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

Mistake # 1

????

Mistake # 1

Doing Nothing

Mistake # 1

Doing Nothing

80%

Mistake # 1

Doing Nothing

80%

Intestate Succession

Mistake # 2

Parts without a Plan

Mistake # 2

Parts without a Plan

Beneficiary designations

Mistake # 2

Parts without a Plan

Beneficiary designations

o rely upon children

Mistake # 2

Parts without a Plan

Beneficiary designations

o rely upon children

o inconsistent with plan

Mistake # 2

Parts without a Plan

Beneficiary designations

o rely upon children

o inconsistent with plan

o cash poor estate

Mistake # 2

Parts without a Plan

Joint Ownership

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

o liability

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

o liability

o gift tax

Mistake # 2

Parts without a Plan

Joint Ownership

o loss of control

o liability

o gift tax

o capital gains tax

Mistake # 3

Having a Will to avoid probate

Mistake # 3

Having a Will to avoid probate

What is a Will?

Mistake # 3

Having a Will to avoid probate

What is a Will?

legal document

Mistake # 3

Having a Will to avoid probate

What is a Will?

legal document

what you own

Mistake # 3

Having a Will to avoid probate

What is a Will?

legal document

what you own

who it goes to

Mistake # 3

Having a Will to avoid probate

Advantages of a Will

still in control

Mistake # 3

Having a Will to avoid probate

Advantages of a Will

still in control

can be changed

Mistake # 3

Having a Will to avoid probate

Mistake # 3

Having a Will to avoid probate

Will does not avoid probate

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

Reasons to avoid Probate

Reasons to avoid Probate

1. Cost

Reasons to avoid Probate

1. Cost

2. Time

Reasons to avoid Probate

1. Cost

2. Time

3. Privacy

Reasons to avoid Probate

1. Cost

2. Time

3. Privacy

4. Medicaid estate recovery

Do I have to avoid Probate?

Do I have to avoid Probate?

No

Do I have to avoid Probate?

No

Probate should be a choice that you make

Mistake # 4

Failing to fund your Living Trust

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

legal document

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

legal document

what you own

Mistake # 4

Failing to fund your Living Trust

What is a Trust?

legal document

what you own

who it goes to

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Living

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Living

o revocable

Mistake # 4

Failing to fund your Living Trust

Types of Trusts

Testamentary

Living

o revocable

o irrevocable

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

1. manage estate after death

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

1. manage estate after death

2. blended families

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

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

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

Mistake # 4

Failing to fund your Living Trust

Why have a Living Trust?

6. Avoid Probate

Mistake # 4

Failing to fund your Living Trust

Mistake # 4

Failing to fund your Living Trust

Ownership of assets has to be transferred to the

Living Trust

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

Mistake # 5

Not planning for incapacity

Mistake # 5

Not planning for incapacity

100%

Mistake # 5

Not planning for incapacity

100%

80%

Mistake # 5

Not planning for incapacity

100%

80%

Probate Court will appoint someone

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Durable Power of Attorney

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Durable Power of Attorney

Health Care Power of Attorney

Mistake # 5

Not planning for incapacity

How to Plan for incapacity?

Durable Power of Attorney

Health Care Power of Attorney

Living Will

Mistake # 6

My estate planning can wait

Mistake # 6

My estate planning can wait

Your planning can wait if you know when you

are going to die or become incapacitated

How we can help you

Personal Consultation

Grand Rapids Office

Lansing Office

Telephone

How we can help you

Express Estate Plans

Through your financial advisor

How we can help you

EstatePlansDirect.com

Attorney prepared estate plans online

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