ESTATE PLANNING

• Step 1: Find a Qualified Attorney.

• Step 2: Take Stock of Your Assets.

• Step 3: Identify Key Individuals.

• Step 4: Know the Key Documents You Need.

• Step 5: Manage Your Documents.

• Step 6: Don't Neglect the Softer Side of Estate Planning.

• Step 7: Plan to Keep Your Plan Current.

A will is an important legal document that specifies how you'd like your assets divided up upon your death.An estate plan is a broader concept that pulls together multiple legal documents. Again, this can include trusts, wills, advance directives and powers of attorney.

This type of planning helps determine who can make decisions on your behalf, who takes care of your dependents, and how to avoid unnecessary taxes and waiting periods. Estate planning covers any decisions regarding money, property, medical care, dependent care, and other matters that can arise when a person dies.

If you and your spouse are co-trustees, either can act and have instant control if one becomes incapacitated or dies. If something happens to both of you, or if you are the only trustee, your handpicked successor trustee will step in. If a corporate trustee is already your trustee or co-trustee, they will continue to manage your trust for you.

While you may decide to be the trustee of your trust, you can also select a corporate trustee (bank or trust company) to act as trustee or co-trustee. This may be appropriate if you do not have the time, ability, or desire to manage the trust, if you or your spouse become ill and where the size of the estate is substantial, or involves complex management decisions. Corporate trustees are experienced investment managers, they are objective and reliable, and their fees are usually very reasonable

Unlike a will, a trust doesn’t have to die with you. Assets can stay in your trust, managed by the person or corporate trustee you have chosen – until your beneficiaries (including minor children) reach the age(s) you want them to inherit, or to provide for a loved one with special needs.

It can with proper planning particularly for married couples. Tax laws are changing so you should speak to Shain Manuele when you make the office appointment on this subject.

Not when compared to all the costs of court interference at incapacity and death. How much you pay will depend on how complicated your plan is. Be sure to get an estimate.

Yes, you need a “pour-over” will that acts as a safety net if you forget to transfer an asset to your trust. When you die, the will “catches” the forgotten asset and sends it into your trust. The asset may have to go through probate first, but it can then be distributed as part of your living trust plan.

No. A living trust is for financial affairs. A living will is for medical affairs—it lets others know how you feel about life support in terminal situations. Your instructions on medical affairs can be incorporated into an Advance Health Care Directive, also known as a Power of Attorney of Health Care.

Age, marital status and wealth don’t really matter. If you own titled assets and want your loved ones (spouse, children or parents) to avoid court interference at your death or incapacity, consider a living trust. You may also want to encourage other family members to have one so you won’t have to deal with the courts at their incapacities or deaths.

• Avoids probate at death, including multiple probates if you own property in other states

• Prevents court control of assets at incapacity

• Brings all your assets together under one plan

• Provides maximum privacy

• Quicker distribution of assets to beneficiaries

• Assets can remain in trust until you want beneficiaries to inherit

• Can reduce or eliminate estate taxes

• Inexpensive, easy to set up and maintain

• Can be changed or cancelled at any time

• Difficult to contest

• Prevents court control of minors’ inheritances

• Can protect dependents with special needs

• Prevents unintentional disinheriting and other problems of joint ownership

• Professional management with corporate trustee

• Peace of mind