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© 2004 ME™ (Your Money Education Resource™)

Estate Planning

Chapter 14:Basic Estate Plan

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© 2004 ME™ (Your Money Education Resource™)

Basic Estate Plan Identify heirs

Competence Impact of inheritance

Trust Relationship

Equal amounts? Identify assets

Beneficiary designations Property ownership type

JWROS, living trust, etc.

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© 2004 ME™ (Your Money Education Resource™)

Basic Estate Plan

Identify assets Personal assets = hard feelings?

Lock the door after death Methods of distributing

Discuss and tag before death Heirs rotate order in each round of selection Specify in side instruction letter

Auction Allocate points to heirs for biding

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© 2004 ME™ (Your Money Education Resource™)

Basic Estate Plan

Review use of applicable estate tax credit Bypass trust?

Review charitable intentions

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© 2004 ME™ (Your Money Education Resource™)

Basic Estate Plan

Prepare documents Will Health care power of attorney Medical directive Trusts

If needed, begin annual gift program

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© 2004 ME™ (Your Money Education Resource™)

Basic Estate Plan

Monitor the plan Change when:

Tax law changes Marriage Divorce Adoption/birth of child At least every five years