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Estate Planning Essentials

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					    Estate Planning
    Essentials
    Essential Components of a Basic Estate Plan




Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
    Estate Planning 101
ESTATE PLANNING ESSENTIALS



               In this presentation, we
                   will examine the
               essential components of
                  a basic estate plan.
           PEOPLE THAT HAVE ESTATE TAX
                    CONCERNS
         AND/OR ASSET PROTECTION AIMS
             MAY BENEFIT FROM THE
                 UTILIZATION OF

       MORE ADVANCED
                                  LEGAL DEVICES.



Frank & Kraft, Attorneys at Law      www.FrankKraft.com   Follow @FrankandKraft
               #1. Transferring Financial Assets

             Arranging for the transfer of financial
             assets after your passing is certainly
                     part of the equation.




Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
          This is often accomplished through the
                       execution of a last will or a
                           revocable living trust.

Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
                                  #2. Last Will




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             IF YOU STATE YOUR FINAL WISHES
              THROUGH THE EXECUTION OF A


                            LAST WILL
            YOU SHOULD INCLUDE A CHOICE OF
                     EXECUTOR.




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      THIS INDIVIDUAL WILL BE CHARGED WITH
              THE RESPONSIBILITY OF

         ADMINISTERING THE
              ESTATE.
            THE ADMINISTRATION WILL BE
         SUPERVISED BY THE PROBATE COURT.


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                     #3. The Process of Probate




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          DURING THE PROBATE PROCESS THE
                ESTATE MUST PAY ANY

               OUTSTANDING DEBTS
            THAT MAY EXIST, INCLUDING TAXES.




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There are expenses incurred during this
        process, and it can be
         time consuming.
              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.com   Follow @FrankandKraft
                     #4. Revocable Living Trusts




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               A VERY COMMONLY UTILIZED
             PROBATE AVOIDANCE TOOL IS THE

          REVOCABLE LIVING TRUST.




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          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.com   Follow @FrankandKraft
Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
                These asset transfers take place
                outside of the process of probate.




Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
#5. Advanced Health Care Directives
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.

A DURABLE              The durable medical
                       POA is used to name an
MEDICAL POWER          agent who would be
OF ATTORNEY            authorized to make
                       health care decisions in
                       your behalf.
          #6. A Financial Decision Maker in the
                   Event of Incapacity




Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
INCAPACITY PLANNING
is important, especially in light of the widespread
nature of Alzheimer's disease.
      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.com   Follow @FrankandKraft
       #7. Durable Financial Power of Attorney




Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
           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.com   Follow @FrankandKraft
               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.com   Follow @FrankandKraft
         Now that you know the basics
         you may want to




Frank & Kraft, Attorneys at Law   www.FrankKraft.com   Follow @FrankandKraft
       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:
                                                       (317) 684-1100
                                             Or get in touch through our
                                                       website:
                                                 www.FrankKraft.com



Frank & Kraft, Attorneys at Law   www.FrankKraft.com       Follow @FrankandKraft

				
DOCUMENT INFO
Description: In this presentation, we will examine the essential components of a basic estate plan.