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ESTATE PLANNING

ESTATE PLANNING. 3. Presented By: . F. E. Foundation for Financial Education. www.f3eonline.org | info@f3eonline.org | 240-499-0390. What is your Estate Plan?. Why should you plan your estate? What is an estate? What does estate planning do for you? Saving Money Will or not?.

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ESTATE PLANNING

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  1. ESTATE PLANNING 3 Presented By: F E Foundation for Financial Education www.f3eonline.org | info@f3eonline.org | 240-499-0390

  2. What is your Estate Plan? • Why should you plan your estate? • What is an estate? • What does estate planning do for you? • Saving Money • Will or not?

  3. NOTES

  4. Who Needs Estate Planning? • I’m Young, Why do I need an estate plan? • What happens if I die without a Will?

  5. NOTES

  6. Getting Started • Taking Inventory • Family Meeting • Do it yourself? • What am I worth? • Preparation • Overcoming Reluctance

  7. NOTES

  8. Lots of Little Wills • Property passing outside a will • Community property • Life Estates • T.O.D. • P.O.D. • Beneficiary Deed • Gifting • Life Insurance

  9. NOTES

  10. Titling of Assets • Joint Tenancy-A form of ownership • T/E • Joint Bank Accounts • Pitfalls of Joint Tenancy • Alternatives

  11. NOTES

  12. The Basics of a Will • Three Parts • 7 Essentials of a Will • Kinds of Wills • Notary? • What goes in a Will • Where to keep your will • Codicils • Revoking

  13. NOTES

  14. Trusts • Do you need a Trust? • Revocable Living Trust • Kids? • Married: with our without Children • Splitting Up (Divorce)

  15. NOTES

  16. Choosing Executor • What executors do • The case for a paid executor • The case for an unpaid executor • Qualities of an executor • Who cannot serve? • Powers of executor • Responsibilities of executor • Executors Pay • If Trustee blunders

  17. NOTES

  18. Trustees • Who to name? • What Trustees do • Family members as Trustees • Institutional Trustees • Co-trustees • Successor Trustees • Removing Trustees

  19. NOTES

  20. Choosing Guardianship • Personal Guardians • If you don’t appoint a Guardian • Property guardians • What is a custodian account • Estate Tax tip • Leaving gifts to someone else’s child(ren) • Contingency Plans for child(ren) • Disinheriting Children • Non-traditional children • Making sure children are well provided for • Different guardian for child(ren) • When can children handle money • Spend down the money • Drafting memorandum for next generation

  21. NOTES

  22. What is probate? • Avoid or not? • Opening and closing estate • How to save money in probate • Property that avoids probate • How long is the clock • Getting rid of an executor

  23. NOTES

  24. Death and Taxes • Federal Estate Tax • What is included • What are you worth? • Federal Income Tax • State Taxes on estates & inheritances • Tax on Insurance

  25. NOTES

  26. Tax Planning & Strategies • Maximize spousal exemptions • Bypass Trust • Marital Trusts • Insurance Trusts • Income Tax-who pays? • Benefits of living gifts and Life Insurance • Gifts to charities-CRT (Charitable Remainder Trust) • Gifts to spouses • Gifts for education • Gift of Life Insurance

  27. NOTES

  28. 300 + Private Colleges • Scholarships up to $44K, non need based • 260,000 students currently enrolled • 25 million given out last year

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