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Estate Planning basics

Estate Planning – The Basics (1 Hour; 21 Pages of Text)

1) Introduction
2) Wills
a) How often should a will be updated?
b) Holographic wills
c) Disinheriting a spouse
3) Durable Powers of Attorney
a) What is a Durable Power of Attorney (DPA)?
b) Why would such a document save time and money?
c) Types of Durable Powers
d) “springing powers”
e) Delegating medical treatment options and/or directives
f) What is a Living Will?
4) A&B, Marital, or Living Trusts
a) What are the benefits of A&B trusts?
b) Avoid Probate
c) Maximize Estate Tax Exemptions
d) Examples
e) Revocable
5) Irrevocable Life Insurance Trusts (ILIT)
a) Life Insurance
b) Income tax free death benefit
c) Estate tax free death benefit
d) ILIT has to own the policy
6) Dynasty Trusts
7) Divorce Protection
a) How do Clients Protect Inherited Assets in a Divorce?
b) Prenuptial Agreement
8) Generation Skipping Tax (GST)
a) GST Exemptions
b) Why use a Generation Skip?
c) Limits on the Dynasty

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