2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona How Long Will You Live?
Americans, on average, live to 77.9 years old Why is this
important? Your Present Self Impacts Future Self Your Present Self
Impacts Future Self
Slide 3
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 3
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona What are you most afraid of?
1.Snakes 2.Creepy Crawlies 3.Scary Spaces 4.Other People 5.Heights
Is a snake really scarier than dying? Why is dying a taboo subject
to talk about?
Slide 4
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 4
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona What is Estate Planning ? A
clear and complete plan of what should happen upon your death
Living Will A plan to care for someone who is young or
incapacitated and cannot care for themselves
Slide 5
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 5
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Positive Outcomes of Estate
Planning Provide for loved ones after you are gone Reduce time,
effort and costs for survivors Leaves a legacy to family,
organizations, institutions 1. 2. Strengthen family relationships
by giving them a path for them to follow 3. 4.
Slide 6
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 6
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Trade-Offs What is a
trade-off a couple would have to make to leave a solid estate plan
for their children? What trade-off could children have to encounter
if guardians were to pass away without a solid estate plan? A
trade-off is giving up one thing for another.
Slide 7
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 7
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Estate Planning for Teens
Must be 18 in most states Letters are preferred over conversation
because they have a longer presence Letters are not legal
documents
Slide 8
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 8
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Estate Planning for minors
Who do I want making care decisions for me when I cant make them
myself? If I am injured, what do I want to have happen for my care?
What do I want people to know if something happens to me? What do I
want done with my belongings? Who do I want making care decisions
for me when I cant make them myself? If I am injured, what do I
want to have happen for my care? What do I want people to know if
something happens to me? What do I want done with my belongings?
Letter of Last Instruction: (things to include)
Slide 9
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 9
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona What determines the care of
children under 18? Guardianship - requires a legal document called
a will. Will- determines guardians, money flow otherwise determined
by court Who would take care of me? Is there enough money? What
about my siblings? Who would be my guardian? Questions
Slide 10
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 10
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Who can help with planning?
This is not an easy subject to discuss and plan for; it is complex
and may require help of experts You & your family CPA & CFP
Financial Institutions Attorneys Other professionals as needed
Slide 11
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 11
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Who Can Help with Estate
Planning? Attorneys can provide you insights for titling documents,
wills, etc Accountants can help you determine net worth, see tax
advantages Certified Financial Planners can help you diversify
investments, protect assets
Slide 12
2.7.2.G1 Terms you may hear while dealing with an estate Living
WillExecutor DecedentBeneficiary TestatorFiduciary
Slide 13
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 13
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Estate planning as a gift
Teens are not too young to start The first step is honest
conversation Seek out advice of professionals Final act of
financial well-being Estate Planning
Slide 14
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 14
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona Estate planning is an
important component to a financial plan Financial
StatementsEarningSavings & Investing Insurance Planning &
Risk Management Giving
Slide 15
2.7.2.G1 Take Charge Today March 2014 Estate Planning Slide 15
Funded by a grant from Take Charge America, Inc. to the Norton
School of Family and Consumer Sciences Take Charge America
Institute at the University of Arizona What will you gift?