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ESTATE PLANNING SEMINAR
Harley K. Look, Jr.Katz, Look & Moison, P.C.1120 Lincoln Street, Suite 1100
Denver, CO 80203
303-832-1900
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No Legal Advice
These seminar materials and the seminar presentation are intended to educate, and are provided for informational
purposes, only. The materials and the comments made by the presenter do not constitute legal advice and may not be
relied upon in any particular fact pattern. The seminar host, presenter, and their employers and employees do not
assume any responsibility for any reliance on the information presented in association with this seminar. Each seminar attendee should independently verify all statements made in this seminar and seek independent
advice before using any seminar information.
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Four Ws
WWWW
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Four Ws
Who- Who receives the benefits?
W
W
W
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WHO ?
Attorneys
Funeral/Burial/Cremation
IRS
Creditors
Family
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WHO ?
Family
½ Spouse ½ Children
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CHOICE
What happens if you do not have a Will?
• Guardians for minor children.
• Foster home?
• Minors are legally incapacitated.
• Inflexibility.
• Courts.
• Intestacy.
• Attorneys.
• Children are adults at 18.
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WHO?
No Spouse or Children
Parents
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WHO?
No Parents
Siblings Nieces & Nephews
Children Parents
Laughing Heirs
State
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CHOICE
What is your choice?
Who do you want as your beneficiaries?
Who do you want to handle your estate?
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CHOICE
Escheat - State of Colorado.
Personal Representative - Creditors?
Where do we find friends or charities?
NOWHERE!
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Four Ws
WhoWhatWW
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WHAT ? What is the nature of the property?
– One farm, ranch or business.
Where is the property located?– All in Colorado ( Uniform Probate Code)– Other than Colorado (Ancillary Probate)
Do you have a personal property memorandum?
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Four Ws
WhoWhatWhenW
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CHOICE
Timing is important.
EXAMPLE You have a wife and two children. Your son is through college but your
daughter is not.
What ages do you want for distribution to your children?
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CHOICE
TRUST = PROTECTION
Protection from:– The courts
– Themselves
TRUST
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CHOICE
You get to pick
whom you trust = TRUSTEE
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CHOICETRUST DISTRIBUTION*
Two ChildrenTwo Children
SonSon DaughterDaughter
1/3rd at 251/3rd at 30
&1/3rd at 35
1/3rd at 251/3rd at 30
&1/3rd at 35
* This is determined in your discretion.
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Four Ws
WhoWhatWhenWay
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CHOICE
A WILL IS A WAY
The Will is a tool– It disburses only on death
A Trust to control beyond death Gift $13K per year per beneficiary A seminar focuses on the WAY
– A planner doesn’t know the other three Ws until the planner meets with the client.
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CHOICE
There are thousands of ways.We will organize them into three categories:
2. Direct Transfer- Beneficiary•Insurance•Retirement Benefits•401(k)•IRAs•Annuities•Payable on Death•Beneficiary Deed
3. Probate
1. Title- Joint Tenancy (WROS)
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What is Probate
Probate is to prove the validity of the Will, whether it’s yours or the state’s.
Colorado has the Uniform Probate Code II– Simplified process
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Typical Situation
It usually passes from husband to the wife to the children.
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Unlimited Marital Deduction
If it goes from husband to wife*,
there is an unlimited marital
deduction and there is no estate tax.
* A U.S. Citizen
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CHOICE
Non-probate transfers. If the property is in joint tenancy or directly transferred, then there is no probate.
No Probate = No Problem?
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PROBLEM
New Husband/ New Wife
Attorneys
IRS
$500,000 estate
Step Children
Creditors
Courts
Third Parties
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EXAMPLE
Estate worth: $2.0 Million The tentative tax in 2011: $ 780,800 Applicable Credit in 2011;
tax on $1.0 Million = $ 345,800 Net Tax due = $ 435,000$ 435,000
9 months after death
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SOLUTIONESTATE PLANNING TABLE
Financial Planning
Legal Planning
No Planning
Income
Health
Long Term Care
Life Insurance
Will Mess
Living Will
15 years in court
HCPOA* +HIPAA
Attorney appointed by court
DGFPOA* Court - $650,000
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SOLUTIONESTATE PLANNING TABLE
• Legal forms vs. legal services• DGFPOA- Durable General Financial Power of
Attorney• HCPOA- Health Care Power of Attorney
plus HIPAA Authorization and Release• These two documents, along with the Living Will
are legal seatbelts.
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Trust ProtectionIt usually passes from husband to the wife.
NO TAX
Shelter $250,000
Shelter $250,000
Don’t leave assets to each other, leave assets for each other.
TRUST
Then to the children.
Potential TAX
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PROBLEM
New Husband/ New Wife
Attorneys
IRS
$500,000 estate
Step Children
Creditors
Courts
Third Parties
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CHOICE Ways:
– 1. Title- Owner– 2. Direct Transfer- Beneficiary
• Insurance• Retirement Benefits• 401(k)• IRAs• Annuities• Payable on Death• Revocable Living TrustRevocable Living Trust
– 3. Probate• Testamentary Trust
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CHOICE Trust = Protection
Husband & Wife - Trustees
Survivor - Trustee
Survivor + Children Co-Trustees
Children- Unlimited Growth- No Estate Tax
Less than or equal to $3.5 Million
- exemption
$3.5 Million exemption
Age
25 30 35
Age
25 30 35
$7,000,000.00
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Four Elements of a Trust
1. Owner
2. Trustee
3. Beneficiaries
4. Assets
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CHOICE
There are thousands of ways We will break it into three categories:
– 1. Title - Owner– 2. Beneficiary
• Insurance• Retirement Benefits• 401(k)• IRAs • Annuities• Payable on Death
– 3. Probate
FUNDING*
* Funding is important!
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FUNDING
Put Assets in the Trust– Retirement – Insurance– Investments– Deeds
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WHERE DO YOU GO NOW ? Review current documents Research internet
– Martindale Hubbell
• www.martindale.com
– Lawyers.com
• www.lawyers.com
Review their grading system
• AV
• BV
• CV
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SUMMARY 4 Ws
Benefit of planning Choices Four legs
Powers of Attorney Probate Trusts
Funding Advanced Planning
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THANK YOU
Harley K. Look, Jr.
Katz, Look & Moison, P.C.
1120 Lincoln Street, Suite 1100
Denver, CO 80203
303-832-1900