BM 418 Day 23 Summary
Sudweeks
Spring 2012
Understand the importance of Estate Planning and the Estate Planning Process
Estate Planning 1
We talked about the principles of successful Estate planning
Understand yourself, your budget, and your goals
Start early and get very qualified legal help
Understand the applicable laws
Remember the key principles of finance
We reviewed Estate Planning terminology
We reviewed the Estate Planning process, which is:
Determine what your estate is worth
Choose heirs and decided what they are to receive
Determine the cash needs of the estate and estate taxes
Select and implement your estate planning techniques
Understand the importance of trusts
Trusts are important tools that can be used to your advantage in Estate Planning
We reviewed the process of setting up trusts
We did case studies which:
Case Study #1: Calculated estate taxes in 2009
Case Study #2: Calculating estate taxes with trusts
Case Study #3: Giving gifts to children
Case Study #4: Calculating taxable estates
Estate Planning 2: Probate Planning and Wills
We discussed the importance of Wills and Probate Planning
We talked about the importance of a will
We talked on how most people need a will
As students, it is most critical if you are married and have children
We discussed holographic wills
We gave instructions on how to write a holographic will that is valid in Utah
I will email you this PowerPoint
The PowerPoints are only for this class and holographic wills are valid in only 6 states
They are not for you if you have anything of value.
We talked about the estate planning process
We shared the importance of getting your estate in order
We shared the frustration with the changes in the way the laws are changing
Wills
We gave instructions on how to create a holographic (in your own hand) will
I emailed you the PowerPoints on how to prepare your holographic will
If you are married you will both need to fill out the will
Final Thought:
Elder Gordon B. Hinckley, quoting columnist Jenkins Lloyd Jones, reminds us that life will always have its challenges:
“Anyone who imagines that bliss is normal is going to waste a lot of time running around shouting that he’s been robbed. The fact is that most putts don’t drop, most beef is tough, most children grow up to be just people, most successful marriages require a high degree of mutual toleration, most jobs are more often dull than otherwise. Life is like an old time rail journey … delays, sidetracks, smoke, dust, cinders, and jolts, interspersed only occasionally by beautiful vistas and thrilling bursts of speed. The trick is to thank the Lord for letting you have the ride.” (Address given to Religious Educators, Sept. 1978, p. 4.)