Download - Peninsula seniors pg workshop power point
Welcome!
What does your pie look like?
???
? ?
SLEEP WELL PLAN
Gather all information needed to create your plan
Consult those closest to you to help make optimum decisions
Share information with trusted advisors
Review and execute documents and provide them to executors or trustees.
INTESTASYDYING WITHOUT A WILL OR TRUST
California laws of intestate succession are used to determine who will inherit your estate.
As a “community property” state, transfer of property, even when a will or trust is in place, can be more complicated requiring good professional advice.
Examples of distribution of decedents property according to California intestacy laws.
WILL OR LIVING TRUSTYOUR CHOICE
Will: A written legal document signed and witnessed directing the distribution of your property.
Living Trust: A legal document to which ownership of property is transferred and a trustee is appointed and which distributes your property according to the terms created in the trust.
Which is best for me? Will or Living Trust?
ACCIDENTAL DISINHERITANCEA TRAP TO AVOID
The unintended consequence of intestacy or a poorly or incorrectly drafted will or living trust.
How to avoid Accidental Inheritance: Gather all pertinent information accurately Consult with family and friends if
appropriate Consider all personal passions and legacy
giving Consult with trusted professional advisors
when drafting documents.
ELEMENTS OF A SLEEP WELL PLAN
Current Will or Living Trust Durable Power of Attorney for Finances Durable Power of Attorney for Healthcare Proper Distribution of Real Estate and
Retirement Funds Use of Insurance Legacy Gifting Options
CURRENT WILL AND LIVING TRUST
Wills and trusts are “living” documents requiring periodic review and updating
What is a codicil?
Trust titling and “pour over will”
Trustee and Executor selection and periodic review
DURABLE POWER OF ATTORNEY FOR FINANCES
Avoid fraud or misrepresentation
Legal authority to manage your property under defined circumstances
Able to choose best representative while competent to do so
DURABLE POWER OF ATTORNEY FOR HEALTHCARE
Two primary documents: Durable Power of Attorney Living Will
Combined into an Advanced Directive document
REAL ESTATE AND RETIREMENT FUNDS
How Real Estate and Retirement Plans are transferred at death:
By title By beneficiary designation By will or trust
Tax trap for transfer of retirement assets
INSURANCE
Long Term Care Insurance
Life Insurance
Annuities
Cost – Benefit Analysis
LEGACY GIFTING OPTIONS
Why A Legacy Gift?
Life Income Gifts
Charitable Trusts
Bequest Giving
Gifting Through Titling of Assets
WORKSHEETS Personal information on you and your family Define your estate planning goals Take inventory of your current situation Select person for role as Healthcare Power of
Attorney Select person for role as Financial Power of
Attorney Take inventory of assets: real estate, bank
accounts, investments, and personal property Take inventory of liabilities: mortgages, vehicles,
credit card accounts, loans and other debts Estate Plan details
WHAT DO I DO NOW?
Complete the workbook accurately.
Engage professional advisors, especially if you have unique assets, blended family issues, or specific questions.
Contact your charities of choice about legacy gifting. Call me with specific questions about legacy gifts in general or gifts to Marymount College or the Peninsula Seniors.
GIFTING TO CHARITYMARYMOUNT COLLEGE /THE PENINSULA SENIORS
Tom ZajacMARYMOUNT COLLEGEMajor/Planned Gifts Officer
Development30800 Palos Verdes Drive EastRancho Palos Verdes, CA 90275
Ph. (310) 303- 7625, Fax: (310) 303-7284Email: [email protected]
YOUR PIE
ChildrenSpouse
RelativesCharity
Friends
THANK YOU