1. The Estate Planning Basics
What You Should Know
Before You See An Attorney
Leah R. Gilbert
Pluto Legal, PLLC, Attorney at Law 1

2. About Us Memberships and Organizations Member of Wealth Counsel
Member of the National Academy of Elder Law Attorneys
Member of the Hennepin County Medical Assistance Committee
Member MN State Bar Association

3. PLUTO LEGAL, PLLC Who We Are:
Main Office in Tyler, MN
Two attorneys
Lisa K. Pluto: Managing attorney and Owner
Dodge Center, MN
Leah R. Gilbert: Associate Attorney
Chaska, MN
Seven Support Staff
including a Licensed Social Worker, paralegal, Medicaid / Elderly Waiver expertise, funding and probate support

4. Proper Estate Planning
Caring for loved ones as if you were still there
With your resources
With your love
With your wisdom

5. The Estate Planning Process
Education
Design
Drafting Documents
Implementation

6. Common Planning Techniques
Owning property jointly
Designating a beneficiary
Signing a will

7. Wills Can Fall Short of Estate Planning Goals
Won’t provide for your disability
Won’t necessarily give what you have:
to whom you want
the way you want
when you want
Certainly won’t avoid probate

8. Traditional Estate Planning
Gross Estate
Non-probate transfers
Property titled in your name
Jointly owned property
Life Insurance
IRA’s
401(k)’s
Annuities
Probate
Process
Your Will
Planned Distributions

9. Last Will of Jackie K. Onassis

10. The Living Trust It plans for your disability
It plans for your loved ones
Contains your loving instructions
Its private and confidential
Reflects your hopes, fears, dreams and values
Its good in every state

11. How to Distribute to Your Heirs
No protection
Creditor protection
Predator protection
Self protection
Estate tax protection
Outright
In Trust

12. Basic Estate and Gift Tax Rules
It’s a tax on everything
Estate and gift taxes begin at 40%
$14,000 annual exclusion*
Unlimited marital deduction
$5,250,000 unified credit (Federal)
MN limit of $1,000,000**
Unlimited charitable deduction
Federal = Portable; MN State = Use it or Lose it
* Indexed for inflation
* * Small Family Businesses and Family Farms may get up to $4MM

13. Estate Plans Revocable Living Trust Will Transfer on Death Deed
Trust, Pour Over-Will, HCD, POA, funding assistance
Will
Will, HCD, POA
Transfer on Death Deed
TODD, HCD, POA

14. The Most Overlooked Reasons to Create an Estate Plan:
Mental Disability
Physical Disability

15. Disability Planning Guardianship / Conservatorship
Legal Proceeding to Establish Authority for One Individual to Act on Behalf of Another

16. Powers of Attorney
Two Types:
Statutory Short Form
Common Law
P.O.A.

17. Statutory Short Form Power of Attorney
Powers of Attorney
Statutory Short Form Power of Attorney
It is a FORM!
No Instructions
Effective Immediately
Blank Check
No Reporting Requirements
No requirement for Others to Accept!
Statutory Limitations for Medical
Assistance Plans
Look up “loss of control” in dictionary, and you’ll see the General Durable Power of Attorney!

18. Common Law Power of Attorney
Powers of Attorney
Common Law Power of Attorney
Drafted to Individual Needs
Gives Instructions
Choice on When POA Takes Effect
Has Reporting Requirements
Look up “loss of control” in dictionary, and you’ll see the General Durable Power of Attorney!

19. Health Care Directives
Combines…..
Health Care Power of Attorney and Living Will
You choose the Health Care Agents
You give them instructions and directions regarding your health care wishes

20. Health Care Directives
Legal Requirements:
be in writing
be dated
state the principal's name (The principal is the person filling out the health care directive)
be executed by a principal with capacity to do so with the signature of the principal or with the signature of another person authorized by the principal to sign on behalf of the principal
contain verification of the principal's signature or the signature of the person authorized by the principal to sign on behalf of the principal, either by a notary public or by witnesses as provided under this chapter; and
include a health care instruction, a health care power of attorney, or both.

21. Health Care Directives
Allows One to Make Decisions Regarding
Organ Donation
Terminal Care (Living Will)
Burial Services
DNR, DNI, etc.
AND
Guardian Designation
HIPAA Designee

22. The Next Step
Seek Competent Legal Counsel

23. Thank You! Questions Please Fill Out Course Evaluation
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24. THANK YOU! Pluto Legal, PLLC 100 E. Highway 14 Tyler, MN 56178
Toll Free:

25. Pluto Legal Team
Juell Buchholz, Cheryl Vos, Amy VanEck, Attorney Lisa K. Pluto, Todd Berger, Attorney Leah R. Gilbert, Beth Daniels, Traci Sherman