K State Research and Extension______ __ Wills Estate Planning Seminar

K-State Research and Extension______ __ Wills & Estate Planning Seminar Program Planning Guidelines “Knowledge for Life” Kansas State University Agricultural Experiment Station and Cooperative Extension Service Wills and Estate Planning Seminar Program Planning Guide Outline Sample Flyer Samples New Release Wills and Estate Planning Lesson Plan Wills and Estate Planning PowerPoint Is Your Estate In Order? Assessment Is Your Estate in Order? Feedback Please Class Evaluation Is Your Estate In Order? Check the best answer for each statement: Yes, No, Don’t Know, Not Applicable, Needs Action. Don’t Know Not Applicable Needs Action Estate Planning Tasks 1. I have appropriate documents to authorize management of my physical person if I become incapacitated. Options include: Living will Durable power of attorney for health care 2. I have appropriate documents to authorize management of my finances if I become incapacitated. Options include: Joint tenancy with right of survivorship Durable financial power of attorney Living trust 3. I know the value of my net worth and adjusted gross estate which includes list of assets with current fair market value; list of debts with balance, and list of how assets and debts are titled. 4. I have made estate planning decisions about how to transfer assets to my beneficiaries: who will receive assets, how much they will get, and when they get the assets. 5. I have chosen the appropriate form of property ownership for each of my assets because it influences how my estate is valued and how my property will be transferred: sole owner, tenants-in-common, joint tenancy with right of survivorship. Yes No Is Your Estate In Order? Check the best answer for each statement: Yes, No, Don’t Know, Not Applicable, Needs Action. Don’t Know Not Applicable Needs Action Estate Planning Tasks 6. In my current estate plan, I use the appropriate technique to transfer property (Circle appropriate ones) Law - property owned as joint tenancy with right of survivorship (JTWROS) Will - property owned as sole owner, tenant-in-common, contract payable to estate Trusts - living, testamentary, revocable, irrevocable Gifts Unlimited marital deduction (problem if estate exceeds $2,000,000) Annual lifetime gifts - $12,000/$24,000 Charitable gifts Gift agreements – charitable remainder annuity, trust, charitable gift annuity, charitable lead trust, charitable remainder unitrust, pooled income fund. Estate gift – bequest in will or living trust, retirement plan gift, life insurance gift Life and me gift – outright gift of appreciated property, real estate, cash, retained life estate Contract - life insurance, retirement plan 7. I have prepared a letter of last instruction that includes the following: location of personal documents, financial papers & accounts, names, addresses, phone numbers of family, personal friends, personal/financial professionals to be notified of death, names of people to receive special things (jewelry, furniture), preferences for funeral/burial service & organs/body donations. 8. I have named a personal and/or financial guardian for my dependents. 9. I have changed ownership or transferred assets to be consistent with my estate planning documents. 10. My financial records are in order so my executor can take over immediately if something happens to me. Yes No WILLS & ESTATE PLANNING SEMINAR Sponsored by K-State Research and Extension __________County TOPICS Planning tools to use when mentally or physically incapacitated Planning tools to use during lifetime and at death (trusts, gifts, wills, contracts) What is probate How to calculate the value of your estate Forms of personal property and business property ownership SPEAKER Name of Speaker Name of Organization Day, Month, Date, Year Time am/pm – Registration Beginning time a.m./p.m. to Ending time a.m./p.m. – Seminar Seminar Location Street Address City or Town Directions Estate Planning Packets will be available for $10.00 For reservations, contract (name) by Day, Month, Date Phone:; Fax:; E-mail Sample News Release Wills and Estate Planning Seminar Is your estate in order? If you are not sure and would like more information, plan to attend the Wills and Estate Planning Seminar presented by The K-State Research and Extension Office in _____________ County. The seminar will be held on Day, Month, Date, Year from beginning time am/pm to ending time am/pm at name of location and address. The speaker(s) will be name of speakers(s). Some topics that will be discussed include: Planning tools to use when mentally or physically incapacitated, planning tools to use during lifetime and at death. Estate planning terms will be identified and defined. Terms defined will include probate, forms of property ownership, tools for property transfer, wills, gifts, trusts, death benefits. The workshop will also discuss how to determine value of gross estate. The workshop will include informational content as well as a workbook. Estate planning workbooks will be available for $10.00. For reservations, contact (name) by Date, Month, Date at phone number, fax number or email address. Wills and Estate Planning Lesson Plan At a Glance. . . This lesson provides tools to put in place an estate plan that will direct the things you have to the people or entities to which you wish them to go at the time you want them to be transferred. Time Required: 30-45 minutes Objectives for the Lesson As a result of this lesson, you will be able to: 1. put in place estate planning tools to protect against physical or mental incapacity as well as transfer assets during your lifetime or at death 2. know the value of your net worth and adjusted gross estate 3. prepare a letter of last instruction 4. change ownership or transfer assets to be consistent with estate planning documents 5. name personal and/or financial guardian for dependents 6. select appropriate financial representatives to administer estate plan 7. select appropriate advisors to develop estate plan documents 8. maintain organized financial records so financial agent can take over immediately if something should happen to you. Materials Needed ● Computer, computer projector ● PowerPoint Presentation Lesson Wills and Estate Planning ● Handouts Is Your estate in Order Questionnaire Wills and Estate Planning Evaluation Wills and Estate Planning Publication Financial Record Book Suggested Outline for Wills and Estate Planning Workshop Lesson Pages 1, 2 15 15 16 16, 17 11, 12, 13 12 21, 22, 25-36 22, 23 Slide # Slide 1 Slide 2 Slide 3 Slide 4 Slide 5 Slide 6 Slide 7 Slide 8 Slide 9 Content Is your estate in order? Have current plan to direct manage during times of mental or physical incapacity; during lifetime or at death Guide others in making decisions on your behalf – physical well-being, financial well-being Physical well-being – living will, do not resuscitate, durable power of attorney for health care Finances – JTWROS, joint accounts “or” and “and”, durable financial power of attorney, living trust Know value of net worth and adjusted gross estate To whom and when do you wish to transfer assets Tools for transferring financial assets Transfer of business assets depends on business structure LP 1 - 1 29, 42 10, 37, 38, 39 42 43 3, 43 26, 29, 39, 42 29, 42 41 43 Slide 10 Slide 11 Slide 12 Slide 13 Slide 14 Slide 15 Slide 16 Slide 17 Slide 18 Create estate plan with financial professionals Costs that could reduce value of estate Letter of last instruction Change ownership or transfer assets to be consistent with estate planning documents Name personal/financial guardian(s) for dependents Name agents to administer estate plan (executor, trustee) Financial advisors that may be part of developing plan Keep financial records in order Have current plan to direct manage during times of mental or physical incapacity; during lifetime or at death LP 1 - 2 Is Your Estate In Order? Is Your Estate In Order? Your Wills and Estate Planning Inventory I have a current estate plan in place that will direct the things I have to where I want them to go at the time I want them to go? If I am physically or mentally incapacitated During my lifetime or at death 1 2 Is Your Estate In Order? I have the proper plan in place to guide others in making decisions to maintain my well-being Physical well-being Financial well-being 3 Is Your Estate In Order? I have appropriate documents to authorize management of my physical person if I become incapacitated. Options include: Living Will Do Not Resuscitate Durable Power of Attorney for Health Care 4 Is Your Estate In Order? I have appropriate documents to authorize management of my finances if I become incapacitated. Options include: By law through joint tenancy with right of survivorship, joint bank account titled “or” or “and” Durable financial power of attorney Living trust Is Your Estate In Order? I know the value of my net worth and adjusted gross estate which includes the following: A A A A list list list list of of of of my current assets and debts assets with current fair market value debts with outstanding balances due how assets and debts are titled 5 6 Is Your Estate In Order? I have clearly stated in writing how I wish to transfer my assets to my beneficiaries which includes The names of the people I wish to receive my things How much I want them to get When I want them to get it How I want them to get it 7 Is Your Estate In Order? I have my personal property properly structured and transfers timed to best preserve my estate. By law: joint tenancy with right of survivorship By will: sole owner, tenants-in-common, contracts (life insurance or retirement plans) By trusts: living, testamentary, revocable, irrevocable Payable on death account Life estate Deed Gifts: unlimited marital deduction, annual lifetime gifts, and deferred gifts Contract 8 Is Your Estate In Order? I have my business property properly structured and transfers timed to best preserve my estate. Sole proprietorship General partnership Corporations (C or S) 9 1 Is Your Estate In Order? I have the best estate plan in place for me. A current estate plan co-created with appropriate financial professionals that preserves what I have in the best way. Is Your Estate In Order? I am aware of the costs that could reduce the value of my estate. Income taxes Probate costs Gift taxes Estate taxes Is Your Estate In Order? I have prepared a letter of last instruction that includes the following: Location of personal documents, financial paper and accounts Names, addresses, phone numbers of family, personal friends, personal/financial professionals to be notified of death Names of people to receive special things (jewelry, furniture) Preferences for funeral/burial service & organs/body donations. 11 12 10 Is Your Estate In Order? I have changed ownership or transferred assets to be consistent with my estate planning documents. Is Your Estate In Order? I have named a personal and/or financial guardian for my dependents. Is Your Estate In Order? I have named appropriate financial agents to administer my estate plan. Administrator Executor Trustee 13 14 15 Is Your Estate In Order? I have chosen and coordinated the appropriate financial professionals in cocreating my estate plan. Possibilities include: Attorney Accountant Trust officer Financial planner Financial sales professional (stockbroker, retirement plan representative) Is Your Estate In Order? I have my financial records in order so my financial agent can take over immediately. Is Your Estate In Order? I have a current estate plan in place that will direct the things I have to where I want them to go at the time I want them to go? If I am physically or mentally incapacitated During lifetime or at death 16 17 18 2 Prepared By: Esther M. Maddux, Ph.D., CFP®, AAPS WILLS & ESTATE PLANNING SEMINAR PROGRAM PLANNING GUIDELINES May 2008 State Notice of Nondiscrimination Kansas State University is committed to nondiscrimination on the basis of race, sex, national origin, disability, religion, age, sexual orientation, or other nonmerit reasons, in admissions, educational programs or activities and employment (including employment of disabled veterans and veterans of the Vietnam Era), as required by applicable laws and regulations. Responsibility for coordination of compliance efforts and receipt of inquiries concerning Title VI of the Civil Rights Act of 1964, Title IX of the Education Amendments of 1972, Section 504 of the Rehabilitation Act of 1973, the Age Discrimination Act of 1975, and the Americans With Disabilities Act of 1990, has been delegated to Clyde Howard, Director of Affirmative Action, Kansas State University, 214 Anderson Hall, Manhattan, KS 66506-0124, (Phone) 785-532-6220; (TTY) 785-532-4807.