Estate Planning Presentation
Transcript of Estate Planning Presentation
Estate Planning Workshop
P. Haans MulderCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) [email protected]
Evergreen Commons
Background• Partner at Cunningham Dalman, P.C.• Specialize in estates/elder law and
business planning • Have a Masters in Tax and close to
completing Certified Financial Planning designation
Background• Office is located in Holland• Firm has been serving the Holland/Zeeland
area since 1900• Have 15 attorneys specializing in all areas
of the law
Overview• Discuss the parts of an estate plan• Cover the estate planning process• Explain the most common types of
estate plans
What is estate planning?• Process of planning for the future
management and distribution of your assets and your future medical care
• Includes documents such as wills, trusts, and powers of attorney
Why is estate planning important?
• Significantly reduces the cost of administration
• Minimizes the stress for your family and friends involved in the process
Why is estate planning important? • It allows you to determine who will
receives your assets• It authorizes someone to make your
medical decisions
Is it time consuming?• Collect your financial information • Attend one initial planning meeting that
will last one hour• Review drafts of documents• Attend a signing conference for one hour
How much does it cost?• There are two common estate plans• One plan avoids probate is $850
(includes a living trust, pour-over wills, and powers of attorney)
How much does it cost?• Other plan does not avoid probate is
$500 (includes wills and powers of attorney)
• Does not include estate tax or Medicaid planning
What is probate?• Probate is a court process to administer
a deceased person’s financial affairs• Required when someone passes away
with assets in his or her own name or fails to name a beneficiary
Why avoid probate?• Probate is a public process so anyone
can access information on your assets and your beneficiaries
• Probate process can exacerbate otherwise tense family situations
Why avoid probate?• Probate can be costly to administer
(between 3-8% of your estate)• Probate process takes time to
complete (6-9 months)
What does the estate planning process look like?• Sent information about estate planning
and a questionnaire• Attend a meeting that we discuss your
goals and the types of estate plans
What does the estate planning process look like?
• Prepare and send to you a draft of the estate planning documents
• Review documents and call with questions or changes
What does the estate planning process look like?
• Attend a signing conference• May need to change beneficiaries on
life insurance and retirement plans or/and fund your trust
What are the most common estate plans?
• Basic plan includes wills (potentially with a trust) and powers of attorney
• For clients who have young children and are not concerned with avoiding probate
What are the most common estate plans?
• Other plan includes a living trust, pour-over wills, and powers of attorney
• Plan is designed for clients with grown children and who desire to avoid probate
Questions……
Thank YouP. Haans MulderCunningham Dalman, P.C.(616) [email protected]