Estate Planning WORKBOOK

Transcription

1 Estate Panning WORKBOOK Preparing For An Estate Panning Meeting With Your Advisor (323) FAX (323) Wishire Bouevard, Suite 1200, Los Angees, CA 90048

2 Introduction Having a revocabe iving trust and a wi as part of your estate pan is important, yet many peope do not maintain updated documents that refect significant ife changes and outine their present wishes. Preparing your estate panning documents ahead of time, and reviewing them reguary, can prevent misunderstandings ater and aows your survivors to sort through compex issues with greater ease, carity, and harmony. To assist with your estate panning, the Jewish Community Foundation of Los Angees is peased to offer you this Estate Panning Workbook, designed to hep you gather and organize a pertinent estate panning information in one pace before you contact your attorney. An estate pan ensures that your assets wi be transferred according to your wishes upon passing. Here are three reasons you want to have an estate pan: 1. If you die without estate panning documents, your property is distributed to reatives according to state aws, regardess of your wishes. 2. The state woud be responsibe for appointing a guardian from among your reatives for any minor chidren. By executing estate panning documents, you can be assured that custody of minor chidren, your wishes for your property and other assets, and any other specific wishes you deineate wi be carried out according to your pan. 3. A revocabe iving trust and a wi as part of your estate pan is the best way to ensure that your phianthropic vaues wi be administered according to your wishes, and that your egacy wi continue we into the future. We hope this workbook wi serve as a usefu too to hep you organize and prepare your information. For more information about estate panning, pease contact us at (323) or deveopment@jewishfoundationa.org. Estabished in 1954, the Jewish Community Foundation of Los Angees manages approximatey 1.1 biion of assets entrusted to it by over 1,300 famiies. The Foundation partners with donors to shape meaningfu phianthropic strategies, magnify the impact of giving, and buid enduring charitabe egacies. Over the past 25 years, The Foundation has distributed over 1 biion in grants to thousands of nonprofits across a diverse spectrum.

3 Tabe of Contents Compete your Persona Information Compete information about Property Compete information about Other Insurance Compete information about What You Owe...12 Compete information about Trusts and Tax Records Compete information about Key Contacts...16 Pan Your Estate Distribution...17 Mode Forms of Bequests from Wis...18 Mode Forms of Bequests from Living Trusts...19 Arrangements...20 Letter of Last Instructions...20 Further Reading...21 Your Notes... 22

4 In preparing for an estate panning conference with your attorney, you wi need the foowing documents and information: PERSONAL INFORMATION Date this form was competed: Lega Name First Midde Last Spouse/Domestic Partner First Midde Last Permanent Street City Date of Birth (Sef) State Zip (Spouse/Domestic Partner) Soc. Sec. # (Sef) (Spouse/Domestic Partner) Birth Certificate Location Copy Location Date of Marriage/Domestic Partner Registration Pace of Marriage/Domestic Partner Registration If divorced or separated: Incude names and dates of previous marriages, whether the marriage ended by divorce or ega separation, and the ocation of pertinent ega papers and documents. 1

5 If spouse/domestic partner is deceased, detais: Name: Date of Marriage Date of Death Location of wi/codicis: Location of trust/amendments to trust: Location of federa estate tax return: Location of gift tax returns: There is is not a prenuptia agreement. Location of prenuptia agreement U.S. Citizen? Yes No If not a U.S. citizen by birth, indicate date and pace of naturaization. Naturaization Date Pace Naturaization Papers Located Spouse/Partner: U.S. Citizen? Yes No If not a U.S. citizen by birth, indicate date and pace of naturaization. Naturaization Date Pace Naturaization Papers Located Other Citizenship 2

6 NEAREST RELATIVES OR FRIENDS (E.g. parents, chidren, grandchidren, sibings, nieces and/or nephews, friends) Name Reationship Date of Birth SAFE DEPOSIT BOXES Box Location Box # Location of Keys Names of Others with Authorized Access I am currenty I expect to be the beneficiary of a bequest. Testator s name Approximate vaue Tota approximate vaue of estate I am currenty I expect to be the beneficiary of other income or assets. Source s name Approximate vaue 3

7 PROPERTY PERSONAL PROPERTY Incude persona effects, automobie(s), jewery, househod effects, furniture, artifacts, etc. Item Location Approximate Vaue If Sod Today CASH (CHECKING, SAVINGS, AND MONEY MARKET) Bank and Tite* Account # Amount *Husband, wife, jointy (Indicate other joint tenant if not spouse) 4

8 CERTIFICATES OF DEPOSIT Bank and Certificate # Maturity Date Tite* Amount STOCKS, BONDS, MUTUAL FUNDS HELD IN BROKERAGE ACCOUNTS *Husband, wife, jointy (Indicate other joint tenant if not spouse) 5

9 SECURITIES NOT HELD IN A BROKERAGE ACCOUNT Type of Security Tite* Seria # Date of Purchase Amount *Husband, wife, jointy (Indicate other joint tenant if not spouse) LOCATION OF ANY STOCK CERTIFICATES, BONDS, OPTIONS, ETC., THAT ARE NOT HELD IN BROKERAGE ACCOUNTS 6

10 MONEY INVESTED IN MORTGAGES, PERSONAL LOANS, TRUST DEEDS (MONEY OWED TO YOU) With Whom & Cost When Acquired Tite# Current Vaue *Husband, wife, jointy (Indicate other joint tenant if not spouse) 7

11 REAL ESTATE OWNED Type of Property & Location Cost When Acquired Tite* Current Vaue Debt/Lender *Husband, wife, jointy (Indicate other joint tenant if not spouse) 8

12 DIGITAL ASSETS List of devices Pease ist a digita devices, e.g. aptop, tabet, mobie phone. Digita Asset (Bank, Brokerage Account, Gmai, Facebook, etc.) Log-in information Username: PW: Executor Shoud the account be cosed or maintained? Username: PW: Username: PW: Username: PW: Username: PW: Username: PW: Username: PW: Username: PW: Username: PW: Username: PW: *Husband, wife, jointy (Indicate other joint tenant if not spouse) 9

13 OTHER ASSETS Type of Property Tite* Cost Basis Date of Investment Current Vaue *Husband, wife, jointy (Indicate other joint tenant if not spouse) INSURANCE LIFE INSURANCE YOU OWN (ON YOUR OWN LIFE) Company Type of Poicy & Poicy Number Beneficiary Amount 10

14 COMPANIES OR ORGANIZATIONS THAT OWN INSURANCE POLICIES ON YOUR LIFE Company Type of Poicy & Poicy Number Beneficiary Amount INSURANCE OWNED BY YOU ON THE LIVES OF OTHERS Company Type of Poicy & Poicy Number Insured Beneficiary Amount LOCATION OF LIFE INSURANCE POLICIES OTHER INSURANCE Company Type of Poicy & Poicy Number Poicy # Coverage 11

15 INDIVIDUAL RETIREMENT ACCOUNTS, PENSIONS, RETIREMENT OR DEATH BENEFIT PLANS Fund Name & Company Account # Beneficiary Teephone Amount Tota LOCATION OF ANY EMPLOYMENT CONTRACTS OR BUSINESS AGREEMENTS RELATING TO INTERESTS IN CORPORATIONS, PARTNERSHIPS, SOLE PROPRIETORSHIPS, ETC. WHAT YOU OWE LOANS To Whom Debt Or Mortgage Is Owed Payment Date Current Amount Owed Tota Approximate Indebtedness 12

16 TRUSTS Location of any trusts and any amendments to trusts that you have created, or under which you are a beneficiary, and names of trustees. Name of Trustee(s) TAX RECORDS Location of tax records Name KEY CONTACTS EXECUTOR Name ALTERNATE EXECUTOR Name 13

17 GUARDIAN FOR YOUR CHILDREN Name ALTERNATE GUARDIAN FOR YOUR CHILDREN Name TRUSTEE FOR CHILDREN S INTEREST Name YOUR ACCOUNTANT Name YOUR ATTORNEY Name 14

18 YOUR FINANCIAL PLANNER Name RELIGIOUS INSTITUTION Name SPIRITUAL LEADER Name OTHEY KEY CONTACTS (E.g. doctor, business partner) Reationship Name 15

19 CHARITABLE PLANNED GIVING PARTNER: Jewish Community Foundation of Los Angees 6505 Wishire Bvd., 12 th Foor Los Angees, CA PLAN YOUR ESTATE DISTRIBUTION You do not need to describe every item of your persona or rea property in your wi. However, if there is some specific asset that you want to go to a certain individua in your iving wi or trust, ist it beow. You may incude individuas, other than nearest reatives, whom you wish to incude in your estate panning. Aso, if you wish to eave a specific sum of money to a person or charity, state the amount and the name. Person Reationship Item, Property, or Sum of Money Locations of Asset 16

20 CHARITIES Charity Name Teephone Amount After the specific bequests (if any), the simpest way to divide the residue of your estate is by percentages. Name the person or charity you wish to remember, and then state what percentage of the tota remaining amount of your estate each is to receive. % % % % % % % % % 17

21 MODEL FORMS OF BEQUESTS FROM WILLS A. Outright bequest I give (cash of ) or (specified property) to the Jewish Community Foundation of Los Angees (The Foundation), ocated at 6505 Wishire Bouevard, Suite 1200, Los Angees, CA The Foundation's EIN is B. Gift to The Foundation's Unrestricted Endowment Fund I give (cash of ) or (specified property) to the Jewish Community Foundation of Los Angees (The Foundation) to be hed and administered as part of The Foundation's Unrestricted Endowment Fund with distributions to be made as part of The Foundation's annua grants process. Distributions sha be made annuay based on a spending rate in accordance with The Foundation's poicy and guideines. C. Gift to a Fied of Interest Fund* I give (cash of ) or (specified property) to the Jewish Community Foundation of Los Angees (The Foundation) to be hed and administered by The Foundation as the Endowment Fund. Distributions sha be made annuay based on a spending rate in accordance with The Foundation's poicy and guideines. Distributions sha be for the foowing charitabe purpose(s): Exampe: Aid for Jewish Chidren Exampe: Aid for Jewish Edery The Board of Trustees of The Foundation may ater the foregoing fied of interest designations in the event that either or both of them sha, by reason of changed conditions, become impossibe to fufi, impracticabe or undesirabe as determined by The Foundation's Board of Trustees. D. Gift to The Foundation's Restricted Endowment Fund I give (cash of ) or (specified property) to the Jewish Community Foundation of Los Angees (The Foundation) to be hed and administered by The Foundation as a restricted fund for the benefit of ( specified organization i.e. the United Jewish Fund of the Jewish Federation Counci of Greater Los Angees). The Board of Trustees of The Foundation may ater the foregoing fied of interest designation in the event that it becomes impossibe to fufi, impracticabe or undesirabe as determined by The Foundation's Board of Trustees. *This form is for iustration purposes. The Foundation woud be peased to discuss how Fied of Interest or Restricted Funds may be taiored to meet the unique needs of a particuar donor. 18

22 MODEL FORMS OF BEQUESTS FROM LIVING TRUSTS A. Outright bequest Upon the death of [the Trustor(s)], [cash the sum of ] or [describe gift:][ ] sha be distributed to the Jewish Community Foundation of Los Angees (The Foundation), ocated at 6505 Wishire Bouevard, Suite 1200, Los Angees, CA The Foundation's EIN is B. Gift to The Foundation's Unrestricted Endowment Fund I give (cash of ) or (specified property) to the Jewish Community Foundation of Los Angees (The Foundation) to be hed and administered as part of The Foundation's Unrestricted Endowment Fund with distributions to be made as part of The Foundation's annua grants process. Distributions sha be made annuay based on a spending rate in accordance with The Foundation's poicy and guideines. Upon the death of (the Trustor(s)) (cash the sum of ) or (describe gift:) ( ) sha be distributed to the Jewish Community Foundation of Los Angees (The Foundation) to be hed and administered as part of The Foundation's Unrestricted Endowment Fund with distributions to be made as part of The Foundation's annua grants process. Distributions sha be made annuay based on a spending rate in accordance with The Foundation's poicy and guideines. C. Gift to a Fied of Interest Fund* Upon the death of (the Trustor(s)) (cash the sum of ) or (describe gift:) ( ) sha be distributed to the Jewish Community Foundation of Los Angees (The Foundation) to be hed and administered by The Foundation as the Endowment Fund. Distributions sha be made annuay based on a spending rate in accordance with The Foundation's poicy and guideines. Distributions sha be for the foowing charitabe purpose(s): Exampe: Aid for Jewish Chidren Exampe: Aid for Jewish Edery Subject to the right of the Board of Trustees of The Foundation to ater the foregoing designations in the event that either or both of them sha, by reason of changed conditions, become impossibe of fufiment, impracticabe or undesirabe as determined by The Foundation Board of Trustees. D. Gift to The Foundation's Restricted Endowment Fund Upon the death of (the Trustor(s)) (cash the sum of ) or (describe gift:) ( ) sha be distributed to the Jewish Community Foundation of Los Angees (The Foundation) to be hed and administered by The Foundation as a restricted fund for the benefit of (specified organization i.e. the United Jewish Fund of the Jewish Federation Counci of Greater Los Angees). The Board of Trustees of The Foundation may ater the foregoing fied of interest designation in the event that it becomes impossibe to fufi, impracticabe or undesirabe as determined by The Foundation Board of Trustees. *This form is for iustration purposes. The Foundation woud be peased to discuss how Fied of Interest or Restricted Funds may be taiored to meet the unique needs of a particuar donor. 19

23 ARRANGEMENTS LOCATION OF LIVING WILL, DURABLE POWER OF ATTORNEY FOR HEALTH, MEDICAL DIRECTIVES ORDER OR OTHER POWERS OF ATTORNEY INCLUDE HIPPA FORMS MY PREFERRED FUNERAL AND BURIAL INSTRUCTIONS: INCLUDE CONTACT INFO LETTER OF LAST INSTRUCTIONS You may wish to write a etter of ast instructions to your surviving spouse or other persons. This etter is not egay binding, as a wi is meant to be, but it can be of great hep. It aows you to communicate, informay and personay, hepfu information or specific instructions, such as: Location of your wi, safety deposit boxes, important papers, records, accounts, and passwords Names and addresses of persons to hep surviving spouse Names, addresses, and teephone numbers of individuas you wish to be notified of your death Funera and buria instructions 20

24 FURTHER READING 1. Why HNW Famiies Shoud Invove Kids Eary in Phianthropy, WeathManagement.com, Apri 17, A Guide to Taking to Your Chidren About Money, Brown Brother Harriman, October 18, How to incude your digita assets in your estate pan, MarketWatch, August 17, Four Lessons Learned from Prince s Estate (So Far), MSK Cient Aert, May 2, Godfrey, Joine. Raising Financiay Fit Kids, Ten Speed Press, Soomon, Jeffrey; Bronfman, Chares. The Art of Giving: Where the Sou Meets a Business Pan, Jossey Bass, Arriaga-Andreessen, Laura. Giving 2.0: Transform Your Giving and Our Word. Jossey- Bass, Brest, Pau; Harvey, Ha. Money We Spent: A Strategic Pan for Smart Phianthropy. Boomberg Press, Coier, Chares W. Weath in Famiies. Harvard, Damen, Margaret May. Women, Weath and Giving: The Virtuous Legacy of the Boom Generation. John Wiey & Sons, Inc., Gao, Eieen; Gao, Jon; Gao, Kevin. Siver Spoon Kids: How Successfu Parents Raise Responsibe Chidren. McGraw-Hi, Morino, Mario. Leap of Reason: Managing to Outcomes in an Era of Scarcity. Venture Phianthropy Partners, Shaw-Hardy, Sondra; Tayor, Martha; Beaudoin-Schwartz, Buffy. Women and Phianthropy: Body Shaping a Better Word. Jossey-Bass, Tierney, Thomas J.; Feishman, Joe L. Give Smart: Phianthropy that Gets Resuts. Pubic Affairs, Wiiams, Roy; Preisser, Vic. Phianthropy, Heirs & Vaues: How Successfu Famiies Are Using Phianthropy to Prepare Their Heirs For Post-transition Responsibiities. Robert Reed Pubishers, Wiis, Thayer Cheatham. Navigating the Dark Side of Weath: A Life Guide for Inheritors. New Concord Press, Zunz, Oivier. Phianthropy in America: A History. Princeton University Press,

25 NOTES 22