Estate Planning Essentials

1
Estate Planning EssentialsEssential Components
of a Basic Estate Plan
2
Estate Planning 101
ESTATE PLANNING ESSENTIALS
In this presentation, we will examine the
essential components of a basic estate plan.
3
(No Transcript)
4

• PEOPLE THAT HAVE ESTATE TAX CONCERNS
• AND/OR ASSET PROTECTION AIMS
• MAY BENEFIT FROM THE UTILIZATION OF
• MORE ADVANCED LEGAL DEVICES.

5
1. Transferring Financial Assets
Arranging for the transfer of financial assets
after your passing is certainly part of the
equation.
6

• This is often accomplished through the
• execution of a last will or a
• revocable living trust.

7
2. Last Will
8
IF YOU STATE YOUR FINAL WISHES THROUGH THE
EXECUTION OF A LAST WILL YOU SHOULD INCLUDE A
CHOICE OF EXECUTOR.
9
THIS INDIVIDUAL WILL BE CHARGED WITH THE
RESPONSIBILITY OF ADMINISTERING THE
ESTATE. THE ADMINISTRATION WILL BE SUPERVISED BY
THE PROBATE COURT.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
10
3. The Process of Probate
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
11
DURING THE PROBATE PROCESS THE ESTATE MUST PAY
ANY OUTSTANDING DEBTS THAT MAY EXIST,
INCLUDING TAXES.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
12
There are expenses incurred during this process,
and it can be time consuming.
13
Interested parties that wanted to
contest the validity of the will could step
forward to present their arguments during
probate.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
14
4. Revocable Living Trusts
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
15
(No Transcript)
16
A VERY COMMONLY UTILIZED PROBATE AVOIDANCE TOOL
IS THE REVOCABLE LIVING TRUST.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
17
WITH THESE TRUSTS YOU SELECT A TRUSTEE TO
MANAGE THE FUNDS, AND A BENEFICIARY WHO WILL
RECEIVE DISTRIBUTIONS.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
18
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
19
These asset transfers take place
outside of the process of probate.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
20
5. Advanced Health Care Directives
21
The two advance directives that everyone should
have are A LIVING WILL
With a living will you record your preferences
with regard to medical procedures.
The durable medical POA is used to name an agent
who would be authorized to make health care
decisions in your behalf.
A DURABLE MEDICAL POWER OF ATTORNEY
22
6. A Financial Decision Maker in the Event of
Incapacity
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
23
INCAPACITY PLANNING is important, especially in
light of the widespread nature of Alzheimer's
disease.
24
If you use a living trust to direct future asset
transfers you can include the choice of a
successor or disability trustee.
This individual would be empowered to manage the
resources placed into the trust in the event of
your incapacitation.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
25
7. Durable Financial Power of Attorney
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
26
You can also select an individual of your own
choosing to make financial decisions in your
behalf through the execution of a durable
financial power of attorney.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
27
(No Transcript)
28
IF YOU FAIL TO PLAN AHEAD FOR THE POSSIBILITY
OF INCAPACITY THE STATE MAY BE FORCED TO APPOINT
A GUARDIAN OR CONSERVATOR TO HANDLE YOUR
FINANCIAL AFFAIRS.
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
29
Now that you know the basics you may want to
Frank Kraft, Attorneys at Law www.FrankKraft.c
om Follow _at_FrankandKraft
30
(No Transcript)
31
Frank Kraft Indianapolis Estate Planning
Attorneys

• We invite you to contact our firm to schedule a
  free consultation.
• You can give us a call at
• [phone]
• Or get in touch through our website
• www.FrankKraft.com