Estate Planning Made Easy
First off, thanks to Jennifer for visiting with our group and for answering such a wide variety of questions. While I am thinking about it, I have packets and business cards for anyone who missed our gathering - I can mail one to you or you can pick it up next time.
Even though its hard to discuss death or becoming incapacitated, it became clear to me that an estate plan and trust benefit everyone because it makes taking care of things after death much easier for those alive - whether you are single, married, or have children. Going through the probate process can be costly and extensive. Average cost of an estate plan is around $1,200 to $1,800. Of course, if you have a greater number of assets then the cost could be as high as $5,000.
Let me try to list the highlights:
-For those with children, it is important that ALL children be named so that there is no question - no "pretermitted heir."
-According to Jennifer, there are two goals of a Trust: (1) avoid state tax and (2) avoid probate court.
-A trust can help protect privacy because it does not go through probate.
-Amended and Restated Trust puts all wording up to date. No need to look at old trust. More expensive than an Amendment.
-Make sure assets are transferred into the trust. I.E. property tax should reference trust.
-Schedule A in the trust details the property such as jewelry.
-Pour Over Will (aka Last Will & Testament) all assets go into the trust. Beneficially lists the trust.
-In general, 401K, Life Insurance, IRA and other retirement accounts have a named beneficiary. If it goes into a trust, all money goes into a bucket and all taxes are due.
-Beneficiary can question trustee and file petition with court. Guardian can petition on behalf of child. Trustee distributes property/money to beneficiaries.
Jennifer has kindly offered a discount to any of our Global Gals so be sure to contact her for a quote. Of course, if you have any questions or need clarification on the above info, please email Jennifer directly. I tend to take a lot of notes as the discussion moves rapidly from one topic to another, so forgive me if it doesn't make sense.
Please, post comments regarding this blog, especially if you have more to add.
Until next time,
Jules
Even though its hard to discuss death or becoming incapacitated, it became clear to me that an estate plan and trust benefit everyone because it makes taking care of things after death much easier for those alive - whether you are single, married, or have children. Going through the probate process can be costly and extensive. Average cost of an estate plan is around $1,200 to $1,800. Of course, if you have a greater number of assets then the cost could be as high as $5,000.
Let me try to list the highlights:
-For those with children, it is important that ALL children be named so that there is no question - no "pretermitted heir."
-According to Jennifer, there are two goals of a Trust: (1) avoid state tax and (2) avoid probate court.
-A trust can help protect privacy because it does not go through probate.
-Amended and Restated Trust puts all wording up to date. No need to look at old trust. More expensive than an Amendment.
-Make sure assets are transferred into the trust. I.E. property tax should reference trust.
-Schedule A in the trust details the property such as jewelry.
-Pour Over Will (aka Last Will & Testament) all assets go into the trust. Beneficially lists the trust.
-In general, 401K, Life Insurance, IRA and other retirement accounts have a named beneficiary. If it goes into a trust, all money goes into a bucket and all taxes are due.
-Beneficiary can question trustee and file petition with court. Guardian can petition on behalf of child. Trustee distributes property/money to beneficiaries.
Jennifer has kindly offered a discount to any of our Global Gals so be sure to contact her for a quote. Of course, if you have any questions or need clarification on the above info, please email Jennifer directly. I tend to take a lot of notes as the discussion moves rapidly from one topic to another, so forgive me if it doesn't make sense.
Please, post comments regarding this blog, especially if you have more to add.
Until next time,
Jules
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