1. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com Estate Planning Essentials Essential Components of a Basic Estate Plan

2. ESTATE PLANNING ESSENTIALS Estate Planning 101 In this presentation, we will examine the essential components of a basic estate plan.

4. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com PEOPLE THAT HAVE ESTATE TAX CONCERNS AND/OR ASSET PROTECTION AIMS MAY BENEFIT FROM THE UTILIZATION OF MORE ADVANCED LEGAL DEVICES.

5. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com #1. Transferring Financial Assets Arranging for the transfer of financial assets after your passing is certainly part of the equation.

6. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com This is often accomplished through the execution of a last will or a revocable living trust.

7. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com #2. Last Will

8. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com IF YOU STATE YOUR FINAL WISHES THROUGH THE EXECUTION OF A LAST WILL YOU SHOULD INCLUDE A CHOICE OF EXECUTOR.

9. THIS INDIVIDUAL WILL BE CHARGED WITH THE RESPONSIBILITY OF ADMINISTERING THE ESTATE. THE ADMINISTRATION WILL BE SUPERVISED BY THE PROBATE COURT. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

10. #3. The Process of Probate Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

11. DURING THE PROBATE PROCESS THE ESTATE MUST PAY ANY OUTSTANDING DEBTS THAT MAY EXIST, INCLUDING TAXES. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

12. There are expenses incurred during this process, and it can be time consuming.

13. Interested parties that wanted to contest the validity of the will could step forward to present their arguments during probate. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

14. #4. Revocable Living Trusts Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

16. A VERY COMMONLY UTILIZED PROBATE AVOIDANCE TOOL IS THE REVOCABLE LIVING TRUST. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

17. WITH THESE TRUSTS YOU SELECT A TRUSTEE TO MANAGE THE FUNDS, AND A BENEFICIARY WHO WILL RECEIVE DISTRIBUTIONS. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

18. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

19. These asset transfers take place outside of the process of probate. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

20. #5. Advanced Health Care Directives

21. The two advance directives that everyone should have are A LIVING WILL With a living will you record your preferences with regard to medical procedures. A DURABLE MEDICAL POWER OF ATTORNEY The durable medical POA is used to name an agent who would be authorized to make health care decisions in your behalf.

22. #6. A Financial Decision Maker in the Event of Incapacity Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

23. INCAPACITY PLANNING is important, especially in light of the widespread nature of Alzheimer's disease.

24. If you use a living trust to direct future asset transfers you can include the choice of a successor or disability trustee. This individual would be empowered to manage the resources placed into the trust in the event of your incapacitation. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

25. #7. Durable Financial Power of Attorney Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

26. You can also select an individual of your own choosing to make financial decisions in your behalf through the execution of a durable financial power of attorney. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

28. IF YOU FAIL TO PLAN AHEAD FOR THE POSSIBILITY OF INCAPACITY THE STATE MAY BE FORCED TO APPOINT A GUARDIAN OR CONSERVATOR TO HANDLE YOUR FINANCIAL AFFAIRS. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

29. Now that you know the basics you may want to Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com

31. Frank & Kraft, Attorneys at Lawwww.FrankKraft.comFollow @FrankandKraftwww.FrankKraft.com Frank & Kraft: Indianapolis Estate Planning Attorneys We invite you to contact our firm to schedule a free consultation. You can give us a call at: (317) 684-1100 Or get in touch through our website: www.FrankKraft.com