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.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 11, 2020.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Peter Russell
Peter Russell Law Firm
- Sole practitioner Peter Russell Law Firm
- Practices in estate planning, guardianship, probate, family law, bankruptcy, foreclosure defense and probate
- Member of several professional organizations
- Served as an adjunct professor on litigation and domestic relations from Myers University
- J.D. degree, cum laude, Cleveland State University, Cleveland-Marshall College of Law
- Can be contacted at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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