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ESTATE PLANNING

ESTATE PLANNING. WOMEN IN THE WORKPLACE OCTOBER 12, 2011. RUTH E. BROCK Law Office of Ruth Brock 4880 Long Prairie Road, Suite 110 Flower Mound, Texas 75028 972.353.3400 Fax 469.635.2890 www.brocklegal.com. WILL vs. INCAPACITY PLANNING DOCUMENTS.

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ESTATE PLANNING

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  1. ESTATE PLANNING WOMEN IN THE WORKPLACE OCTOBER 12, 2011 RUTH E. BROCK Law Office of Ruth Brock 4880 Long Prairie Road, Suite 110 Flower Mound, Texas 75028 972.353.3400 Fax 469.635.2890 www.brocklegal.com

  2. WILL vs. INCAPACITY PLANNING DOCUMENTS | Incapacity Planning Documents | Death | Will or Laws |

  3. CAPACITY • Knows close relatives or trusted individuals • General knowledge of property • Greater capacity is required for more complex planning

  4. INCAPACITY PLANNING • Statutory Durable Power of Attorney • Medical Power of Attorney • HIPAA Authorization • Directive to Physicians • Declaration of Guardian • Benefits: • Avoid guardianship • Decisions made in accordance with client desires • Ease and convenience

  5. NON-PROBATE ASSETS • IRA • 401-K • Life Insurance • Property held as JTWROS or POD

  6. PROBATE ASSETS • Home • Cars • Jewelry/Collectibles • Bank accounts • Brokerage accounts • Mineral interests • Life Insurance

  7. TAXABLE ESTATE

  8. INTERVIVOS(Revocable Trust or Living Trust) vs. WILLS • What is a Trust?    • What is anintervivos trust? • A Trust that is created and funded [during your lifetime].

  9. USE AN INTERVIVOS TRUST WHEN: • There is property in multiple states (to avoid probate in multiple states) • There is an expected long-term disability • There is a high possibility of a Will challenge • Client wants to avoid probate • Some property is owned in a state with high inheritance taxes

  10. WHY NOT USE AN INTERVIVOS TRUST? • May be more expensive that probate • May not be needed based on assets and/or Marital history • Client wants to keep things simple • If one of the assets is not in the trust, probate is required anyway

  11. WILL Use a Will when: • All assets are in Texas • All children are from one marriage • Client frequently buys and sells residences • Client desires to keep estate planning costs down

  12. TESTAMENTARY TRUST This Trust is funded afterdeath. Use a Testamentary Trust when: • Minors will be beneficiaries • Assets in excess of $500K are left to a beneficiary • The ultimate disposition of the property is important • A beneficiary is or may be receiving government benefits [Special Needs Trust] • Protection from creditors is desired • Protection from beneficiaries’ spouses is desired

  13. QUESTIONS?

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