ESTATE PLANNING FOR THE REAL ESTATE OWNER

1. BASICS OF ESTATE PLANNING

   1. What is estate planning?
   2. Is estate planning for everyone; who needs an estate plan?
   3. When is the right time to begin estate planning and what factors contribute this this decision?

2. MINIMIZING ESTATE TAX LIABILITY

   1. What is the estate tax, what does it tax, and who will pay it?
   2. How do you pass assets to your surviving spouse to minimize tax liability?
   3. What is the significance of the $1,000,000 MA estate tax exemption and the $5,450,000 Federal estate tax exemption?
   4. What is a QTip (qualified terminable interest trust) or marital trust and how can it decrease your tax liability?
   5. How can annual gifts of up to $14,000 to friends and family reduce your tax liability?
   6. What should you consider when thinking about leaving a portion of your estate to charity?
   7. How can you exclude life insurance proceeds from the taxable estate?

3. WHO SHALL RECEIVE AND WHEN?

   1. What should you consider when thinking about who to leave your assets to?
   2. When should assets be placed in trust rather than given outright?
   3. How do you leave assets to your minor children?
   4. What should you think about before meeting with an attorney?

4. SELECTING EXECUTOR, TRUSTEE, AND GUARDIAN

   1. What is an executor and what are their responsibilities?
   2. What are the responsibilities of a trustee and when do you need one?
   3. What is the role of a guardian and what happens to your children if you do not appoint one?
   4. What should be considered when selecting people to fill the above roles?

5. ORDERLY BUSINESS SUCCESSION

   1. What happens to a small business in the event of the owner’s death?
   2. What is a Buy-Sell Agreement and how can it be used to support the owner’s wishes regarding the disposition of a business?

6. CONSIDER A LIVING / REVOCABLE TRUST

   1. What is a living trust and how can it be used in estate planning?
   2. What are the benefits of avoiding probate?

7. DURABLE POWERS OF ATTORNEY AND DISABILITY PLANNING

   1. What is a Power of Attorney, how does it differ from a Durable Power of Attorney?
   2. Why should you have a Durable Power of Attorney and what should you consider when selecting someone to act on your behalf?
   3. What is a Health Care Proxy and what should you consider when choosing someone to be your proxy?
   4. What is a Living Will and how can one be used to guide your medical care should you become disabled?
   5. How and when can any of the disability planning tools be revised or revoked if circumstances change?

8. SPENDTHRIFT CLAUSE AND ITS USE IN TRUSTS

   1. What is a spendthrift clause and how can it be used in estate planning?
      1. How can you prevent the beneficiary of a trust from assigning their interest before they are eligible to receive it?
      2. How can you protect the assets of a trust from a beneficiary who is poor with money management or will likely incur many debts?
   2. Can you use a spendthrift clause in your own trust to protect your assets while you are alive?

9. USE OF NOMINEE AND REALTY TRUSTS

   1. What are Nominee and Realty Trusts?
   2. Why would you want to use a Nominee or Realty trust in place of other trusts or estate planning options?
   3. How is it possible to use a Nominee or Realty trust to conceal the identity of the true owner of real estate?