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Estate Planning Basics

Join the City of Tacoma for a Financial Wellness Pre-Retirement Seminar on April 21, 2016. Learn about estate planning essentials such as last wills, probate, avoiding probate, revocable living trusts, and more. Presented by Robert D. Pentimonti from Harlowe & Falk LLP.

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Estate Planning Basics

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  1. Estate Planning Basics City of Tacoma Financial Wellness Pre-Retirement Seminar April 21, 2016 Robert D. Pentimonti Harlowe & Falk LLP One Tacoma Avenue North, Suite 300 Tacoma, WA 98403

  2. Planning for the Eventuality of Death • Last Will & Testament • Probate & Process • Avoiding Probate • Revocable Living Trust • Comm. Property Agmt. • Rights of Survivorship

  3. Disposition of Property & Management of Estate – With a Will • Name your executor • Also name alternates and successors • Waive the requirement for a bond • Name guardians of your minor children

  4. Disposition of Property & Management of Estate – With a Will • Specify who gets tangible personal property • Make specific gifts • Immediate family? • Friends? • Charities? • Give the residue of your estate

  5. Disposition of Property & Management of Estate – With a Will • Manage assets for young or imprudent heirs • Provide for heirs with “special needs” to preserve government benefits • Provide for a pet

  6. Disposition of Property & Management of Estate – Without a Will • Who is the executor? • Will a bond be required and what does that mean?

  7. Disposition of Property & Management of Estate – Without a Will • Who gets my estate? • What is my estate? • Community Property • Separate Property • Who survives me?

  8. What About . . . • Probate avoidance? • Estate taxes?

  9. Probate Avoidance • What is probate? • Should probate be avoided? • How to avoid probate?

  10. Revocable Living Trust • Trustor • Trustee • Successor Trustee • Trustee Powers • Supervision • Funding • Still need back-up Will

  11. Joint Tenancy With Right of Survivorship • Basics • Advantages • Potential Disadvantages

  12. POD/TOD Assets • Basics • Advantages • Potential Disadvantages

  13. Transfer on Death Deed

  14. Community Property Agreement • Basics • Advantages • Potential Disadvantages

  15. Retirement Plans and IRAs

  16. Life Insurance & Annuities

  17. Estate Taxes • Federal Estate Taxes • $5,450,000 • State Estate Taxes • $2.079,000 • Other Transfer Taxes (federal only) • Gift Tax • Generation-Skipping Transfer Tax

  18. Contingency Planning • Financial Matters • Financial Durable Power of Attorney • Health Care Matters • Health Care Durable Power of Attorney • Health Care Directive

  19. Financial Durable Power of Attorney • Principal • Agent • Alternate Agents • Active or Springing? • Agent’s Powers • Unsupervised • Alternatives – Revocable Living Trust

  20. Health Care Durable Power of Attorney • Principal • Agent • Alternate Agents • Active or Springing? • Agent’s Powers

  21. Health Care Directive

  22. Disposition of Bodily Remains • Organ or Tissue Donations • Who and what for? • Interment or Cremation? • Pre-arrangements • Use of a “Disposition Authorization”

  23. Electronic Assets and Passwords • Available Online Services • Legacylocker.com • Assetlock.net • Securesafe.com

  24. Unmarried Individuals in Committed Intimate Relationships

  25. Do I Really Need a Will or Revocable Living Trust?

  26. When Should I Think About Updating My Will?

  27. What Does All This Cost?

  28. Questions

  29. Robert D. Pentimonti (253) 284-4415 rpentimonti@harlowefalk.com • Practice: Estate Planning, Business, Taxation • Experience: Bob is currently partner at Harlowe & Falk in Tacoma. He spent the past 15 years as a partner at the Seattle based law firm of Williams Kastner & Gibbs. Prior to this, he was a senior tax lawyer in the family wealth planning group of Arthur Andersen in San Francisco and Washington D.C. • Education: Bob received a BA degree in Economics from the University of Notre Dame with honors and his law degree from the Santa Clara University School of Law where he was an editor of the law review. He also holds a masters in tax law from New York University School of Law. • Affiliations, Publications and Honors: Bob is a member of the Real Property, Probate and Trust Section of the Washington State Bar Association and the Tacoma Estate Planning Council. Bob has spoken at numerous seminars and continuing legal education programs on probate and estate planning. He has also presented before the British Columbia Bar Association on cross-border and international estate planning.

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