DISCLAIMER: This outline is merely a basic primer on estate planning; in no way does it replace the advice and assistance of your legal or tax professional. Although every effort has been made to ensure the accuracy of the informa=on contained within, Weaver, BenneA & Bland, P.A. cannot ensure the accuracy or completeness of the informa=on. The informa=on and laws upon which this informa=on is based may change. This outline does not fit or apply to every circumstance or situa=on.
+ Estate Planning/Probate
+ Estate Tax Law
+ Elder Law
+ Business Law
+ “Nothing is certain but death and taxes” + Estate Taxes + Federal GiN Annual Exclusion is $14,000
+ Durable General Power of AAorney + Health Care Power of AAorney + Living Will + Will OPTIONAL + Living Trust + Irrevocable Life Insurance Trust + HIPAA Authoriza=on While only few people need estate tax planning, everyone needs estate planning
+ Appoint trusted person -‐ financial + Durable Power of AAorney can avoid guardianship + Coordinate with estate plan + Appoint subs=tute agent
+ Appoint trusted person – health care -‐ avoid guardianship + Decisions – life support, burial and anatomical dona=ons + Appoint alternate agent + Statutory form updated August 7, 2008
Form staHng you do not want life prolonging measures including arHficial hydraHon or nutriHon if you have the following: + Incurable or irreversible condi=on that will result in death with in a short period of =me. + Unconscious – you will never regain consciousness + Advanced demen=a or other condi=on resul=ng in substan=al cogni=ve loss and loss is irreversible Updated October 1, 2007
Why a Will? Where should my assets go? + Methods of transferring property > Opera=on of law -‐ Tenancy by the en=rety property -‐ Joint Tenants with Rights of Survivorship Property (JTWROS)
> By contract/By law
-‐ T.O.D./P.O.D.
-‐ Beneficiary designa=ons on life insurance policies -‐ Beneficiary designa=ons on re=rement plans/annui=es, etc.
> Death without a will – intestacy distribu=on -‐ Die without will in NC -‐ results -‐ Clerk of Court -‐ administrator
> Reasons to have will
-‐ Waive bond for executor
-‐ Make bequests -‐ property -‐ Name executor
+ By will or intestacy
-‐ Property goes through probate -‐ Bond may be required
-‐ Make provisions for children & others who need protec=on
-‐ Family circumstances change -‐ Death of spouse or child
-‐ Change in property
-‐ Marriage -‐ Out-‐of-‐state move
> Reasons to review will
-‐ Divorce -‐ Birth – child or grandchild
-‐ Increase or decrease in assets -‐ Sale or purchase of asset -‐ Tax law changes
+ Estate tax planning + Minor/incapacitated beneficiaries + Probate avoidance + Privacy + Changes in NC trust law -‐ New statute – akin to caveat
+ Who is trustee?
+ Proceeds not included in estate + Irrevocable + Can use annual exclusion to fund + Inves=ng in life insurance