Stein Wealth Advisors - d2zm3gcvr8kng7.cloudfront.net fileStein Wealth Advisors Financial Services...
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Stein Wealth Advisors Financial Services offered through Mid Atlantic Financial Management, Inc.
Joshua R. Stein & Melissa J. Stein
CRPC®, CFP
Financial Advisor
Securities offered through Mid Atlantic Capital Corporation (MACC), member FINRA/SIPC. Advisory services offered through Mid Atlantic Financial Management, Inc. (MAFM), a registered investment adviser. Trust services offered through Mid Atlantic Trust Company (MATC), a non-depository trust company.
Stein Wealth Advisors, LLC is not a registered entity or a subsidiary or control affiliate of MACC, MAFM or MATC.
Getting Your Ducks in a Row:
Estate Planning & Organization
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Overview
6 STEPS FOR GETTING YOUR DUCKS IN A ROW
• STEP 1: Establish Estate & Long Term Care Goals
• STEP 2: Complete Appropriate Legal Documents
• STEP 3: Verify Account Titling & Beneficiary Designations
• STEP 4: Document Organization & Storage
• STEP 5: Communicate to Family
• STEP 6: Periodically Review Your Plan
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STEP 1: Create Estate &
Long Term Care Goals
What is Important to you?
• Leaving an inheritance
• Tax minimization
• Control of assets
• Charitable giving
• Gifting/College gifting
• Long Term Care wishes
• Who are your heirs? – A family map
• Who will help you make decisions?
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STEP 2: Complete Legal Documents
– Will
• Choosing Executor/Trustee/Custodian
– Living Will
– Power of Attorney
– Trusts
• Revocable vs. Irrevocable
• Charitable Trusts
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Common Misconceptions
– All Inherited Assets are Not Equal
• Taxation of different investments – IRA vs. Non-Qualified Assets
• How will beneficiaries use the asset? – Leaving a home or other properties
• List of Special Bequests – Jewelry and other valuables may not be accounted for in the
will
» It is the responsibility of the Executor to distribute these accordingly
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Common Misconceptions
– Estate Taxes • Federal
– Utilizing the marital deduction
• State (Varies State by State)
• For PA – 0% on transfers to a surviving spouse
– 4.5% on transfers to direct descendants and lineal heirs (Children, Parents)
– 12% on transfers to siblings
– 15% on transfers to other heirs, except charitable organizations
– Probate (varies state by state)
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Pre-Paid Funeral Arrangements
– Important Things to Consider • What happens to the money you've prepaid? States have
different requirements for handling funds • What happens to the interest income on money that is
prepaid and put into a trust account? • Are you protected if the firm you dealt with goes out of
business? • Can you cancel the contract and get a full refund if you
change your mind? • What happens if you move to a different area or die while
away from home? • Can you use existing life insurance? • Using POD/TOD funds to maintain control of the money
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STEP 3: Verify Account Titling & Beneficiaries
– Confirm Beneficiaries
• Assets and Life Insurance
– Ownership vs. Beneficiary vs. Will
– Non-Children Beneficiaries
– Transfer on Death & Payable on Death
Ownership
Beneficiary
Will
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STEP 4: Organization & Storage
Making Things Easy to Find
• Contact/Personal Information
• Assets/Liabilities (Business Assets/Liabilities if needed)
• Important Documents
• Basic Medical History
• Life Insurance and other Insurance documents
• Virtual Life (cell phones, online access etc.)
• List of Important contacts
• Personal Wishes/Arrangements
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STEP 5: Communication With Family
• 70% of estates fail in the transition to the next generation (1)
• 60% of the time family wealth evaporates after being passed to heirs because of a breakdown in communication (1)
• 75% of children have not met their parents’ advisors (2)
• 69% of investors have not discussed family wealth plans with their advisors even though 94% of those who had the conversation found it helpful (2)
(1) Institute for Preparing Heirs, “The Future of Estate Planning, June 2010.
(2) MFS Investment Sentiments Insights, May 2013
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Develop a Family Financial Map
– Establish a Point Person
• Typically the Executor
– Communicate Often and Early
– Be Clear About Your Wishes and Plan
– Take Your Time
– Introduce Your Financial Advisor, Attorney and Other Professionals
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STEP 6: Review Your Plan
– Periodically Review Your Plan
• Laws Change
• Relationships Change
• Accounts Move
• Personal Financial Situations Change
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Ducks In A Row
QUESTIONS?