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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.

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BIRTH DEATH

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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!

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It’s About Your Movie

Heritage

Values

Dreams

“Life is what happens to you while you're busy making other plans." -- John Lennon

Experiences

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“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?

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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 a 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 a 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?

http://video.google.com/videoplay?docid=440900812139281725

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Stuff Happens…

Are you prepared for an Emergency?

Life Happens

http://www.lifehappens.org 13

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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 her something?

The Safe

$58 Wal-Mart

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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

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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

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

Owner’s Manual

Peace of Mind

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Intestate Succession. Probate & Wills. Joint Tenancy (w/survivorship

rights). Beneficiary Designation. Revocable Trust. Irrevocable Trust.

Asset Transfer At Death

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Last Will &

Testament

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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

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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

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Created by will

Included in probate estate

Comes into existence upon death and is irrevocable

Testamentary Trusts

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Beneficiary Designations

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Insurance Policies Retirement Accounts Annuities

Beneficiary Designations

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Jointly – Held Property

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Joint tenancy with right of survivorship

Tenancy in common Tenancy by the entirety

Jointly-Held Property

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Revocable Living Trusts

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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.

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Durable Powers

ofAttorney

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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

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Health Care

Directives

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Designate person(s) to make medical decisions

Establishes and communicates your health care wishes

Health Care Directives

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HIPPA Authorizatio

ns

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HIPPA limits access to protected health care information

Designation of authorized recipient of your protected health care information

HIPPA Designation

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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?

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

But…

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Questions

Will your spouse have to search for a:

Financial Advisor?

An Accountant?

A Lawyer?

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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

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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:

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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

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The Owner’s Manual

http://www.active-insights.com

The Family Love Letter

http://www.familyloveletter.com

Ethical Wills

http://www.ethicalwills.com

"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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Gift of Answers

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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

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When The time comes, will the scripts be ready?

Owner’s Manual

Peace of Mind