Essential Estate Plan Components

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ESSENTIAL ESTATE PLAN COMPONENTS
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Every persons estate plan must include certain
ESSENTIAL COMPONENTS
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In this presentation we are going to look at the
CORE ELEMENTS OF A BASIC ESTATE PLAN
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A more intricate approach may be necessary under
CERTAIN CIRCUMSTANCES
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TAX EFFICIENCY AND ASSET PROTECTION OBJECTIVES
WOULD REQUIRE ADDITIONAL LEGAL DEVICES
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THE UNIVERSAL GOALS OF ESTATE PLANNING
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THERE ARE 5 GOALS THAT EVERY ESTATE PLAN SHOULD
SEEK TO ACHIEVE.
THE DETAILS WILL VARY FROM PERSON TO PERSON
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THE THIRD GOAL, choosing someone to handle your
estate, MAY ALSO BE IMPORTANT DURING YOUR
LIFETIME
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IF YOU BECOME INCAPACITATED, THEN SOMEONE WILL
HAVE TO ASSIST YOU WITH YOUR AFFAIRS
ALSO, IF YOU CANNOT MAKE HEALTH CARE CHOICES FOR
YOURSELF, SOMEONE WILL HAVE TO DO IT FOR YOU
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THIS COULD INCLUDE artificial life support THAT
WOULD SERVE ONLY TO PROLONG THE process of dying
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THE FOURTH GOAL, MINIMIZING COST, ENTAILS CERTAIN
ISSUES
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PASSING YOUR ESTATE TO HEIRS
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THE FIRST THING THAT MAY COME TO MIND WHEN YOU
THINK ABOUT ESTATE PLANNING IS THE MATTER OF
PASSING ALONG YOUR FINANCIAL ASSETS TO YOUR
LOVED ONES
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THIS CAN BE DONE IN A VARIETY OF DIFFERENT WAYS
DEPENDING ON YOUR family dynamic and your
personal objectives
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• WE WOULD LIKE TO LOOK AT TWO VERY COMMON ESTATE
  PLANNING TOOLS THAT FACILITATE FUTURE ASSET
  TRANSFERS

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SIMPLE WILLS
MANY PEOPLE WHO DON'T KNOW ALL THE FACTS
BELIEVE ESTATE PLANNING IS JUST THE ACT OF
DRAWING UP A LAST WILL
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SIMPLE WILLS
WHILE IT IS CERTAINLY TRUE THAT you can use a
will to state your final wishes IT IS NOT YOUR
ONLY OPTION
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SIMPLE WILLS
WHILE IT IS CERTAINLY TRUE THAT you can use a
will to state your final wishes IT IS NOT YOUR
ONLY OPTION
ALSO, A COMPLETE ESTATE PLAN MEANS MORE THAN JUST
A WILL
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WHEN YOU SCRATCH BENEATH THE SURFACE YOU FIND
THAT THE PROCESS OF PROBATE IS A FACTOR WHEN YOU
USE A WILL
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WHEN YOU SCRATCH BENEATH THE SURFACE YOU FIND
THAT THE PROCESS OF PROBATE IS A FACTOR WHEN YOU
USE A WILL A WILL CAN ONLY BE ACTIVATED THROUGH
A PROBATE PROCESS
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• WHEN YOU SCRATCH BENEATH THE SURFACE YOU FIND
  THAT THE PROCESS OF PROBATE IS A FACTOR WHEN YOU
  USE A WILL
• A WILL CAN ONLY BE ACTIVATED THROUGH A PROBATE
  PROCESS
• PROBATE IS A COSTLY AND TEDIOUS PROCESS, AND CAN
  BE QUITE TIME-CONSUMING

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REVOCABLE LIVING TRUSTS
YOU CAN AVOID PROBATE THROUGH THE CREATION OF A
FUNDED, REVOCABLE LIVING TRUST
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REVOCABLE LIVING TRUSTS
YOU CAN AVOID PROBATE THROUGH THE CREATION OF A
FUNDED, REVOCABLE LIVING TRUST
A LIVING TRUST ACCOMPLISHES EVERYTHING THAT A
WILL DOES, AND MUCH MORE
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REVOCABLE LIVING TRUSTS

• IT IS INFINITELY MORE FLEXIBLE THAN A SIMPLE WILL
  AND DOES NOT LIMIT OR AFFECT YOU DURING YOUR
  LIFETIME

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REVOCABLE LIVING TRUSTS
BECAUSE A LIVING TRUST DOES NOT REQUIRE PROBATE
WHEN YOU DIE, it saves costs and hassle, and
does not have the drawbacks of probate and will
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REVOCABLE LIVING TRUSTS
IT ALSO ADDRESSES THE GOAL OF SAVING COSTS BY
PLANNING FOR TAXES
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REVOCABLE LIVING TRUSTS
THE SPECIAL CIRCUMSTANCES OF HEIRS ARE ADDRESSED,
thus satisfying goal no. 2
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A SIMPLE WILL CANT DO THIS
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Learn More About ESTATE PLANNING IN CINCINNATI
Learn More About ESTATE PLANNING IN CINCINNATI
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Learn More About ESTATE PLANNING IN CINCINNATI
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Barry H Zimmer Estate Planning Attorney