Estate Planning 101 - BNI

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A short introduction to estate planning, probate from California  More

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Added: November 07, 2008 This Presentation is Public 
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Slide 1:Estate Planning 101 presented by: Thomas G. Martin, Esq. [Prepared for BNI – Extra Mile]


Disclaimer :Disclaimer This presentation does not constitute legal, accounting or other professional advice. Only through a personal, confidential consultation with qualified legal counsel can anyone properly evaluate their own unique estate planning challenges and determine what, if any, appropriate legal strategies and tactics should be implemented to meet those challenges.


IRS Circular 230 Disclaimer :IRS Circular 230 Disclaimer “Nothing in this presentation is intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties regarding any transactions or matters addressed herein. You should always seek advice from independent tax advisors regarding the same.”


Slide 4:Source: Findlaw.com survey (June 30, 2008)


Slide 5:Will vs. Trust What is the difference between a will and a trust?


Slide 6:Will


Will :Will Upfront Cost is Minimal Effective Upon Death Requires Probate(s) Public Disclosure of Assets Court Fees based on Gross Value of Estate Can Take >1 yr. to Transfer Designate Guardians


Slide 8:Trust


Living Trust :Living Trust Upfront Cost is Greater Effective Upon Signing Avoids Probate No Public Disclosure of Assets Anticipates Incapacity Less Time to Transfer Assets Trust Administration Fees


Slide 10:What Is Probate? Required if Decedent dies intestate or with a will.


Slide 12:Probate is the legal process of proving a will, appointing an executor, and settling an estate. definition


Slide 13:$500,000Median Price for California Home Source: DataQuick Information Systems


Slide 14:Probate Fees


Slide 15:Estate Taxes


Slide 16:What Is Estate Planning? Planning ahead.


Slide 19:Estate Planning is a comprehensive, rather than piecemeal, approach to individual asset transfer, tax, disability and guardianship issues. definition


Slide 20:Incapacity/Disability Death


Referrals :Referrals My ideal referrals are: Homeowners Families with Children Professionals High Net Worth Individuals Seniors/Retirees


Slide 22:Questions?


Slide 23:Thank You!