SLIDES 1-13
According to projections, $68.4 TRILLION dollars will be transferred over the next 25 years, causing a ____________transfer of wealth unparalleled in human history.
TRANSFERRED
THE TWO MAIN CATEGORIES OF “ESTATE PLANNING” DOCUMENTS CAN BE DESCRIBED AS:
1. PLANNING FOR _____________
2. PLANNING FOR ______________
INCAPACITY and DEPARTURE
A Revocable _____ is a legal document that allows you to transfer ownership of your assets into a trust (a legal document) during your lifetime.
TRUST
Charitable ________ trusts are irrevocable trusts that let you donate assets to charity and draw annual income for your life or for a specific time period (up to 20 years).
REMAINDER
AN “__________ PLAN” IS A SET OF LEGAL DOCUMENTS THAT DIRECT HOW THINGS WILL GO WHEN YOU BECOME INCAPACITATED OR DECEASED.
ESTATE
The two main purposes of a Will are to nominate an Executor and to name _______________ and what portion of the estate or specific property they will receive.
Trust assets can be distributed to your beneficiaries immediately after your death without___________.
PROBATE
At the end of the payment term, the remainder of the Charitable Remainder Trust assets passes to 1 or more qualified U.S.____________ organizations.
CHARITABLE
If you DON’T have an estate plan, then these are real possibilities:
_____________ court when incapacitated
_____________ court when deceased.
GUARDIANSHIP and PROBATE
The _________________ is responsible for carrying out the terms of a Will and overseeing the administration of your property and debts through the probate case.
EXECUTOR
Like the Will and TOD designations, a Revocable Trust can be ___________ or revoked throughout the lifetime of the Grantor.
CHANGED
CRTs allow you to convert a highly appreciated asset like stock or real estate into lifetime _______ or over a specific time period.
INCOME
The disadvantages of probate include the HIGH _______, LONG WAIT TIMES, DEALING WITH ATTORNEYS, JUDGES AND COURT SYSTEM, AND A LACK OF _____________.
COSTS
HOW CAN WE TRANSFER ASSETS WITHOUT PROBATE?
BY making "________ ____ _________" designations.
TRANSFER ON DEATH
A REVOCABLE TRUST ALLOWS YOU TO MAINTAIN TOTAL ________ OVER THE ASSETS IN YOUR TRUST DURING YOUR LIFETIME, JUST AS IF YOU OWNED THE ASSETS IN YOUR OWN NAME.
CONTROL
A CHARITABLE LEAD TRUST (CLT)is the _______ of a CHARITABLE REMAINDER TRUST (CRT). It provides income to a charity for a set number of years, after which the remainder assets are distributed to the non-charitable beneficiaries.
REVERSE
Not having an estate plan could =
A HUGE _________ BALL for you and your loved ones
STRESS
When a beneficiary inherits assets from a deceased owner, the beneficiary receives what is known as the "______ ___" in basis; the date of death value of the inherited property becomes the "cost basis" for purposes of calculating capital gains tax.
STEP UP
WHEN YOU PASS AWAY, YOUR TRUST BECOMES IRREVOCABLE, WHICH MEANS IT CAN'T BE ____________ BY ANYONE.
CHANGED
Both a Charitable Remainder Trust and a Charitable Lead Trust are ______________, which means the terms cannot be changed and the Grantor cannot take the contributed assets back. It also means that the assets are protected from creditors.
IRREVOCABLE