Ability To Identify And Manipulate Sounds In Language-No Print Needed The Estate Planning Documents That Everyone Should Have

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The Estate Planning Documents That Everyone Should Have

People hear the word “estate” and think that end-of-life financial planning is only for the extremely wealthy. They couldn’t be more wrong. The extremely wealthy know how to surround themselves with lawyers and accountants who protect them from the dangers of an improperly planned estate. The people most harmed by the probate and estate tax process are the middle class of this country.

I am married and have a daughter who is almost two years old. I like it in a house that has equity in it, but it’s mostly mortgage today. I rent my car, own a small business, and pay off student loans for my wife and myself. We are a two-income family with a little money in the bank, but neither of us will be able to retire anytime soon. If this scenario sounds similar to yours, you probably need an estate plan similar to the one I have in place. My estate plan includes the following:

Two Revocable Living Trusts – You and your spouse will both be co-trustees of each other’s trust. You will have the same access to your assets as now. When the first spouse dies, the maximum allowable tax-free distribution for the year of death will fund a newly created Bypass Trust. The remainder of the assets in the deceased spouse’s trust will fund a newly created Marital Trust. The surviving spouse will have access to all assets in the same spouse’s Living Trust, as well as the New Bypass and Marital Trusts. By setting up the trusts in this way, when the surviving spouse dies, we will be able to pass all the assets to the children, paying only half (if any) of the estate tax. Using this technique will save your children over $500,000 in estate taxes. In addition, the trust will avoid probate completely (saving tens of thousands of dollars) and provide your children with complete asset protection, which means that no one will be able to touch the assets you leave them, including divorce, creditors or even litigations

Two Assignments of Property in Trust – This document helps fund trusts. For all real estate, we will sign and record deeds. For all bank and brokerage accounts, we will change the title of the property. For personal property, however, we do not have written title, so we put the property in the trust and avoid probate by using an Assignment of Property in Trust.

Pour-Over Will – There are many negatives to distributing assets through a Will. First, all assets must be tested. Second, a Will offers no control over the distribution of assets and offers no asset protection to your beneficiaries. Another disadvantage is that a will becomes public record as soon as the person dies. Since the Will will be recorded and everyone will be able to see it, we like to make it as vanilla as possible. Let’s just say that a trust exists and that the distribution will be handled by the trustee. We also stated that any assets you forgot to put into the trust during your lifetime should “roll over” into the trust immediately. The Will will also be used to name the guardian of your children.

Financial Power of Attorney – If you become incapacitated, unconscious or mentally unconscious, you need to determine who you want to handle your financial affairs. This document is very important to have on file considering that most married couples travel and vacation together. If an accident happens to one of them, it usually happens to both.

Designation of Health Care Surrogate – In a similar line of thinking to the financial Power of Attorney, if you become incapacitated, unconscious or mentally unconscious, you need to determine who you want to handle your medical decisions. In addition, the Designation of Health Care Surrogate should also state if you want your Surrogate to be able to see your medical records. Without this HIPAA language, the hospital will not allow your surrogate to view your records and make an informed decision.

Living Will – If you are in an “end of life” condition, meaning that you are only being kept alive by machines, the hospital will continue to keep you alive artificially, no matter what your wishes are and how much it costs. your family, unless you have a properly executed living will that allows your health care surrogate to give the doctor the necessary authorization to “pull the plug.”

Execution and Funding – The biggest mistakes I see when reviewing plans drawn up by other attorneys are execution and funding. I will be there to make sure all your paperwork is done correctly. I will have my staff as witnesses and I will act as the notary. After the documents are signed, I will scan them and keep them on my computer, as well as on my offsite server, so you can get a copy of them whenever you need them. I will also help you fund the trust. Building trust is similar to building a safe; it can only protect what it puts into it. I will write the necessary documents and guide you through the transfer of personal accounts to trust accounts.

So many people wait until it’s too late. Tomorrow is not promised to any of us. If you really care about your children and want to protect them both financially and emotionally after you are gone, it is imperative to put your estate plan in place as soon as possible.

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