Transcript 7.2 Estate Plannng

2.7.2.G1
Estate Planning
Advanced Level
2.7.2.G1
How Long Will You Live?
• Americans, on
average, live to 77.9
years old
• Why is this
important?
Your Present Self
Impacts Future Self
© Take Charge Today – March 2014 – Estate Planning – Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
What are you most afraid of?
1.
2.
3.
4.
5.
Snakes
Creepy Crawlies
Scary Spaces
Other People
Heights
• Is a snake really scarier than dying?
• Why is dying a taboo subject to talk about?
© Take Charge Today – March 2014 – Estate Planning – Slide 3
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
What is Estate Planning ?
A clear and complete plan of
what should happen upon
your death
Living Will
A plan to care for someone who
is young or incapacitated and
cannot care for themselves
© Take Charge Today – March 2014 – Estate Planning – Slide 4
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
Positive Outcomes of Estate Planning
1.
Provide for loved ones after you are gone
2.
Strengthen family relationships by giving
them a path for them to follow
3.
4.
Reduce time, effort and costs for
survivors
Leaves a legacy to family, organizations,
institutions
© Take Charge Today – March 2014 – Estate Planning – Slide 5
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
Trade-Offs
A trade-off is giving up one thing for another.
What is a trade-off
a couple would
have to make to
leave a solid estate
plan for their
children?
What trade-off
could children have
to encounter if
guardians were to
pass away without
a solid estate plan?
© Take Charge Today – March 2014 – Estate Planning – Slide 6
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
Estate Planning for Teens
Must be 18
in most states
Letters are not legal
documents
Letters are preferred
over conversation
because they have a
longer presence
© Take Charge Today – March 2014 – Estate Planning – Slide 7
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
Estate Planning for minors
Letter of Last Instruction: (things to include)
• Who do I want making care decisions for me when I
can’t make them myself?
• If I am injured, what do I want to have happen for my
care?
• What do I want people to know if something happens
to me?
• What do I want done with my belongings?
© Take Charge Today – March 2014 – Estate Planning – Slide 8
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
What determines the care of
children under 18?
• Guardianship - requires a legal document called a will.
Who would take
care of me?
Is there enough
money?
Questions
What about my
siblings?
Who would be
my guardian?
• Will- determines guardians, money flow otherwise determined
by court
© Take Charge Today – March 2014 – Estate Planning – Slide 9
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
2.7.2.G1
Who can help with planning?
• This is not an easy subject to discuss and plan for; it is
complex and may require help of experts
CPA &
CFP
Other
professionals
as needed
You &
your
family
Financial
Institutions
Attorneys
© Take Charge Today – March 2014 – Estate Planning – Slide 10
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
Who Can Help with Estate
Planning?
• Attorneys can provide you
insights for titling documents,
wills, etc…
• Accountants can help you
determine net worth, see tax
advantages
• Certified Financial Planners
can help you diversify
investments, protect assets
© Take Charge Today – March 2014 – Estate Planning – Slide 11
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
Living Will
Executor
Decedent
Beneficiary
Testator
Fiduciary
Terms you may hear while dealing with an estate
2.7.2.G1
Estate planning as a gift
Teens are not too
young to start
The first step is
honest conversation
Estate
Planning
Seek out advice of
professionals
Final act of financial
well-being
© Take Charge Today – March 2014 – Estate Planning – Slide 13
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Estate planning is an important
component to a financial plan
Financial Statements
Earning
Savings & Investing
Insurance Planning & Risk
Management
Giving
© Take Charge Today – March 2014 – Estate Planning – Slide 14
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
2.7.2.G1
2.7.2.G1
What will you gift?
© Take Charge Today – March 2014 – Estate Planning – Slide 15
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona