how to avoid the six most common estate planning mistakes

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How to Avoid the Six Most Common Estate Planning Mistakes Presented by: Thomas A. Doyle DOYLE LAW PC PO BOX 16066 Lansing, MI 48901-6066 (517) 323-7366 www.doylelawpc.com ©2014

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Page 1: How to Avoid the Six Most Common Estate Planning Mistakes

How to Avoid the Six

Most Common Estate

Planning MistakesPresented by:

Thomas A. Doyle

DOYLE LAW PC

PO BOX 16066

Lansing, MI 48901-6066

(517) 323-7366

www.doylelawpc.com

©2014

Page 2: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 1

????

Page 3: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 1

Doing Nothing

Page 4: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 1

Doing Nothing

80%

Page 5: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 1

Doing Nothing

80%

Intestate Succession

Page 6: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Page 7: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Beneficiary designations

Page 8: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Beneficiary designations

o rely upon children

Page 9: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Beneficiary designations

o rely upon children

o inconsistent with plan

Page 10: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Beneficiary designations

o rely upon children

o inconsistent with plan

o cash poor estate

Page 11: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Joint Ownership

Page 12: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

Page 13: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

o liability

Page 14: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

o liability

o gift tax

Page 15: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

o liability

o gift tax

o capital gains tax

Page 16: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

Page 17: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

What is a Will?

Page 18: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

What is a Will?

legal document

Page 19: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

What is a Will?

legal document

what you own

Page 20: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

What is a Will?

legal document

what you own

who it goes to

Page 21: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

Advantages of a Will

still in control

Page 22: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

Advantages of a Will

still in control

can be changed

Page 23: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

Page 24: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

Will does not avoid probate

Page 25: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 3

Having a Will to avoid probate

Will does not avoid probate

Will is meaningless document until probate

estate is opened, and Will is accepted

Page 26: How to Avoid the Six Most Common Estate Planning Mistakes

Reasons to avoid Probate

Page 27: How to Avoid the Six Most Common Estate Planning Mistakes

Reasons to avoid Probate

1. Cost

Page 28: How to Avoid the Six Most Common Estate Planning Mistakes

Reasons to avoid Probate

1. Cost

2. Time

Page 29: How to Avoid the Six Most Common Estate Planning Mistakes

Reasons to avoid Probate

1. Cost

2. Time

3. Privacy

Page 30: How to Avoid the Six Most Common Estate Planning Mistakes

Reasons to avoid Probate

1. Cost

2. Time

3. Privacy

4. Medicaid estate recovery

Page 31: How to Avoid the Six Most Common Estate Planning Mistakes

Do I have to avoid Probate?

Page 32: How to Avoid the Six Most Common Estate Planning Mistakes

Do I have to avoid Probate?

No

Page 33: How to Avoid the Six Most Common Estate Planning Mistakes

Do I have to avoid Probate?

No

Probate should be a choice that you make

Page 34: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Page 35: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

Page 36: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

legal document

Page 37: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

legal document

what you own

Page 38: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

legal document

what you own

who it goes to

Page 39: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Page 40: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Page 41: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Living

Page 42: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Living

o revocable

Page 43: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Living

o revocable

o irrevocable

Page 44: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

Page 45: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

1. manage estate after death

Page 46: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

1. manage estate after death

2. blended families

Page 47: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

1. manage estate after death

2. blended families

3. special needs children

Page 48: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

1. manage estate after death

2. blended families

3. special needs children

4. minimize taxes

Page 49: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

1. manage estate after death

2. blended families

3. special needs children

4. minimize taxes

5. avoid Medicaid estate recovery

Page 50: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

6. Avoid Probate

Page 51: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Page 52: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Ownership of assets has to be transferred to the

Living Trust

Page 53: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 4

Failing to fund your Living Trust

Ownership of assets has to be transferred to the

Living Trust

You do not want your Trust to be an empty box

when you die

Page 54: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

Page 55: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

100%

Page 56: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

100%

80%

Page 57: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

100%

80%

Probate Court will appoint someone

Page 58: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Page 59: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Durable Power of Attorney

Page 60: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Durable Power of Attorney

Health Care Power of Attorney

Page 61: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Durable Power of Attorney

Health Care Power of Attorney

Living Will

Page 62: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 6

My estate planning can wait

Page 63: How to Avoid the Six Most Common Estate Planning Mistakes

Mistake # 6

My estate planning can wait

Your planning can wait if you know when you

are going to die or become incapacitated

Page 64: How to Avoid the Six Most Common Estate Planning Mistakes

How we can help you

Personal Consultation

Grand Rapids Office

Lansing Office

Telephone

Page 65: How to Avoid the Six Most Common Estate Planning Mistakes

How we can help you

Express Estate Plans

Through your financial advisor

Page 66: How to Avoid the Six Most Common Estate Planning Mistakes

How we can help you

EstatePlansDirect.com

Attorney prepared estate plans online

Page 67: How to Avoid the Six Most Common Estate Planning Mistakes

How to Avoid the Six

Most Common Estate

Planning MistakesPresented by:

Thomas A. Doyle

DOYLE LAW PC

PO BOX 16066

Lansing, MI 48901-6066

(517) 323-7366

www.doylelawpc.com

©2014