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The 411 on Estate Planning

Any estate planning attorney has his or her share of horror stories from years of working with clients to create an estate plan. Whether its issues regarding ownership of property or family disputes of a loved one's estate. Learn more about estate planning in this presentation.

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The 411 on Estate Planning

  1. 1. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 THE 411 ON ESTATE PLANNING
  2. 2. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 ESTATE PLANNING ESSENTIALS
  3. 3. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Any estate planning attorney has his or her share of horror stories from years of working with clients to create an estate plan.
  4. 4. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Whether its issues regarding ownership of property or family disputes of a loved one's estate.
  5. 5. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Or, if they do create a plan, they don't consider all of the potential issues that may arise. The reality is, even the most basic estate plan can go a long way toward avoiding family conflict.
  6. 6. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 AN IMPORTANT TIP ABOUT YOUR LAST WILL AND TESTAMENT
  7. 7. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Regardless of how many assets you have, you should obtain an estate planning attorney to draft an appropriate will to ensure that your family, and the court, have a clear roadmap for how you want your estate handled.
  8. 8. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Always REMEMBER that the value of an asset is not always seen in terms of money. Some property will have more of a sentimental value.
  9. 9. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Discuss the value of certain assets with your family ahead of time to avoid problems in the future if you leave that property to the "wrong" person.
  10. 10. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 AN IMPORTANT CONSIDERATION WHEN DRAFTING A WILL
  11. 11. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Never rely solely on your expectation that your children will be able to decide who gets what.
  12. 12. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 In many cases, money and property can divide a family quicker than anything else.
  13. 13. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 You should not assume that your family will simply accept every provision you include in your WILL. Do your best to discuss potential areas of conflict with them while you are still able to do so.
  14. 14. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Don't forget to review you will every few years, or whenever there is a major change in your life circumstances, such as the addition of new family members, divorce, or changes in you financial situation.
  15. 15. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 SELECTING A TRUSTEE FOR YOUR TRUST
  16. 16. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 First, discuss your options to create a trust with an estate planning attorney.
  17. 17. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Choose an appropriate trustee to manage your trust, someone who will make an appropriate fiduciary. That means some who can be trusted.
  18. 18. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 GET PROFESSIONAL ASSISTANCE IN DRAFTING YOUR TRUST
  19. 19. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Trusts are usually complicated estate planning instruments which, if not handle properly, may not be valid.
  20. 20. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 The best thing to do is seek the assistance of an estate planning attorney who will understand the tax consequences and benefits of the various types of trusts.
  21. 21. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Also, do not forget to name a successor trustee along with your primary trustee. There are various reasons your chosen trustee may not be able to serve in that capacity in the future.
  22. 22. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 CHOOSE YOUR AGENT WISELY
  23. 23. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Understand THAT a durable power of attorney can benefit anyone, regardless of your socioeconomic status.
  24. 24. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 The possibility of incapacity is always there. Just in case, you need to choose a trusted friend, associate, or family member to have power of attorney over your affairs in case you become incapacitated.
  25. 25. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 This is a tremendously powerful appointment, as the person you choose will have the ability to make most of the financial decisions that you would normally make, so trust is of the utmost importance.
  26. 26. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 DURABLE POWER OF ATTORNEY FOR HEALTH CARE
  27. 27. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Also, do not neglect the need to address your medical care, as well as your financial affairs.
  28. 28. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 A health care power of attorney, just like a financial power of attorney, gives your agent the authority to make health care decisions on your behalf.
  29. 29. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 AVOID THIS MISTAKE WITH DURABLE POWERS OF ATTORNEY
  30. 30. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Do not assume that your spouse will simply take over and handle things for you if you become incapacitated.
  31. 31. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 It is possible that your spouse won't be available. For instance, if you are both injured in a car accident and both are incapacitated then you will need someone to handle your affairs.
  32. 32. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 If at all possible, your financial power of attorney and your healthcare power of attorney should not be the same person. That way, no one person will have nearly complete control over your future.
  33. 33. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 THE BENEFITS OF AN ESTATE PLANNING ATTORNEY
  34. 34. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 When it comes to planning for your future and your family's future, the advice of an estate planning attorney can be irreplaceable.
  35. 35. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Estate planning attorneys can provide you with the guidance you need to make all of the important choices that are necessary.
  36. 36. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 Your attorney can describe all of your options and help you decide what tools are best for accomplishing your goals.
  37. 37. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 CONTACT US!
  38. 38. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 If you have questions regarding your estate plan, or any other estate planning needs, please contact The Vermillion Law Firm, LLC for a consultation either online or by calling us toll free at (888) 567- 5745.
  39. 39. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 LEARN MORE ABOUT ESTATE PLANNING IN TEXAS
  40. 40. 7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560 (972)386-4560 www.VermillionLawFirm.com The Vermillion Law Firm, LLC

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