ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683...
-
Upload
kathlyn-hoover -
Category
Documents
-
view
222 -
download
0
Transcript of ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683...
![Page 1: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/1.jpg)
ESTATE PLANNINGESTATE PLANNINGWORKSHOPWORKSHOP
PRESENTED BYPRESENTED BYAllan M. Soto, Esq.Allan M. Soto, Esq.
7960 McFadden Avenue7960 McFadden AvenueWestminster, CA 92683Westminster, CA 92683
714-899-9671714-899-9671
![Page 2: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/2.jpg)
WHAT IS AN ESTATEWHAT IS AN ESTATE??
![Page 3: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/3.jpg)
PensionPensionPlanPlan
IRAsIRAs
LifeLifeInsuranceInsurance
BankBankAccountsAccounts
RealRealEstateEstate
BusinessBusinessInterestsInterests
OtherOtherAssetsAssets
StocksStocks
HomeHome
ProfitProfitSharingSharing
PlanPlan
ESTATE PLAN ESTATE PLAN COMPONENTSCOMPONENTS
![Page 4: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/4.jpg)
WHY DO ESTATE PLANNING?WHY DO ESTATE PLANNING?
After Death• Control Who Receives Assets• Pay Less Court Fees, Taxes
At Incapacity• Control Assets, Medical Decisions
![Page 5: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/5.jpg)
COMMON ESTATE PLANSCOMMON ESTATE PLANS
![Page 6: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/6.jpg)
PLAN # 1PLAN # 1 WHAT IS A WILLWHAT IS A WILL
![Page 7: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/7.jpg)
WHAT IS PROBATE?WHAT IS PROBATE?(ADMINISTRATION)(ADMINISTRATION)
![Page 8: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/8.jpg)
![Page 9: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/9.jpg)
GROUCHO MARXGROUCHO MARX
![Page 10: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/10.jpg)
ADVANCE HEALTH CARE ADVANCE HEALTH CARE DIRECTIVEDIRECTIVE
![Page 11: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/11.jpg)
PLAN #2PLAN #2 DOING NOTHINGDOING NOTHING
![Page 12: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/12.jpg)
PLAN #3PLAN #3 JOINT TENANCY JOINT TENANCY
1. Only Postpones Probate2. Unintentional Disinheriting3. Incapacity = Court Interference4. Difficult To Remove Co-Owner5. Lawsuits6. Debts/Tax Problems
![Page 13: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/13.jpg)
PLAN #4PLAN #4 GIVING AWAY YOUR GIVING AWAY YOUR ASSETSASSETS
![Page 14: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/14.jpg)
TAX-FREE TAX-FREE GIFTSGIFTS
$14,000 to $28,000 Per Year Per Beneficiary
Unlimited Tuition, Medical Expenses
![Page 15: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/15.jpg)
APPRECIATING ASSETS APPRECIATING ASSETS ARE BEST TO GIVE AWAYARE BEST TO GIVE AWAY
Removes Asset and Future Appreciation From Your Estate
Asset Keeps Your Cost Basis Recipient Pays Capital Gains Tax When
Sold
![Page 16: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/16.jpg)
GIVE ASSETS TO CHARITYGIVE ASSETS TO CHARITY
•Reduces Estate TaxesReduces Estate Taxes
•Reduces Income TaxesReduces Income Taxes
•Does Not Affect Gift/Estate Does Not Affect Gift/Estate Tax ExemptionTax Exemption
•Lets You Decide Who Lets You Decide Who Your Money Will HelpYour Money Will Help
![Page 17: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/17.jpg)
PLAN #5PLAN #5 BENIFICIARY BENIFICIARY TRANSFERTRANSFER
![Page 18: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/18.jpg)
PLAN #6PLAN #6 REVOCABLE LIVING REVOCABLE LIVING TRUSTTRUST
Avoids Probate at DeathPrevents Court Control of Assets at IncapacityProvides Maximum PrivacyQuick Distribution of Assets to BeneficiariesAssets Can Stay in TrustPrevents Unintentional DisinheritingReduces or Eliminates Estate Taxes
![Page 19: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/19.jpg)
LIVING TRUST VS. WILLLIVING TRUST VS. WILL
![Page 20: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/20.jpg)
YOU KEEP CONTROLYOU KEEP CONTROLBuy/Sell Assets as BeforeChange/Cancel Any TimeTrust Contains Your Instructions
![Page 21: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/21.jpg)
TESTAMENTARY TRUSTTESTAMENTARY TRUST
![Page 22: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/22.jpg)
WHAT ARE TAX DEFERRED WHAT ARE TAX DEFERRED ACCOUNTSACCOUNTS
![Page 23: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/23.jpg)
NEW IRA RULESNEW IRA RULES
![Page 24: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/24.jpg)
UnderstandingUnderstanding
ESTATE TAXESESTATE TAXES
![Page 25: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/25.jpg)
DETERMINING YOUR TAXABLE DETERMINING YOUR TAXABLE ESTATEESTATE
FederalFederalEstate TaxesEstate Taxes
40%40%
5,000,000
4,000,000
3,500,000
1,850,000
850,000
500,000
0
LIFE INSURANCE
BANK ACCOUNTS
INVESTMENTS
HOME
BUSINESS INTERESTS
IRA, OTHER RETIREMENT BENEFITS
PERSONAL PROPERTY
![Page 26: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/26.jpg)
BENEFITSBENEFITS OF A CRTOF A CRT
Convert Appreciated Asset Into Lifetime Income
Pay No Capital Gains Tax
Reduce Income and Estate Taxes
Benefit Charity
![Page 27: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/27.jpg)
SIX STEP SIX STEP PLAN OF PLAN OF ACTIONACTION
1. Inventory Assets/Debts
2. Write Down Your Objectives
3. Select a Professional to Help
4. Have Legal Documents Prepared
5. Put Plan into Action
6. Review and Change As Needed
![Page 28: ESTATE PLANNING WORKSHOP PRESENTED BY Allan M. Soto, Esq. 7960 McFadden Avenue Westminster, CA 92683 714-899-9671.](https://reader035.fdocuments.in/reader035/viewer/2022062409/5697c0081a28abf838cc6757/html5/thumbnails/28.jpg)
Oth
erO
ther
Ass
ets
Ass
ets
PensionPensionPlanPlan
Lif
eIn
sura
nce
BusinessBusinessInterestsInterests
ProfitProfitSharingSharing
PlanPlan
BankBankAccountsAccounts
StocksStocks
Hom
eH
ome
IRA
sIR
As
Rea
l Est
ate
Rea
l Est
ate
SUCCESSFUL ESTATE SUCCESSFUL ESTATE PLANPLAN