What You Need to Know About Estate Planning - Pt 1

What You Need to Know About

Estate Planning™

Jim EagarAttorney & Counsellor at Law

Part 1

Wednesday, October 9, 13

Most Estate Plans Just Don’t Work


The “Snapshot” TestWednesday, October 9, 13

Definition

• Control My Property While I’m Alive & Well

• Plan for My Incapacity & My Loved Ones


Leave What I Have:

•To Whom I Want

•When I Want

•The Way that I Want


•People are Different

•Things Change

•We’re all Going to Die

Why Plans Don’t Work


1. People are DifferentWednesday, October 9, 13

Save Taxes

Expand Wealth

Preserve Wealth

Family

Me

Estate Planning Pyramid


Willvs.

TrustWednesday, October 9, 13

Vs.


WPWednesday, October 9, 13

Personal Planning Goals


Disability Protection


Remarriage Protection


Creditor Protection


Divorce Protection


Three-StepProcess

#1 - Base Your Plan on

Counseling, not Word Processing


2. Things ChangeWednesday, October 9, 13

Types of Change:

•Life

•Personal & Financial

•Law

•Tax & Non-Tax


Three-StepProcess

#2 - Be Part of a Formal Update &

Education Program


3. We’re All Going to DieWednesday, October 9, 13

Controlling the Cost

•Cost of the Documents

•Cost of Updating

•Cost After Death


After Death Fees

•Trust Settlement Administration

•Death Tax Return Preparation

•Probate Services


(a)$Subject$to$the$provisions$of$this$part,$for$ordinary$services$the$attorney$for$the$personal$representative$shall$

receive$compensation$based$on$the$value$of$the$estate$accounted$for$by$the$personal$representative,$as$follows:$

$$$(1)$Four$percent$on$the$first$one$hundred$thousand$dollars$$$$$$$$$($100,000).$

$$$(2)$Three$percent$on$the$next$one$hundred$thousand$dollars$$$$$$$$$$($100,000).$$$$(3)$Two$percent$on$the$next$eight$hundred$thousand$dollars$$$$$$$$$$$($800,000).$

$$$(4)$One$percent$on$the$next$nine$million$dollars$($9,000,000).$

$$$(5)$OneLhalf$of$1$percent$on$the$next$fifteen$million$dollars$

$$$$$$$$$$$($15,000,000).$$$$(6)$For$all$amounts$above$twentyLfive$million$dollars$$$$$$$$$$$$($25,000,000),$a$reasonable$amount$to$be$determined$

by$the$court.$


Oregon:

“Reasonable Fees”


Approximate Fees

•Traditional Probate 2% - 8% +

•Trust Settlement 1.5% - 2.5%+

•Lifetime Planning Process 2%


Traditional*Estate*Planning*Fees*

Updating*?*

Settlement*Fees*Probate*288%*Trust*1.582.5%*

Initial*Investment*

Total of all 3 costs of estate plan ??????


Family'Lifetime'Planning™'Estate'Planning'Fees'

Updating'$399'yr'

Lower'Settlement'Fees'

Initial'Investment'¼'%'+'$995'

Saves $1,000�s, plus a customized plan that works Overall cost �about� 2% - �More for less�

Counselling'


Full Disclosure &Controlled Cost

= Peace of Mind


Three-StepProcess

#3 - Plan for a Controlled

Transfer Process


• Counseling-Based

• Full Asset Integration

• Formal Review

• Appropriate Help

Keys to anEffective Plan


We Need A Process!


“If you’re not satisfied at any time before you sign the documents, your money

cheerfully refunded!”

Your Satisfaction Guaranteed:


The Next StepWatch Part 2 of

“What You Need to Know About Estate

Planning”

• Personal Planning Goals• Reducing Estate Taxes• Trust Design• 3 Levels of Service


What You Need to Know About Estate Planning - Pt 1

Documents

Transcript of What You Need to Know About Estate Planning - Pt 1