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The Estate Planning Basics

The Estate Planning Basics. What You Should Know Before You See An Attorney. Leah R. Gilbert Pluto Legal, PLLC, Attorney at Law. About Us. Memberships and Organizations Member of Wealth Counsel Member of the National Academy of Elder Law Attorneys

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The Estate Planning Basics

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  1. The Estate Planning Basics What You Should Know Before You See An Attorney Leah R. Gilbert Pluto Legal, PLLC, Attorney at Law

  2. About Us Memberships and Organizations Member of Wealth Counsel Member of the National Academy of Elder Law Attorneys Member of the Hennepin County Medical Assistance Committee Member MN State Bar Association

  3. PLUTO LEGAL, PLLCWho We Are: • Main Office in Tyler, MN • Two attorneys • Lisa K. Pluto: Managing attorney and Owner • Dodge Center, MN • Leah R. Gilbert: Associate Attorney • Chaska, MN • Seven Support Staff • including a Licensed Social Worker, paralegal, Medicaid / Elderly Waiver expertise, funding and probate support

  4. Proper Estate Planning Caring for loved ones as if you were still there With your resources With your love With your wisdom

  5. The Estate Planning Process Education Design Drafting Documents Implementation

  6. Common Planning Techniques Owning property jointly Designating a beneficiary Signing a will

  7. Wills Can Fall Short of Estate Planning Goals Won’t provide for your disability Won’t necessarily give what you have: to whom you want the way you want when you want Certainly won’t avoid probate

  8. Traditional Estate Planning Gross Estate Non-probate transfers Property titled in your name Jointly owned property Life Insurance IRA’s 401(k)’s Annuities Probate Process Your Will Planned Distributions

  9. Last Will of Jackie K. Onassis

  10. The Living Trust It plans for your disability It plans for your loved ones Contains your loving instructions Its private and confidential Reflects your hopes, fears, dreams and values Its good in every state

  11. How to Distribute to Your Heirs No protection Creditor protection Predator protection Self protection Estate tax protection • Outright • In Trust

  12. Basic Estate and Gift Tax Rules It’s a tax on everything Estate and gift taxes begin at 40% $14,000 annual exclusion* Unlimited marital deduction $5,250,000 unified credit (Federal) MN limit of $1,000,000** Unlimited charitable deduction Federal = Portable; MN State = Use it or Lose it • * Indexed for inflation • * * Small Family Businesses and Family Farms may get up to $4MM

  13. Estate Plans • Revocable Living Trust • Trust, Pour Over-Will, HCD, POA, funding assistance • Will • Will, HCD, POA • Transfer on Death Deed • TODD, HCD, POA

  14. The Most Overlooked Reasons to Create an Estate Plan: • Mental Disability • Physical Disability

  15. Disability Planning Guardianship / Conservatorship • Legal Proceeding to Establish Authority for One Individual to Act on Behalf of Another

  16. Powers of Attorney Two Types: • Statutory Short Form • Common Law P.O.A.

  17. Powers of Attorney Statutory Short Form Power of Attorney • It is a FORM! • No Instructions • Effective Immediately • Blank Check • No Reporting Requirements • No requirement for Others to Accept! • Statutory Limitations for Medical • Assistance Plans

  18. Powers of Attorney Common Law Power of Attorney • Drafted to Individual Needs • Gives Instructions • Choice on When POA Takes Effect • Has Reporting Requirements

  19. Health Care Directives Combines….. Health Care Power of Attorney and Living Will • You choose the Health Care Agents • You give them instructions and directions regarding your health care wishes

  20. Health Care Directives Legal Requirements: • be in writing • be dated • state the principal's name (The principal is the person filling out the health care directive) • be executed by a principal with capacity to do so with the signature of the principal or with the signature of another person authorized by the principal to sign on behalf of the principal • contain verification of the principal's signature or the signature of the person authorized by the principal to sign on behalf of the principal, either by a notary public or by witnesses as provided under this chapter; and • include a health care instruction, a health care power of attorney, or both.

  21. Health Care Directives • Allows One to Make Decisions Regarding • Organ Donation • Terminal Care (Living Will) • Burial Services • DNR, DNI, etc. AND • Guardian Designation • HIPAA Designee

  22. The Next Step • Seek Competent Legal Counsel

  23. Thank You! • Questions • Please Fill Out Course Evaluation • Mark YES for a No Cost Consultation • If you do not want us to contact you please mark NO on your evaluation

  24. THANK YOU! Pluto Legal, PLLC 100 E. Highway 14 Tyler, MN 56178 Toll Free: 1-866-457-3131 lpluto@plutolegal.com lgilbert@plutolegal.com cvos@plutolegal.com

  25. Pluto Legal Team Juell Buchholz, Cheryl Vos, Amy VanEck, Attorney Lisa K. Pluto, Todd Berger, Attorney Leah R. Gilbert, Beth Daniels, Traci Sherman

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