Understanding the Tools and Taxes
Did you know that writing a will is only one small part of estate planning? There are many things to consider when property and assets pass from one generation to the appropriate beneficiaries.
12-Part Video Series
In this 12 part video series, Dr. Wayne Hayenga discusses the following Estate Planning topics:
- Laws of Estate Planning – Includes property ownership, probate law, trust law, contract law, estate tax, income tax, social security tax, and gift tax.
- Family Considerations in Estate Planning – Includes family changes such as divorce, second marriage (maybe of the surviving spouse), and special needs of family members
- Four Ways to Pass Property – Includes contracts, life insurance, pay on death accounts, retirement plans, joint tenancy with survivorship accounts, living trusts if funded, and probate
- Components of a Will – Includes provisions for payment of debts, expenses and taxes; disposition of personal property and disposition of other all property; selection of executors and trustees.
- Several Documents to Consider – Includes a Will, Living Trust, Power of Attorney, Guardian if Needed, Medical Power of Attorney, Directive to Physicians, and a HIPAA Information Release
- Will – Appoints Executor, grants and limits Executor powers, and passes property to heirs. A will can be changed anytime while competent, and allows for tax planning.
- Types of Living Trusts – Two types of trusts: revocable and irrevocable. Trusts can manage your property while mentally or physically disabled, and then passes property to beneficiaries.
- Durable General Power of Attorney – Appoints person to manage business affairs if you are unable. May be rejected by banks, title companies, etc. Also, consider what happens if the agent “does wrong”.
- Four Healthcare Documents Related to Estate Planning – Medical Power of Attorney, Directive to Physicians and Family or Surrogates. HIPPA Information Release, and Out of Hospital Do Not Resuscitate form
- Benefits of Creating A Trust – A property management tool that can allow for long time control of property
- Why Choose a Revocable Living Trust – Avoid probate, financial protection, control of property, protect assets from abusive family members protect children’s inheritance from creditors, lawsuits, privacy
- Special Considerations For a Trust – Children from different marriages, step- children, persons with long-term illness or senility, tax planning, property in two or more states, spendthrift children