Description
Learn how to transfer assets to a client’s loved one after death through a will or nonprobate transfer while addressing tax concerns.Many clients come to their attorneys wishing to transfer their assets to their loved ones once the client dies. However, navigating the complex methods to fulfil the client’s objections requires complicated analysis of the client’s needs and desires. This topic helps those responsible for estate planning ascertain the best methods of accomplishing this goal, be it by will, trust or nonprobate transfer.
Date: 2020-11-11 Start Time: End Time:
Learning Objectives
Ascertaining Nature of Assets to Be Devised
• Information to Gather at Initial Client Meeting
• Documents to Be Obtained and Reviewed
• Need to Obtain More Data on Complex Assets Like Pensions
Ascertaining Client’s Desires
• Discuss Heirs and Contingent Heirs
• Discuss Limitations on Heirs, Such as Age or Substance Abuse Problems
• Ensure No Undue Influence or Coercion by Heirs, Including Removing Heirs From Meeting
• Ensure Competency of Client
Bring in Experts If Needed
• Often, Clients Ask About Medicaid Implications so Be Prepared to Have Expert Address These Concerns
• Tax Questions Also Pop up
Decide Vehicle to Use for Transfer of Assets
• Probate of Assets
• Non Probate Transfers
• Trusts • Both Living and Testamentary
Necessary Other Documents
• Durable Power of Attorney for Finances
• Health Care Power of Attorney
• Living Will
Peter Russell-Peter Russell Law Firm
