 in value. This is used for simple estates that has no creditors and can be distributed in a single court hearing. Costs can range from $1,000 or more and can be com- pleted in 30 – 90 days without any unforeseen circumstances. SUMMARY ADMINISTRATION For estates with assets less than $300,000 in value. This process is similar to the full probate process but may be shortened down to 6 months to 1 year typically. Costs can range from $1,250 or more. GENERAL PROBATE Otherwise known as “Unnecessary Torture” is for estates over $300,000 in value. Involves many processes. Can take a very long time to go thru and costs thousands of dollars. 5
Probate Process READS YOUR WILL Expedites your burial instructions. Meets members of your family and other interested parties who desire aid and information; confers with your attorney who drew the Will and persons familiar with your financial affairs. SAFEGUARDS YOUR ASSETS Takes such immediate protective measures as are desirable. Looks to insurance and Secures knowledge Examines Gives notice of your death protection of both real of your going all your books to banks, safe-deposit and personal property. business interests. and files. companies, and others. PETITIONS THE COURT FOR PROBATE OF YOUR WILL Obtains proof of heir ship; locates witnesses; through attorney for estate, petitions for probate of Will and, from time to time, applies for all necessary court orders in administration of estate; at appointment as executor, files oath of office. ASSEMBLES AND INVENTORIES ALL OF YOUR ASSETS Takes proper steps Inventories and Presses all claims Arranges proper Obtains custody Inspects condition, to collect policies of appraises household for amounts due; supervision and of securities. leases, taxes, and life insurance. goods and effects, locates evidence management Collects all mortgages of real Secures tax waivers removing valuables and witnesses on for your going interest and estate, and arranges and collects all cash. to vault. contested claims. business interests. dividends. for management. PROCURES APPRAISAL OF ALL YOUR ASSETS Gathers complete and satisfactory evidence of the value of all assets at the date of your death. ADMINISTERS YOUR ESTATE Governed by the wishes expressed in your Will, the requirements of your estate, and the local probate law. Gives special study to valuable collections; Gives exhaustive study to your Makes comprehensive Investigates all real determines method and time of sale for business interests and review of market conditions estate from articles not bequeathed; makes a careful determines policy of continu- for each security to decide standpoint estimate of the amount of cash to be ance, liquidation, or sale with which should be sold first, of earnings, market, raised for payment of taxes, legacies, and due regard to expressions in if necessary, to meet taxes, and desirability in expenses of administration and of your Will. Carries out or adjusts expenses, claims, and case circumstances probable net estate for distribution. uncompleted contracts. specific bequests. require its sale. MAKES ALL YOUR TAX RETURNS Pays your Pays your inheritance An intricate and involved procedure in which particular forms of income taxes. and estate taxes. information and return must be prepared and filed with each taxing body. Attends to income Arranges for necessary Files returns and Ascertains and pays tax for part of year proceedings to release pays tax for part inheritance tax in state of prior to your death. securities or property of year after your residence, obtains waivers located in other states. death. for transfer of securities. Makes careful survey of all possible tax claims Files preliminary notice, SETTLES ALL PROPER CLAIMS to see that no further prepares return, and pays Publishes notice to creditors, obtains all available evidence liability exists upon review both state inheritance regarding propriety of each claim filed, resists all improper claims; by the government. and federal estate tax. pays out of estate funds all approved and allowed claims. DISTRIBUTES YOUR PROBATE ESTATE Prepares date for final account, showing in detail all receipts and disbursements; notifies interested persons of hearing on account, after settlement of account by court; distributes remaining property of your estate as directed by court. OBTAINS FINAL DISCHARGE After final payment and distribution to legalees and devisees, secures final discharge as executor. 6
Unnecessary Torture PROBATE PROBATE COSTS INCOME TAXES ATTORNEY FEES DEATH TAXES COURT COSTS APPRAISER FEES EXECUTOR FEES CPA FEES 7
Putting Your Assets Into a Living Trust Can Avoid Probate WILLS TRUSTS VS WILL LIVING TRUST PROBATE HEIRS HEIRS • Courts • No court control • 1-2 year delayed • Probate free distributions • Delay free • Public disclosure of your • Hassle free assets, debts and heirs • No unecessary taxes • Maximum negative emotional impact • You appoint on family conservators • Court approved • Protects you guardians and/or during your lifetime conservators • No-conest clause • Expensive probate fees • Totally private • Easily contested and family controlled • Totally public and court controlled 8
Your Living Trust Team GRANTOR (You) – Creates and Controls Trust Person(s) creating the Trust – you (and your spouse). Also called Creator, Settlor or Trustor. TRUSTEE – Manages Trust Manages the Trust now. Usually you (and your spouse). SUCCESSOR TRUSTEE(s) – Steps in for Trustee Will step in and manage the Trust for as long as necessary if you (and your spouse) become incapacitated. At your death(s) your Successor will distribute your assets according to your instructions. BENEFICIARIES – Receive Assets When You Die Persons and/or organizations who will ultimately receive the assets in our Trust when you (and your spouse) pass away. 9
Checklist For A Proper Estate Plan Do you have the following and is it set up correctly? Revocable Living Trust Pour Over Will Durable Power of Attorney Health Care Power of Attorney with HIPAA Living Will Properly Funded Assets Properly Named Benefjciaries If one item is not checked, your estate plan may not be complete!!! Please call our offjce for a free review @ 702-897-9997. 10
20 -Step Estate Planning Portfolio 1. Initial Interview Fee Waived 2. Preparation of the Trust Done by Licensed Document Preparer 3. Client Meeting Signs and Notarizes all documents 4. Revocable Living Trust Avoids Probate 5. Certifjcation of Trust Summary of Living Trust 6. Pour Over Will Transfers assets left out of trust into trust 7. Physicians Directive Authorizes termination of Life Support Systems if there is a terminal illness 8. Health Care Power of Attorney Authorizes someone to make decisions for you if you become incapacitated 9. Durable Power of Attorney Authorizes someone to make fjnancial decisions for you if you become incapacitated 10. Trust Amendment Forms Allows you to make changes to your trust 11. Successor Trustee Checklist Step by step explanation of what to do at death or disability 12. Quitclaim Deed Transfer Real Estate into Trust 13. Homestead Protects equity in your residence up to $550,000 14. Recording of Property Offjcially records property into Trust 15. Trust Documents Bound and indexed 16. Copies Accessible from the Vault 17. Trust Funding Assistance with Funding of Trust 18. Benefjciary Setup Creation of primary and secondary benefjciaries on assets that do not go into trust 19. Notary Service FREE Lifetime Service 20. Annual Trust Reviews FREE Lifetime Service 11
Recommend
More recommend
