Legal Services Built on Trust

ESTATE PLANNING INFORMATION

Calculate the value of your estate:

LIFE INSURANCE (pay out value): ______________________
House & real estate (market values): _______________________
IRA's, 401K's, SEPs,: __________________________________
Bank accounts: _______________________________________
Mutual funds, stocks, bonds: _____________________________
Businesses: __________________________________________
Miscellaneous:
     (collectibles, cars, jewelry, inheritances) __________________
TOTAL GROSS ESTATE: _____________________________
Less mortgages, debts: _________________________________
TOTAL NET ESTATE: ________________________________


PROBATE:

1. WILLS DO NOT AVOID PROBATE!!

2. Probate is a court process which takes a minimum of 7 months and usually a year and a half to complete.

3. Attorney and executor fees for probate are calculated on a sliding scale based on your gross estate (do NOT deduct mortgage):

First $100,000 at 4%
Next $100,000 at 3%
Next $800,000 at 2%
Remainder at 1% (up to $9 million)

Examples:

If your GROSS estate is $300,000 - the legal fees are $9,000 for the attorney
and $9,000 for the executor for a total of $18,000.

If your GROSS estate is $600,000 - the legal fees are $15,000 for the attorney
and 15,000 for the executor for a total of $30,000.


ESTATE TAXES:

1. These are federal taxes assessed on your net estate - brackets are 34-50%
2. LIFE INSURANCE IS INCLUDED AT DEATH PAYOUT AMOUNTS AND IS SUBJECT TO ESTATE TAXES
3. Currently, $5 million can pass to others estate-tax free. This is due to expire at the end of 2012.


COMPLETE ESTATE PLAN:

1. Living Trust (revocable) (can be Probate Avoidance or ABC)

a) controls who gets your property and when
b) tells who is in charge of your property
c) completely avoids probate!
d) can minimize or eliminate estate tax
e) keeps property in trust for children until they are adults
f) allows trustee to treat children differently according to their needs
g) provides for care of your property if you are disabled
h) provides for continuity in management of businesses

2. Will (pour-over):

a) controls who gets your personal property
b) distributes remaining property to your trust

3. Community Property Status Agreement (married couples only):

a) converts all jointly owned property to community property for maximum tax savings

4. Nomination of Guardians (if you have minor children):

a) names who you would like to care for your minor children (physical custody - who they will live with)

5. Durable Power of Attorney for Management:

a) names someone who can manage your finances if you are incapacitated
b) can avoid conservatorship proceedings (guardianship for adults)

6. Durable Power of Attorney for Health:

a) names someone to manage your medical/health care decisions.
b) can authorize someone to "pull the plug", donate organs, handle burial, etc.
c) can avoid conservatorship proceedings

Other:

1. Will with Contingent Trust

a) if your assets are small, you are young and have minor children
b) allows discretionary treatment with children
c) allows money to be held in trust until children reach age you say
d) prevents guardianship proceedings
e) does not avoid probate, however

2. Irrevocable Trusts and Children's Trusts:

a) if the combined NET estate (with spouse's half) is over $2 million
b) or if family business involved
c) can be used to take all insurance dollars out of both your and your spouse's estate if you need to provide for parents or handicapped or special needs child.
d) if you have assets which are appreciating rapidly.


FEEL FREE TO CALL
NO CHARGE FOR PHONE CALLS!!


Merrilee A. Boyack, Attorney at Law

Practicing Law in the State of California & Utah


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The principal and sole offices of the Law Offices of Merrilee A. Boyack, is at the address below. The Firm does not practice law in or accept clients from any jurisdiction outside the State of California and Utah.

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Law Offices of Merrilee A. Boyack
2847 North 50 West, Lehi UT 84043
Phone: 858-748-6703
FAX: 888-979-8720
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