Lake Law Estate Planning Presentation by Janette Lonsdale

Lake Law Estate Planning Presentation

Kevin Lake Attorney & Counselor

a t L a w

ESTATE PLANNING

Avoiding Costly

Mistakes

Kevin T. Lake Attorney & Counselor

a t L a w

Practice Areas Estate Planning

•  Wills & Trusts •  Probate

Family Juvenile

•  Adop9on •  Custody

Li9ga9on

•  Civil •  Criminal

What is Estate Planning?   Protect the people you care about aBer you have gone.   A systema9c process for the accumula9on, conserva9on and distribu9on of an asset porFolio.

Is Probate Bad?   Disburse Estate   Costly

  Slow

  Public

Fast Lane to Probate Procras9na9ng • • • • •

DIY

• • • • •

Will

But that is not all…. The Joint Tenancy Trap   Control   Liability   Tax (GiB, Estate & Income)

This is not enough Transfer on Death   Beneﬁciary Deed Limita&ons   BeRer than Joint Tenancy   Limited Control   Inﬂexible   Disinheritance   Under age   No planning for disability

Who Loves Paying TAX?   Estates valued $5.12 million 35%   Estates valued up to $1 million or more 55% from 2013

4 Levels of Protection

Revocable Living Trust

Pour-‐Over Will

HEALTHCARE

Power of ARorney

DURABLE

Power of ARorney

“LIVING” Trust   Review it   Update it   Keep it safe but accessible   Life Events Births, Marriages, Deaths, Illness,

Estate Planning  Protect loved ones  Avoid probate  Avoid tax

Questions? What is the price of peace of mind?   2 Mee9ngs   An estate plan to meet your budget Kevin T. Lake ARorney & Counselor at Law