Estate Planning
Common Estate Planning Mistakes How to Avoid Them Mistakes, such as, not updating after 3 years your current plan, unfunded living trusts, pre-2001 marital trusts, poor choice of substitute decisions-makers, lack of or inadequate disability planning, failure to plan for the payment of long-term care, and (mis)use of joint tenancy with adult children, will be examined so you can avoid these pitfalls. Also addressed are the hidden traps in beneficiary designations of retirement plans, insurance and annuities. Joint Tenancy Key assets, insurance, retirement and annuities pass via beneficiPlary designation. Despite methodical estate planning, many families will un-intentionally disinherit loved ones or have an un-necessary probate often triggered due to failure to integrate and coordinate the beneficiary designations. This in depth course will also address how to properly title a beneficiary designation.
Get That Will Written! It’s never too early to get your “last will and testament” written. If you don’t have a will, you’re taking your chances at protecting your spouse, your kids, and your hard-earned finances. The financial security of your family is simply too important to put off. Learn what should be written in your will, the typical costs associated with writing a will, and what other considerations, resources and alternatives are available to you. In this two hour class, get the information you need to make informed decisions. Many Power of Attorneys fail because of family disputes, poorly written documents or “off-the-shelf” products. As life expectancies continue to climb, it’s more important than ever to know how to appoint the right person to control your financial affairs when you can’t. Learn how to use co-agents, disclosure requirements to family members and to help build family harmony around this sensitive and important matter. Get That Medical Directive Written! Non-Citizen Spouses Dual Citizen Estate Planning Married couples in which one spouse is a non-citizen are treated differently than married couples where both spouses are U.S. citizens. Generally, assets that pass between spouses at the first death are free from estate taxes due to the Unlimited Marital Deduction, no matter how large the estate. However, where the surviving spouse is a resident non-citizen, the Unlimited Marital Deduction is not automatically available. Instead the IRS treats it as a gift, and limits it in amount. Learn how to use a QDOT. In addition, we will examine the concept of world wide taxation of property by the IRS at death of dual citizens who own property in different counties and how to plan ahead for tax efficient transfers. PROBATE Coaching-How to Control Costs of Estate Administration This course will demonstrate 2 to 5% is too much to pay a lawyer or trust company to administer your pareents estate. Teachnicqes to control efficiency, cost and timely completion ofthe the administration will be discussed in detail. Students will leave the course knowinng how to preserve the legacy for the heirs, not the lawyers. Probate: What Is It and How to Avoid It? If you have a will; your estate will be probated. The laws have changed to make probate more efficient process. How to maximize these rules, interact with the Commission or Accounts when the executor inventors the estate and accounts on expenditures and distributions to heirs is one of the keys. Some estates, avoid probate by beneficiary designations of life insurance and annuities and retirement plans.Key factors in deciding to use a will or trust to avoid probate all together will be explored ion class discussion. From this, you should learn the answer of how best to handle your family's estate. | Don’t Let Probate Get You Twice Many own a second home or have bought a new home in anticipation of retirement in North Carolina, Florida, and other venues. Sine satisfy their drive to live in different locations with timeshares. Others have the family beach house at the shore in New Jersey that, hopefully, will be kept in the family over many generations. This course will explore different types of title for real property and family agreements to protect one's retirement and the legacy property, especially when one property is located outside of Virginia. Selecting Your Executor What are Fiduciary's Duties? Upon death a fiduciary called an executor or trustee is appointed. This is true even if you don't have a will or any estates plan. Why not take control and learn the 5 most import factors in appointing a fiduciary. The level of the executor or trustee's knowledge, capability with money and the understanding to manage the estate will be thoroughly examined. Most that attend walk out of the class with a firm sense of the person they will appoint executor of their will or trustee of their trust. Blood Line Estate Planning for Your Children, Grand Children, Great Grand Children Many smart parents employ some form of estate planning, most commonly with trusts. However, the manner in which the trust is structured can greatly affect whether your dispositive wishes are fulfilled. Without proper planning, circumstances such as a child's divorce or financial irresponsibility can result in unintended beneficiaries of your hard-earned assets. Elder Law How To Protect Your Wealth When Re-Marrying Why does one newly wed tend to have more wealth than the other? How To provide for surviving spouse and children from prior marriages? How to change onerous QTIPs and Pre Nuptuals from earlier marriages be changed? This practical course will address what often is not talked about until its too late --planning prior to the remarriage for the protection of all parties. In addition special post marital planning techniques will be revealed, and students shown haw to avail themselves of them without disruption of the family unit. Many older adults live together rather than marry due to property agreement and trusts they entered into in earlier parts of thehir lives. These agreements, using select methodologies, can be adjusted to build family harmony. Seniors Survival Kit
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