First presentation
- 1. What is Estate Planning? And… Top Ten Reasons To Do Estate Planning (none of them are about Estate Taxes)
- 2. What Is Estate Planning? Taxes/ Probate Enhance Wealth Preserve Values & Wealth Protect Your Family & Loved Ones (Pets?) Plan for & Protect Yourself
- 3. In Other Words… Giving What You Want To Whom You Want When You Want The Way You Want Taxes/ Probate Enhance Wealth Preserve Values & Wealth Protect Your Family & Loved Ones (Pets?) Plan for & Protect Yourself
- 4. So, What About the Estate Tax? 1797-1801- Navy ‘stamp’ 1862-1870- Civil War 5% 1898-1902- Spanish-American War 15% 1916- World War 1 10-25% 1934- Roosevelt- 60%, 1935- 70% ~~Various Adjustments- esp. 2001 Taxes/ Probate Enhance Wealth Preserve Values & Wealth Protect Your Family & Loved Ones (Pets?) Plan for & Protect Yourself
- 5. The 2001 Estate Tax Plan 2005 $1.5 M 47% 2006 $ 2 M 46% 2007 $ 2 M 45% 2008 $ 2 M 45% 2009 $3.5 M 45% 2010 Repealed 35% (Gift tax) Step Up Gone -Recordkeeping Nightmare 2011 Approx. 1M 55%
- 6. 10 Protect your pets Top 10 Reasons to do Estate Planning Make sure someone knows to check on them Consider who will care for them if you can’t Consider how their care will be paid for
- 7. 9 Leave a Charitable Legacy Top 10 Reasons to do Estate Planning Benefit the causes you support Show your posterity what you care about Give your family a chance to support your causes
- 8. 8 Protect Your Assets from Your Children’s Creditors Top 10 Reasons to do Estate Planning In case of divorce In case of an accident or lawsuit In the event of government support
- 9. 7 Protect Your Grandchildren Top 10 Reasons to do Estate Planning From Affluenza (how will they handle money?) In case of alcohol or substance abuse Emphasize Priorities, such as Education Service
- 10. 6 Pass Values to Future Generations Top 10 Reasons to do Estate Planning Through Charitable Planning By tying inheritance to your priorities By teaching financial responsibility By emphasizing education
- 11. 5 Protect Children with Special Needs Top 10 Reasons to do Estate Planning Ensure that they will not be exploited Make sure that you don’t disqualify them from government benefits Enhance their quality of life
- 12. 4 Protect Children from Themselves Top 10 Reasons to do Estate Planning Inherited money is often wasted Protect against substance abuse Keep assets in the ‘bloodline’ in case of divorce Misperceptions can cause family feuds
- 13. 3 Protect Your Privacy Top 10 Reasons to do Estate Planning Avoid Probate at death Prevent recording of personal information at the court Avoid a Guardianship/ Conservatorship ‘Living Probate’
- 14. 2 Take Control of any Potential Disability Top 10 Reasons to do Estate Planning Pre-determine who will control your assets Make sure that they will have wise access You decide who will make the decision- keeping it out of the courts
- 15. 1 Ensure that Your Wishes are Fulfilled Top 10 Reasons to do Estate Planning Ultimately, any Estate Plan should reflect your priorities, your goals, and your concerns Estate Planning is about giving what you want to whom you want when you want, in an environment which you have chosen