estate planning presentation
TRANSCRIPT
![Page 1: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/1.jpg)
Estate Planning Workshop
P. Haans MulderCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) [email protected]
Evergreen Commons
![Page 2: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/2.jpg)
Background• Partner at Cunningham Dalman, P.C.• Specialize in estates/elder law and
business planning • Have a Masters in Tax and close to
completing Certified Financial Planning designation
![Page 3: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/3.jpg)
Background• Office is located in Holland• Firm has been serving the Holland/Zeeland
area since 1900• Have 15 attorneys specializing in all areas
of the law
![Page 4: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/4.jpg)
Overview• Discuss the parts of an estate plan• Cover the estate planning process• Explain the most common types of
estate plans
![Page 5: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/5.jpg)
What is estate planning?• Process of planning for the future
management and distribution of your assets and your future medical care
• Includes documents such as wills, trusts, and powers of attorney
![Page 6: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/6.jpg)
Why is estate planning important?
• Significantly reduces the cost of administration
• Minimizes the stress for your family and friends involved in the process
![Page 7: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/7.jpg)
Why is estate planning important? • It allows you to determine who will
receives your assets• It authorizes someone to make your
medical decisions
![Page 8: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/8.jpg)
Is it time consuming?• Collect your financial information • Attend one initial planning meeting that
will last one hour• Review drafts of documents• Attend a signing conference for one hour
![Page 9: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/9.jpg)
How much does it cost?• There are two common estate plans• One plan avoids probate is $850
(includes a living trust, pour-over wills, and powers of attorney)
![Page 10: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/10.jpg)
How much does it cost?• Other plan does not avoid probate is
$500 (includes wills and powers of attorney)
• Does not include estate tax or Medicaid planning
![Page 11: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/11.jpg)
What is probate?• Probate is a court process to administer
a deceased person’s financial affairs• Required when someone passes away
with assets in his or her own name or fails to name a beneficiary
![Page 12: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/12.jpg)
Why avoid probate?• Probate is a public process so anyone
can access information on your assets and your beneficiaries
• Probate process can exacerbate otherwise tense family situations
![Page 13: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/13.jpg)
Why avoid probate?• Probate can be costly to administer
(between 3-8% of your estate)• Probate process takes time to
complete (6-9 months)
![Page 14: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/14.jpg)
What does the estate planning process look like?• Sent information about estate planning
and a questionnaire• Attend a meeting that we discuss your
goals and the types of estate plans
![Page 15: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/15.jpg)
What does the estate planning process look like?
• Prepare and send to you a draft of the estate planning documents
• Review documents and call with questions or changes
![Page 16: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/16.jpg)
What does the estate planning process look like?
• Attend a signing conference• May need to change beneficiaries on
life insurance and retirement plans or/and fund your trust
![Page 17: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/17.jpg)
What are the most common estate plans?
• Basic plan includes wills (potentially with a trust) and powers of attorney
• For clients who have young children and are not concerned with avoiding probate
![Page 18: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/18.jpg)
What are the most common estate plans?
• Other plan includes a living trust, pour-over wills, and powers of attorney
• Plan is designed for clients with grown children and who desire to avoid probate
![Page 19: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/19.jpg)
Questions……
![Page 20: Estate Planning Presentation](https://reader033.vdocuments.net/reader033/viewer/2022052822/554c395bb4c90570648b462d/html5/thumbnails/20.jpg)
Thank YouP. Haans MulderCunningham Dalman, P.C.(616) [email protected]