Estate & Legacy Planning Workshop Series 2024

1.1 Five Steps to Estate Planning

• Overview of the essential steps in estate planning: assess, design, implement, review, and maintain.
• Importance of each step in building a solid estate plan.

1.2 Estate Planning versus Legacy Planning

• Understanding the differences and similarities between estate planning and legacy planning.
• Integrating both approaches for comprehensive future preparation.

1.3 Top 10 Estate Planning Mistakes

• Common errors in estate planning and how to avoid them.
• Real-life examples of mistakes and their consequences.

1.5 Ten Commandments of Real Estate Planning

• Key principles to guide real estate decisions within estate planning.
• Best practices for managing real estate assets.

1.6 Your Goals – Answering the Big Questions

• Identifying personal goals and aligning them with your estate plan.
• Addressing fundamental questions about your legacy.

1.7 Letters of Instruction – Your First Draft

• Crafting a letter of instruction for your heirs.
• Key elements and practical tips for drafting your first letter.

1.8 Glossary of Key Terms

• Definitions of essential estate planning terminology.
• Building a foundation of knowledge for future lessons.

2.1 Creating Your Personal Profile

• Documenting personal details relevant to your estate plan.
• Establishing a comprehensive profile.

2.2 Compiling a Key Contacts and Documents List

• Identifying and organizing crucial contacts and documents.
• Ensuring accessibility and completeness.

2.3 Documenting Your Assets

• Creating an exhaustive list of assets, including tangible and intangible.
• Valuation and documentation techniques.

2.4 Managing Your Safe Deposit Box

• Best practices for using and managing a safe deposit box.
• Key items to store and safety considerations.

2.5 Digital Asset Inventory

• Identifying and managing digital assets.
• Securing access and transferring digital information.

2.6 Dependents and Pets

• Planning for the care and support of dependents and pets.
• Legal and practical considerations.

2.7 Real Estate Considerations

• Evaluating real estate holdings in your estate plan.
• Managing and optimizing real estate assets.

2.8 Insurance and Protection Plans

• Reviewing existing insurance policies.
• Aligning insurance coverage with estate planning goals.

2.9 Your Legacy File: Bringing It All Together

• Compiling all essential documents into a legacy file.
• Ensuring comprehensive coverage and accessibility.

3.1 The Core Team of Estate Planning

• Identifying key professionals involved in estate planning.
• Roles and responsibilities of each team member.

3.2 Selecting Your Estate Attorney

• Tips for choosing the right estate attorney.
• Questions to ask and qualifications to consider.

3.3 Choosing Financial and Tax Advisors

• Selecting financial and tax professionals for your team.
• Evaluating credentials and expertise.

3.4 The Role of the Insurance Agent

• Understanding the importance of an insurance agent.
• Integrating insurance strategies into your plan.

3.5 Real Estate Professionals and Your Estate

• Involving real estate professionals in your planning process.
• Benefits of professional real estate advice.

3.6 Executors and Trustees: Choosing Wisely

• Criteria for selecting executors and trustees.
• Responsibilities and expectations.

3.7 The Importance of a Philanthropic Advisor

• Role of philanthropic advisors in estate planning.
• Maximizing charitable impact and tax benefits.

3.8 Care Managers, Counselors and More

• Additional support roles in estate planning.
• Utilizing care managers, counselors, and other professionals.

3.9 Additional Support

• Identifying other helpful resources and support networks.
• Integrating additional support into your plan.

4.1 Initial Strategies for Wealth Conservation

• Basic strategies for protecting and conserving wealth.
• Legal tools and structures.

4.2 Trusts

• Overview of different types of trusts.
• Benefits and uses in estate planning.

4.3 Wills

• Importance of having a will.
• Key components and drafting tips.

4.4 Health Care Directive

• Creating a health care directive.
• Ensuring your medical wishes are followed.

4.5 Power of Attorney

• Understanding and assigning power of attorney.
• Types and scope of authority.

4.6 Other Common Tools and Information

• Additional legal tools for estate planning.
• Practical applications and considerations.

4.7 Business Entity Structures

• Impact of business structures on estate planning.
• Choosing the right entity for your needs.

4.8 Annual Reviews

• Importance of regularly reviewing and updating your plan.
• Checklist for annual reviews.

5.1 Understanding Estate Taxes

• Basics of estate taxes and how they work.
• Strategies to minimize estate tax liabilities.

5.2 Navigating Gift Taxes

• Understanding and managing gift taxes.
• Legal limits and implications.

5.3 Income Tax Considerations in Estate Planning

• Impact of income taxes on estate planning.
• Planning strategies to optimize tax efficiency.

5.4 The Role of Trusts in Tax Planning

• How trusts can help with tax planning.
• Types of trusts and their tax benefits.

5.5 Charitable Giving and Tax Implications

• Tax benefits of charitable giving.
• Structuring charitable donations for maximum impact.

5.6 Real Estate and Tax Planning

• Tax considerations for real estate holdings.
• Strategies to minimize tax impact.

5.7 Business Ownership and Succession Planning

• Planning for business succession and continuity.
• Tax implications of business transfers.

5.8 Tax-Efficient Retirement Planning

• Strategies for tax-efficient retirement planning.
• Aligning retirement plans with estate goals.

5.9 Practical Tax Minimization Techniques

• Techniques to minimize tax liabilities.
• Legal strategies and practical applications.

5.10 Tax Obligations After Death

• Understanding tax obligations after death.
• Filing requirements and deadlines.

6.1 Fundamentals of Real Estate Investment

• Basics of investing in real estate.
• Evaluating potential investment properties.

6.2 Interest Rates and Market Updates

• Understanding the impact of interest rates on real estate.
• Keeping up with market trends and updates.

6.3 Rental Property Management

• Managing rental properties effectively.
• Legal and practical considerations.

6.4 Diversifying Your Real Estate Portfolio

• Importance of diversification in real estate investments.
• Strategies for a balanced portfolio.

6.5 Financing and Leveraging Real Estate Investments

• Financing options for real estate investments.
• Leveraging assets for growth.

6.6 Tax Advantages and Real Estate

• Tax benefits of real estate investments.
• Maximizing tax advantages.

6.7 Estate Planning Considerations

• Incorporating real estate into your estate plan.
• Managing real estate assets effectively.

6.8 Real Estate Investment Trusts (REITs) and Delaware Statutory Trusts (DSTs)

• Understanding REITs and DSTs.
• Benefits and considerations.

6.9 Risk Management in Real Estate Investment

• Managing risks in real estate investments.
• Mitigation strategies and best practices.

7.1 Introduction to Charitable Giving

• Basics of charitable giving and its benefits.
• Different forms of charitable contributions.

7.2 Blending Philanthropy with Investing

• Combining philanthropy with investment strategies.
• Achieving financial and charitable goals simultaneously.

7.3 Engaging Family in Philanthropy

• Involving your family in charitable activities.
• Benefits of family philanthropy.

7.4 Incorporating Philanthropy into Your Legacy

• Making philanthropy a part of your legacy.
• Long-term planning for charitable giving.

7.5 Tax Benefits of Charitable Giving

• Tax advantages of charitable donations.
• Structuring gifts for maximum tax benefits.

7.6 Expanded Charitable Trusts

• Understanding various charitable trust options.
• Benefits and applications.

7.7 Various Charitable Strategies

• Different strategies for charitable giving.
• Choosing the right approach for your goals.

7.8 Case Study

• Real-life examples of effective charitable giving.
• Lessons learned and best practices.

8.1 Preparing for the Inevitable: Near Death Planning

• Planning for end-of-life.
• Practical and emotional considerations.

8.2 Emotional and Psychological Aspects of Grieving

• Understanding grief and its impact.
• Supporting yourself and others.

8.3 The Role of Executors and Trustees

• Responsibilities of executors and trustees.
• Selecting and supporting these roles.

8.4 The Immediate Aftermath: Steps Following Death

• Immediate steps to take after a death.
• Legal and practical considerations.

8.5 Trust Administration & Implementation

• Administering and implementing trusts.
• Best practices for trustees.

8.6 Tax Obligations After Death

• Handling tax obligations post-death.
• Filing requirements and timelines.

8.7 Estate Closure: Finalizing Affairs & Distribution

• Finalizing the estate and distributing assets.
• Legal and practical steps for closure.

9.1 Bringing It All Together

• Reviewing all aspects of your estate plan.
• Ensuring comprehensive coverage.

9.2 Legal: Ensuring Document Order

• Ensuring all legal documents are in order.
• Finalizing legal details.

9.3 Financial Review: Asset Alignment

• Aligning assets with your estate plan.
• Reviewing and adjusting asset allocation.

9.4 Tax Implications: Professional Review

• Reviewing tax implications with professionals.
• Ensuring tax efficiency.

9.5 Family Communication: Vision Sharing

• Sharing your vision with your family.
• Effective communication strategies.

9.6 Final Adjustments: Plan Refinement

• Making final adjustments to your plan.
• Ensuring everything is up-to-date.

9.7 Securing Documents: Safekeeping and Access

• Best practices for document safekeeping.
• Ensuring accessibility and security.

10.1 Importance of Open Communication

• Importance of clear communication in estate planning.
• Building a culture of openness.

10.2 Addressing Potential Conflicts

• Handling conflicts within the family.
• Mediation and resolution strategies.

10.3 Executor and Trustee Roles

• Communicating the roles of executors and trustees.
• Ensuring clarity and understanding.

10.4 Conducting Family Meetings

• How to effectively conduct family meetings.
• Tips for productive discussions.

10.5 Updating the Family on Plan Changes

• Keeping your family informed about changes to your plan.
• Regular updates and communication.