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What You Need to Know About
Estate Planning™
Jim EagarAttorney & Counsellor at Law
Part 1
Wednesday, October 9, 13
Most Estate Plans Just Don’t Work
Wednesday, October 9, 13
The “Snapshot” TestWednesday, October 9, 13
Definition
• Control My Property While I’m Alive & Well
• Plan for My Incapacity & My Loved Ones
Wednesday, October 9, 13
Leave What I Have:
•To Whom I Want
•When I Want
•The Way that I Want
Wednesday, October 9, 13
•People are Different
•Things Change
•We’re all Going to Die
Why Plans Don’t Work
Wednesday, October 9, 13
1. People are DifferentWednesday, October 9, 13
Save Taxes
Expand Wealth
Preserve Wealth
Family
Me
Estate Planning Pyramid
Wednesday, October 9, 13
Willvs.
TrustWednesday, October 9, 13
Vs.
Wednesday, October 9, 13
WPWednesday, October 9, 13
Wednesday, October 9, 13
Wednesday, October 9, 13
Personal Planning Goals
Wednesday, October 9, 13
Disability Protection
Wednesday, October 9, 13
Remarriage Protection
Wednesday, October 9, 13
Creditor Protection
Wednesday, October 9, 13
Divorce Protection
Wednesday, October 9, 13
Three-StepProcess
#1 - Base Your Plan on
Counseling, not Word Processing
Wednesday, October 9, 13
2. Things ChangeWednesday, October 9, 13
Types of Change:
•Life
•Personal & Financial
•Law
•Tax & Non-Tax
Wednesday, October 9, 13
Three-StepProcess
#2 - Be Part of a Formal Update &
Education Program
Wednesday, October 9, 13
3. We’re All Going to DieWednesday, October 9, 13
Controlling the Cost
•Cost of the Documents
•Cost of Updating
•Cost After Death
Wednesday, October 9, 13
After Death Fees
•Trust Settlement Administration
•Death Tax Return Preparation
•Probate Services
Wednesday, October 9, 13
(a)$Subject$to$the$provisions$of$this$part,$for$ordinary$services$the$attorney$for$the$personal$representative$shall$
receive$compensation$based$on$the$value$of$the$estate$accounted$for$by$the$personal$representative,$as$follows:$
$$$(1)$Four$percent$on$the$first$one$hundred$thousand$dollars$$$$$$$$$($100,000).$
$$$(2)$Three$percent$on$the$next$one$hundred$thousand$dollars$$$$$$$$$$($100,000).$$$$(3)$Two$percent$on$the$next$eight$hundred$thousand$dollars$$$$$$$$$$$($800,000).$
$$$(4)$One$percent$on$the$next$nine$million$dollars$($9,000,000).$
$$$(5)$OneLhalf$of$1$percent$on$the$next$fifteen$million$dollars$
$$$$$$$$$$$($15,000,000).$$$$(6)$For$all$amounts$above$twentyLfive$million$dollars$$$$$$$$$$$$($25,000,000),$a$reasonable$amount$to$be$determined$
by$the$court.$
Wednesday, October 9, 13
Oregon:
“Reasonable Fees”
Wednesday, October 9, 13
Approximate Fees
•Traditional Probate 2% - 8% +
•Trust Settlement 1.5% - 2.5%+
•Lifetime Planning Process 2%
Wednesday, October 9, 13
Traditional*Estate*Planning*Fees*
Updating*?*
Settlement*Fees*Probate*288%*Trust*1.582.5%*
Initial*Investment*
Total of all 3 costs of estate plan ??????
Wednesday, October 9, 13
Family'Lifetime'Planning™'Estate'Planning'Fees'
Updating'$399'yr'
Lower'Settlement'Fees'
Initial'Investment'¼'%'+'$995'
Saves $1,000�s, plus a customized plan that works Overall cost �about� 2% - �More for less�
Counselling'
Wednesday, October 9, 13
Full Disclosure &Controlled Cost
= Peace of Mind
Wednesday, October 9, 13
Three-StepProcess
#3 - Plan for a Controlled
Transfer Process
Wednesday, October 9, 13
• Counseling-Based
• Full Asset Integration
• Formal Review
• Appropriate Help
Keys to anEffective Plan
Wednesday, October 9, 13
We Need A Process!
Wednesday, October 9, 13
Wednesday, October 9, 13
“If you’re not satisfied at any time before you sign the documents, your money
cheerfully refunded!”
Your Satisfaction Guaranteed:
Wednesday, October 9, 13
The Next StepWatch Part 2 of
“What You Need to Know About Estate
Planning”
• Personal Planning Goals• Reducing Estate Taxes• Trust Design• 3 Levels of Service
Wednesday, October 9, 13