1. 2.7.2.G1 Estate Planning Advanced Level

2. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona How Long Will You Live? Americans, on average, live to 77.9 years old Why is this important? Your Present Self Impacts Future Self Your Present Self Impacts Future Self

3. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What are you most afraid of? 1.Snakes 2.Creepy Crawlies 3.Scary Spaces 4.Other People 5.Heights Is a snake really scarier than dying? Why is dying a taboo subject to talk about?

4. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What is Estate Planning ? A clear and complete plan of what should happen upon your death Living Will A plan to care for someone who is young or incapacitated and cannot care for themselves

5. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Positive Outcomes of Estate Planning Provide for loved ones after you are gone Reduce time, effort and costs for survivors Leaves a legacy to family, organizations, institutions 1. 2. Strengthen family relationships by giving them a path for them to follow 3. 4.

6. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Trade-Offs What is a trade-off a couple would have to make to leave a solid estate plan for their children? What trade-off could children have to encounter if guardians were to pass away without a solid estate plan? A trade-off is giving up one thing for another.

7. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Estate Planning for Teens Must be 18 in most states Letters are preferred over conversation because they have a longer presence Letters are not legal documents

8. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Estate Planning for minors Who do I want making care decisions for me when I can’t make them myself? If I am injured, what do I want to have happen for my care? What do I want people to know if something happens to me? What do I want done with my belongings? Who do I want making care decisions for me when I can’t make them myself? If I am injured, what do I want to have happen for my care? What do I want people to know if something happens to me? What do I want done with my belongings? Letter of Last Instruction: (things to include)

9. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What determines the care of children under 18? Guardianship Someone who is legally chosen (usually in a will) to make legal decisions for another person who is unable to make those decisions on their own due to youth, old age, or incapacitation. Will- determines executors, guardians, beneficiaries, distribution of assets, and burial arrangements. If there is no will, courts will make those determinations. Who would take care of me?Is there enough money ? What about my siblings?Who would be my guardian? Questions

10. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Who can help with planning? This is not an easy subject to discuss and plan for; it is complex and may require help of experts You & your family CPA & CFP Financial Institutions Attorneys Other professionals as needed

11. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Who Can Help with Estate Planning? Attorneys can provide you insights for titling documents, wills, etc… Accountants can help you determine net worth, see tax advantages Certified Financial Planners can help you diversify investments, protect assets

12. 2.7.2.G1 Terms you may hear while dealing with an estate Living WillExecutor DecedentBeneficiary TestatorFiduciary

13. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Estate planning as a gift Teens are not too young to start The first step is honest conversation Seek out advice of professionals Final act of financial well-being Estate Planning

14. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Estate planning is an important component to a financial plan Financial StatementsEarningSavings & Investing Insurance Planning & Risk Management Giving

15. 2.7.2.G1 © Take Charge Today – March 2014 – Estate Planning – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona How does estate planning relate to you? If you plan your estate ahead of time, you can ensure that your final wishes are carried out according to your own values. By planning in the present, you can take care of those you leave behind, you can designate guardians, and you can provide a path that helps reduce costs for heirs. You can assign monetary gifts according to your own values.