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RETIREMENT ESTATE PLANNING PREVIEW

RETIREMENT ESTATE PLANNING PREVIEW. TAMARA L. HARPER, ESQUIRE 4333 PARK TERRACE DRIVE, SUITE 120 • WESTLAKE VILLAGE WWW.TAMARAHARPER.COM • TAMARA@TAMARAHARPER.COM 805-409-0530. ESTATE PLANNING INVOLVES.

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RETIREMENT ESTATE PLANNING PREVIEW

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  1. RETIREMENT ESTATE PLANNING PREVIEW TAMARA L. HARPER, ESQUIRE 4333 PARK TERRACE DRIVE, SUITE 120 • WESTLAKE VILLAGE WWW.TAMARAHARPER.COM • TAMARA@TAMARAHARPER.COM 805-409-0530

  2. ESTATE PLANNING INVOLVES • Deciding how you want your assets distributed after you die or become unable to make your own decisions • Name the people to whom you wish to give your assets • Taxes siphon as little as possible from your estate • Knowing your financial affairs are in order • Will not bequeath a costly administrative nightmare to your loved ones

  3. STARTING TO PLAN • Do not procrastinate • Take stock of all your assets • Review Will, Trust and other estate planning documents every year • Major life changes trigger an update • Review beneficiary designations • Complete initial worksheet

  4. CAREFUL RETIREMENT AND ESTATE PLANNING • Provide for loved ones after death • Properly prepared estate plan includes: • HIPAA-CMIA Declaration • Advance Health Care Directive • Durable Power of Attorney • Pour Over Will • Trust(s) – Family, Irrevocable Life Insurance Trusts, QTIP trusts, Charitable trusts, Qualified Personal Residence trust • Life Insurance

  5. DO YOU HAVE ESTATE PLANNING? • Do you have a trust? • Is your trust funded? • Refinanced a trust asset? • Reviewed deed and title lately? • Death, divorce, inheritance, birth triggers a change

  6. CHANGES IN THE LAW • FEDERAL EXEMPTION LIMITS • NO CONTEST CLAUSES IN CALIFORNIA POST DONKIN V. DONKIN (12/27/2013) • AMERICAN TAXPAYER RELIEF ACT OF 2012 • 2010 TAX ACT • ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001

  7. CONTEMPLATIVE ?’S • DO YOU HAVE ENOUGH ASSETS, DISABILITY INSURANCE AND LONG TERM CARE INSURANCE? • ARE YOU AWARE OF MediCAL LOOK BACK PERIOD? • RESIDENCE VS. LONG TERM CARE? • IRREVOCABLE GRANTOR TRUSTS AND OCCUPANCY AGREEMENT AS AN ALTERNATIVE TO REVERSE MORTGAGE

  8. ASSET PROTECTION • WHAT ARE YOUR LAYERS? • IS YOUR ESTATE ABOVE THE EXEMPTION RATES OR COULD IT BE IN THE FUTURE? • DO YOU KNOW HOW TO VALUE YOUR ESTATE? • HAVE YOU CONSIDERED IRREVOCABLE TRUSTS?

  9. THE ART OF TRUST DRAFTING • COMPLICATED REQUIRING STATE OF THE ART DRAFTING EXPERTISE • PLEASE NO BOILERPLATE! • EVOLVING STATUTORY AND LEGISLATIVE CHANGES • YOU AND YOUR ESTATE ARE UNIQUE

  10. TAMARA L. HARPER ESQUIREhelps YOU… • Negotiate the maze of trust administration • Hold property in trust • Never experience the painful process of probate • Protect assets, preserve wealth • Limit liability exposure • Conduct a collaborative team meeting • Navigate you to safe harbors 4333 PARK TERRACE DRIVE, SUITE 120 • WESTLAKE VILLAGE WWW.TAMARAHARPER.COM • TAMARA@TAMARAHARPER.COM 805-409-0530

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