Post on 25-Dec-2015
1
A Gift of Answers
Ed Howat, Jr., CLU, ChFC, LUTCF, RCCAddie Woods Consulting Co
651.405.6644 ed@addiewoods.comNeither 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.
2
3
BIRTH DEATH
4
It’s About Your Movie
Where did it start?
Where is it now?
Where is it going next?
How is it going to end?
You may still have time to write the last ACT!
5
It’s About Your Movie
Heritage
Values
Dreams
“Life is what happens to you while you're busy making other plans." -- John Lennon
Experiences
6
“Have you claimed your place at the fire?” – Richard Leider - Author
“Whenever an older person dies, another museum closes.” -- Scott West - Author
Will your estate pass on with a deep sense of heritage*, or will the past die
with you?
*Heritage: something possessed as a result of one's natural situation or birth? What is your family’s heritage?
7
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 a gift of answers?
8
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 a gift of answers?
9
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?
http://video.google.com/videoplay?docid=440900812139281725
10
11
12
Stuff Happens…
Are you prepared for an Emergency?
14
Death is inevitable; the mess is avoidable
“The lack of knowledge deprives people the opportunity to mourn.” -- Martin Kuritz - Author
15
What are you leaving to chance?
16
Have you ever called the babysitter because you forgot to tell her something?
The Safe
$58 Wal-Mart
17
18
Titling of Assets Individual/Joint
Assets
Fixed / EquityInvestments
Charitable Giving Gifting to Children
Risk Management Liability Issues
AnnuitiesFixed /Variable
Future Inherited Assets
Private Banking
LiquidityCash Assets
Income ProtectionCash Flows
Debt Management
Employee BenefitsDeferred CompStock Options
Longevity PlanningLife Events
“Bucket List”
Special NeedsPlanning
Legacy PlanningEthical Wills
Life Insurance Protection
DistributionPlanning
Tax Planning Estate PlanningWills/Trusts
TheBeneficiary Book
Business Succession Planning
Qualified PlansIRA 401(k)P
C
A
E
E
DNIM
The Wealth Management Blueprint
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. 19
20
Does your family’s legacy come with an owner’s manual?
Owner’s Manual
Peace of Mind
21
Intestate Succession. Probate & Wills. Joint Tenancy (w/survivorship
rights). Beneficiary Designation. Revocable Trust. Irrevocable Trust.
Asset Transfer At Death
2222
Last Will &
Testament
23
Designates Personal Representative Designates transfer and distribution of
real & personal property Does not control jointly held property Does not control property that passes by
contract Does not avoid Probate
Last Will & Testament
24
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
Ethical Wills
This is the wrapper and the bow around all that you own
Microsoft Word Document
25
Created by will
Included in probate estate
Comes into existence upon death and is irrevocable
Testamentary Trusts
26
Beneficiary Designations
27
Insurance Policies Retirement Accounts Annuities
Beneficiary Designations
28
Jointly – Held Property
29
Joint tenancy with right of survivorship
Tenancy in common Tenancy by the entirety
Jointly-Held Property
30
Revocable Living Trusts
31
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
Revocable Living Trusts
Legal document for management and distribution of property. The trust, like a will, can be modified or eliminate d at any time.
32
Durable Powers
ofAttorney
33
Attorney-in-fact – acts as your legal representative
Manages non-trust assets Files Tax Returns Manages assets until you recover or
die
Durable Power of Attorney
34
Health Care
Directives
35
Designate person(s) to make medical decisions
Establishes and communicates your health care wishes
Health Care Directives
36
HIPPA Authorizatio
ns
37
HIPPA limits access to protected health care information
Designation of authorized recipient of your protected health care information
HIPPA Designation
38
The Most Qualified Executor
Who 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?
39
Is it possible that your movie script will be completed by someone else?
But…
40
Questions
Will your spouse have to search for a:
Financial Advisor?
An Accountant?
A Lawyer?
41
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?
Making Things Easier for Your Heirs
42
Take medications?Have life insurance?Have a lawyer?Have an investment advisor?Have IDs and Passwords?Have “final “arrangements”?Have a disaster recovery plan?
Making Things Easier for Your Heirs
Do you:
43
Your heirs, executor, administrator will need to know:
The location of al important documents,
how to contact certain people and a lot more!
Have you recorded all that information?
Where?
How?
Who knows where it is?
Making Things Easier for Your Heirs
"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.
47
Gift of Answers
48
Some items you might not think of on your own 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.
Making Things Easier for Your Heirs
49
When The time comes, will the scripts be ready?
Owner’s Manual
Peace of Mind