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Estate Planning 101

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by

Andy Lowther

on 13 October 2013

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Transcript of Estate Planning 101

Estate Planning
Wills
Always in Effect
Legal Authority to Act
Cover Financial Issues
Power of Attorney
Always in Effect
Control Your Medical Care
Provide Guidance
Healthcare Directive
HIPAA Authorization
When You Die
Control Who Gets Your Property
Avoid Expensive Probate
Transfer on
Death Deed
Protect Your Assets
Avoid Death Tax
You > $1 Million
Trusts
Control
More Than Just a Will
Always in Effect
Control Access to Medical Records
Clear Instructions for Healthcare Professionals
Kids
Money
Property
Information
After You Die
Divide Your Property
Nominate People
Personal
Representative
Works with the court to execute your will

A person you trust to carry out your wishes
Guardian
Becomes legal guardian for your minor children

Someone you trust to take care of your kids
Trustee
Manages the trust for your minor children

Someone you trust to take care of your kids' money
Tangible Property
Household Items
Electronics
Collections
Heirlooms, etc.
Real Property
Homestead
Vacation Home
Land Interests
Residue
Everything Else!
Attorney-in-Fact
Someone you trust to handle your financial affairs when you cannot
Health Care Agent
Someone you trust to make medical decisions when you cannot
Nursing Home
Planning

Cost of Care
65-70k per year
185 per day
2-3 years
Medical Assistance
Requirements
3k in assets
116k for spouse
$99 monthly income
$2841 for spouse
Gifting
5 year lookback
14k/year tax free
1M in lifetime
Insurance
Nursing Home Insurance
Long Term Care Insurance
Life Insurance w/ LTC rider
Full transcript