The Gift of Answers®

Ed Howat, Jr., CLU, ChFC, LUTCF, RCCAddie Woods Consulting Co. LLCed@addiewoods.com 651.405.6644

Neither Addiewoods nor its representatives give tax, legal or financial advice. Please consult with an attorney, tax or financial advisor for such advice. Peace of mind is about the pursuit of a mental state of calmness, serenity and comfort. There is no guarantee that it will be achieved. The Gift of Answers is a Trademark of Addie Woods Consulting Company.

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The Workshop format

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What’s Past is Prologue

The Legal Side

The Epilogue & The Owner’s Manual

Helping people do the things they haven’t done

3Part I

Line of Life

Birth Death

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It’s About Your Movie

You may still have time to write the last ACT!

Where did it start?

Where is it now?

Where is it going next?

How is it going to end?

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It’s About Your MovieHeritage

Values

Experiences

Dreams

“Life is what happens to you when you’re busy making other plans.” – John Lennon

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Will your estate pass on with a deep sense of heritage* or will the past die with you?

“Have you claimed your place at the fire? – Richard Leider, Author

“Whenever an older person dies, another museum closes.” – Scott West, Author

*Heritage: something possessed as a result of one's natural situation or birth? What is your family’s heritage?

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The Best Gift What would you like to know about your family’s past?

Can you still find the information?

How much do you know about all the people in your family’s photo albums, home movies and recordings?

Are there any questions that you would ask your parents, or grandparents if you had another chance?

What do you want your family to remember about the past?

What traditions, values and beliefs need to be permanentized?

What could be better than The Gift of Answers?

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The Best Gift What made it difficult to deal with your parents’

death?

What could they have done before they died to make things easier for you to wrap up their lives and their estate?

Upon reflection, what could you do to make it easier for your family to deal with your death?

What could be better than The Gift of Answers?

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Finishing the Movie How do you want your movie to end?

What do you want your family to remember about you?

What do you want your family to remember about your parents and grandparents?

If you could share five things about life with your children and grandchildren, what you tell them?

Would you like to offer specific advice to anyone in particular?

Are there any relationships that need repair?

Who is prepared to take over your role as head of the family?

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Terri Schiavo and her mother

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Stuff happens…are you prepared for an emergency?

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Life Happens

www.LifeHappens.org

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Death is inevitable;the mess is avoidable

“The lack of knowledge deprives people the opportunity to mourn.” – Martin Kuritz, Author

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What are you leaving to chance?

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Have you ever called the babysitter because you forgot to tell them something?

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The Gift of Answers Safe

From $45-60.00 at most discount stores

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The Gift of Answers® Blueprint M I N D

P

E

A

C

E

LiquidityCash Assets

Social SecurityGov’t Programs

Qualified PlansIRA 401(k)

Titling of Assets Individual/Joint

Assets

DistributionPlanning

Life Insurance Protection

Fixed / EquityInvestments

Special NeedsPlanning

Charitable Giving -Gifting to Children

Income Protection - Cash Flows -

Debt Management

Employee BenefitsDeferred CompStock Options

Longevity PlanningLife Events

“Bucket List”

Future Inherited Assets

Risk Management Liability Issues

AnnuitiesFixed /Variable

Legacy PlanningEthical Wills

Private Banking

Tax Planning

Estate PlanningWills/Trusts

TheBeneficiary Book

Business Succession

Planning

This list is not intended to be exhaustive or complete. None of the products, resources or services mentioned above are provided by Addie Woods. Projects requiring legal, tax, or financial advice, or other services not provided by Addie Woods or its representatives will be referred to the appropriate professional (s). Peace of mind is about the pursuit of a mental state of calmness, serenity and comfort. There is no guarantee that it will be achieved.

Ed Howat, Jr., CLU, ChFC, LUTCF, RCC ● Addie Woods Consulting Co ● ed@thegiftofanswers.com ● 651.405.6644

Does your family’s legacy come with an owner’s manual?

Owner’s Manual

Peace of Mind

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The Legal Side

IncapacityBeneficiary Protection

Estate Transfer

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Part II

Possible Goals & ObjectivesAsset Control

Retain Power & Flexibility

Stay Out of Court

Minimize Taxes

Privacy

Avoid Probate

Assure Wishes

Guardianship for Minors

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Incapacity ProtectionRevocable Living Trusts

Durable Power of Attorney

Health Care Directives

HIPAA Authorization

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Revocable Living Trusts

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Revocable Living TrustLegal document for management and distribution of property. The trust, like a will, can be modified or eliminated at any time. provides maximum asset management

protection

When assets are held in trust, the ‘trustee” has Full power to manage and protect trust assets.

While you are “alive and able,” you serve as the trustee.

If incapacity strikes, your “successor trustee” seamlessly steps into your shoes and continues the management and protection of trust assets. Your successor trustee’s powers are limited to assets owned by the trust.

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Durable Powers of Attorney

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Durable Power of AttorneyAttorney – in fact – acts as your legal

representative

Manages non-trust assets

Files Tax Returns

Manages assets until you recover or die

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Health Care Directives

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Health Care DirectivesDesignate person(s) to make

medical decisions

Establishes and communicates your health care wishes

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HIPAA Authorizations

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HIPAA AuthorizationHIPAA limits access to protected

health care information

Designation of authorized recipient of your protected health care information

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Wealth Transfer PlanningLast Will & Testament

Ethical Wills

Beneficiary Designations

Jointly-Held Property

Revocable Living Trust

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Last Will & Testament

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Last Will & TestamentDesignates Personal Representative

Designates transfer and distribution of real & personal property

Nominates Testamentary Guardian

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Last Will & TestamentDoes not control jointly held property

Does not control property that passes by contract

Does not avoid Probate

Does not Shelter estate from Federal or State Taxes

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Testamentary TrustsCreated by will

Included in probate estate

Comes into existence upon death and is irrevocable

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Ethical Wills A way to be remembered and to leave something behind 

Who will tell your story if you don’t?

A way to put into writing what you value most and what you stand for.

By articulating what you values now, you can take steps to insure the continuation of those values for future generations

You will learn a lot about yourself in the process

You will come to terms with your mortality by creating something of meaning that will live on after you are gone

It provides a sense of completion in your life 

Microsoft Word Document

This is the wrapper and the bow around all that you own

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Beneficiary Designations

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Beneficiary DesignationsInsurance Policies

Retirement Accounts

Annuities

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Jointly-Held Property

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Jointly-Held PropertyJoint tenancy with right of survivorship

Tenancy in common

Tenancy by the entirety

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Revocable Living Trust

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Revocable Living TrustLegal document for management and distribution of property. The trust, like a will, can be modified or eliminated at any time. Avoids probate of the property in the trust

Provides for property management or disbursement

Assures uninterrupted income and access to principal for family beneficiaries

Maintains privacy

Eliminates time delays and reduces expenses in settling the estate

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Beneficiary Protection PlanningGuardianship

Spendthrift Trust

Incentive Trusts

Lifetime Inheritance Protection Trust

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GuardianshipBack-up Parents

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Spendthrift TrustsProtection for young financially immature beneficiaries

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Incentive TrustsInstilling values and providing incentives for desired behavior

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Lifetime Inheritance Protection TrustsAll the benefits plus asset protection

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The Most Qualified ExecutorWho is the most qualified person to handle the final affairs of your estate?

If you won’t be around to do it yourself, who has the information to do it right?

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Part III

But…Is it possible that your movie script will be completed by someone else?

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Questions

Will your spouse have to search for a:

Financial Advisor?

Accountant?

Lawyer?

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Making things easier for your heirs…Now what happens when you’re no longer

“available”?

Will your heirs have ready access to all the information they need to handle your estate?

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Making things easier for your heirs…

Take medications?

Have life insurance?

Have a lawyer?

Have an investment advisor?

Have IDs and Passwords?

Have “final “arrangements”?

Have a disaster recovery plan?

Do you:

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Making things easier for your heirs…

The location of all important documents

How to contact certain people and a lot more!

Your heirs, executor, administrator will need to know:

Where?

How?

Who knows where it is?

Have you recorded all of that information?

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The Owner’s Manual

http://www.active-insights.com

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The Family Love Letter

http://www.familyloveletter.com

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Ethical Wills

http://www.ethicalwills.com

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The Gift of Answers"The Gift of Answers is about you and what

you want people to know and remember. It is your movie, your heritage and your life.

It’s designed to tell everyone where everything is – and advise them what to do once they find it.

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Making things easier for your heirs…

Location of circuit breaker box

Where to turn off water supply

Utility companies – how to contact

Credit card information

Alarm system code & password

Home maintenance companies (lawns, pool, etc,)

Doctors, medication, etc.

Some items you may not think of on your own:

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When the time comes, will the scripts be ready?

Owner’s Manual

Peace of Mind

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