ESTATE PLANNING CONSIDERATIONS

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					ESTATE PLANNING CONSIDERATIONS
Save Taxes, Minimize Administrative Costs, and Preserve Assets

TRUE OR FALSE?

Wills control the distribution of all assets.
(See the next slide for the answer)

FALSE !

Many assets are distributed outside of the will, so the plan of distribution in a will does not describe the total plan. Property passing by way of a will does NOT avoid probate.

TRUE or FALSE?

Making lifetime gifts can cause serious income tax problems.
(See the next slide for the answer)

TRUE !

Not only for parents but for children, especially if gifted property has increased in value since the parents acquired it, or if the parents gifted their home.

TRUE or FALSE?

A court proceeding may be required if you can’t manage your own assets.
(See the next slide for the answer)

TRUE !

Even if your spouse was available to manage assets. Accounting records showing every penny earned and every penny spent will be mandated by the court.

TRUE or FALSE?

Minor children or grandchildren can access assets inherited by them.
(See the next slide for the answer)

TRUE and FALSE !

If provisions of management of the property are not specified in a will or a trust, the child will receive the entire inheritance at the age of majority – this could be a good thing or a bad thing.

TRUE or FALSE?

Tax planning is an important part of your estate plan.
(See the next slide for the answer)

TRUE !

Federal and state estate, gift, and income tax ramifications must be assessed and planning techniques applied to minimize or eliminate tax to the greatest extent possible.

Don’t wait until it’s too late!

Estate Planning takes time and commitment. Get started with the estate planning questionnaire.