Advanced Estate Planning -...
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The Estate Planning Basics Leah R. Gilbert Pluto Legal, PLLC, Attorney at Law What You Should Know Before You See An Attorney
Transcript of Advanced Estate Planning -...
The Estate Planning Basics
Leah R. Gilbert Pluto Legal, PLLC, Attorney at Law
What You Should Know
Before You See An Attorney
About Us
Memberships and Organizations
Member of Wealth Counsel
Member of the National Academy of Elder
Law Attorneys
Member of the Hennepin County Medical
Assistance Committee
Member MN State Bar Association
PLUTO LEGAL, PLLC Who We Are:
Main Office in Tyler, MN
Two attorneys Lisa K. Pluto: Managing attorney and Owner
Dodge Center, MN
Leah R. Gilbert: Associate Attorney Chaska, MN
Seven Support Staff including a Licensed Social Worker, paralegal,
Medicaid / Elderly Waiver expertise, funding and probate support
Proper Estate Planning
Caring for loved ones as if
you were still there
• With your resources
• With your love
• With your wisdom
The Estate Planning
Process
Education
Design
Drafting Documents
Implementation
Common Planning
Techniques
Owning property jointly
Designating a
beneficiary
Signing a will
Wills Can Fall Short of
Estate Planning Goals
Won’t provide for your disability
Won’t necessarily give what you
have:
to whom you want
the way you want
when you want
Certainly won’t avoid probate
Traditional Estate Planning
Gross Estate
Your Will
Non-probate transfers
Jointly owned property
Life Insurance
IRA’s
401(k)’s
Annuities
Planned Distributions
Property titled in your name
Probate
Process
Last Will of Jackie K.
Onassis
The Living Trust
It plans for your disability
It plans for your loved ones
Contains your loving instructions
Its private and confidential
Reflects your hopes, fears,
dreams and values
Its good in every state
How to Distribute to Your
Heirs
• No protection
• Creditor protection
• Predator protection
• Self protection
• Estate tax protection
• Outright
• In Trust
Basic Estate and Gift Tax
Rules
It’s a tax on everything
Estate and gift taxes begin at 40%
$14,000 annual exclusion*
Unlimited marital deduction
$5,250,000 unified credit (Federal)
MN limit of $1,000,000**
Unlimited charitable deduction
Federal = Portable; MN State = Use it or Lose it
* Indexed for inflation
* * Small Family Businesses and Family Farms may get up to $4MM
Estate Plans
Revocable Living Trust
Trust, Pour Over-Will, HCD, POA, funding
assistance
Will
Will, HCD, POA
Transfer on Death Deed
TODD, HCD, POA
The Most Overlooked Reasons
to Create an Estate Plan:
Mental Disability
Physical Disability
Disability Planning
Guardianship / Conservatorship Legal Proceeding to Establish Authority for One Individual to Act on Behalf of Another
Powers of Attorney
Two Types:
Statutory Short Form
Common Law P.O.A.
Powers of Attorney
Statutory Short Form Power of Attorney • It is a FORM!
• No Instructions
• Effective Immediately
• Blank Check
• No Reporting Requirements
• No requirement for Others to Accept!
• Statutory Limitations for Medical
Assistance Plans
Powers of Attorney
Common Law Power of Attorney
• Drafted to Individual Needs
• Gives Instructions
• Choice on When POA Takes Effect
• Has Reporting Requirements
Health Care Directives
Combines…..
Health Care Power of
Attorney and Living Will You choose the Health Care Agents
You give them instructions and
directions regarding your health
care wishes
Health Care Directives
Legal Requirements: be in writing
be dated
state the principal's name (The principal is the person filling out the health care directive)
be executed by a principal with capacity to do so with the signature of the principal or with the signature of another person authorized by the principal to sign on behalf of the principal
contain verification of the principal's signature or the signature of the person authorized by the principal to sign on behalf of the principal, either by a notary public or by witnesses as provided under this chapter; and
include a health care instruction, a health care power of attorney, or both.
Health Care Directives
Allows One to Make Decisions
Regarding
Organ Donation
Terminal Care (Living Will)
Burial Services
DNR, DNI, etc.
AND
Guardian Designation
HIPAA Designee
The Next Step
Seek Competent Legal
Counsel
Thank You!
Questions
Please Fill Out Course Evaluation
Mark YES for a No Cost Consultation
If you do not want us to contact you
please mark NO on your evaluation
THANK YOU!
Pluto Legal, PLLC
100 E. Highway 14
Tyler, MN 56178
Toll Free: 1-866-457-3131
Pluto Legal Team Juell Buchholz, Cheryl Vos, Amy VanEck,
Attorney Lisa K. Pluto, Todd Berger, Attorney Leah R. Gilbert,
Beth Daniels, Traci Sherman
