1	Estate Planning Elder Law, Probate and Guardianship Committee of the Martin County Bar Association Thomas H. Thurlow III
2	Today’s Topics Estate Planning Documents Taxation Update Pitfalls in Estate Planning Questions and Answers
3	Typical Estate Planning Documents Last Will and Testament Revocable Trust Durable Power of Attorney Declaration Naming Preneed Guardian Designation of Health Care Surrogate Living Will
4	Federal Estate Tax
5	H.R. 5790 Estate Tax Extension and Tax Relief Act of 2006 Died in Senate on August 3, 2006 Would have increased the Applicable Exclusion Amount $3,750,000 in 2010 Increments of $250,000 to $5,000,000 in 2015 Would have decreased estate tax rate to capital gains rates (15%) for estates less than $25 million.
6	Pension Protection Act of 2006 IRS provided guidance on January 11, 2007 (Notice 2007-7) Allows Direct IRA transfers to charities available for 2006 and 2007 Excludes distribution from gross income Must be transferred directly to the charity Must be over 70 ½ Limited to $100,000 per year per donor Can be used to satisfy outstanding pledges Can be made from an inherited IRA Can satisfy Required Minimum Distribution
7	Florida H.B. 209 Repeals the Tax on Intangible Personal Property Stocks, Bonds, Mutual Funds, Money Market Funds and Unsecured Notes Will not be required to file a return for 2007 DOES NOT repeal the one-time tax on notes secured by a mortgage on Florida real property As of 1/1/2009 the FDOR will no longer be permitted to file a claim against and estate of a decedent
8	Common Pitfalls Asset Problems Under funded Credit Shelter Trusts Unnecessary Credit Shelter Trusts Homestead Pay on Death Accounts / Joint Accounts IRAs payable to trust (when not necessary) Beneficiary Designations don't mirror trust or will (esp. predeceased child) Life Estate Deeds Document Problems – Wills Self Proving Affidavits Personal Representative Qualification Tax Apportionment Clause
9	Planning for Estate Taxes (oversimplified)
10	Planning for Estate Taxes (oversimplified)
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13	Common Pitfalls Asset Problems Under funded Credit Shelter Trusts Unnecessary Credit Shelter Trusts Homestead Warburton case Pay on Death Accounts / Joint Accounts IRAs payable to trust (when not necessary) Beneficiary Designations don't mirror trust or will (esp. predeceased child) Life Estate Deeds State Death Tax on out-of-state property Document Problems – Wills Self Proving Affidavits Personal Representative Qualification Tax Apportionment Clause
14	Questions & Answers