Legacy Planning: Planning an Estate to Make Gifts That Keep on Giving-Legacy Planning: Planning an Estate to Make Gifts That Keep on Giving

Video Transcription

Video Summary

In this video, Ron Paprocki, CEO of Medicus Asset Advisors, discusses legacy planning and estate planning. He begins by explaining the importance of planning an estate, which includes providing income for surviving family or friends, ensuring assets are distributed as desired, and minimizing estate taxation. Paprocki then outlines the process of estate planning, which involves categorizing assets into personal property, real estate, business interests, and tax-advantaged assets. He emphasizes the need to understand how ownership impacts distribution of assets at the time of death. <br /><br />Next, Paprocki discusses the probate process, which is the legal transfer of a decedent's estate to beneficiaries and provides an opportunity for creditors to make a claim against the estate. He highlights how assets without beneficiary designations go through probate and how different types of ownership impact distribution. <br /><br />Paprocki also explains the importance of taxes and recommends considering charitable contributions as part of the estate plan. He discusses various methods of making contributions, including cash contributions, appreciated securities, and creating donor-advised funds. He also mentions other advanced techniques such as charitable remainder trusts and charitable lead trusts.<br /><br />Finally, Paprocki provides tips and considerations for different stages of life when planning an estate, including early career, mid-career, and late career or retirement. He mentions the importance of identifying appropriate executors, trustees, and guardians, as well as considering ongoing management of assets and income needs for individual beneficiaries.<br /><br />The video concludes with a Q&A session where Paprocki answers questions related to probate process, adding children to property titles, pros and cons of trusts, and the cost of creating a trust. The webinar ends with a reminder that a recording of the webinar will be made available and encourages viewers to reach out with additional questions.

Keywords

estate planning

asset distribution

probate process

charitable contributions

ownership impact

advanced techniques

asset management