Estate Planning Workshop

P. Haans MulderCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) 392-1821phmulder@holland-law.com

Evergreen Commons

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

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

Overview• Discuss the parts of an estate plan• Cover the estate planning process• Explain the most common types of

estate plans

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

Why is estate planning important?

• Significantly reduces the cost of administration

• Minimizes the stress for your family and friends involved in the process

Why is estate planning important? • It allows you to determine who will

receives your assets• It authorizes someone to make your

medical decisions

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

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)

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

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

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

Why avoid probate?• Probate can be costly to administer

(between 3-8% of your estate)• Probate process takes time to

complete (6-9 months)

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

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

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

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

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

Questions……

Thank YouP. Haans MulderCunningham Dalman, P.C.(616) 392-1821phmulder@holland-law.comwww.holland-law.com