Assumptions for the Christian
• God is the owner of everything
• God has given us the responsibility of stewardship
• God holds us accountable for the way in which we use and manage the resources He ahs bless us with.
Common Estate Planning Techniques to Consider
• The Do Nothing Plan (The State of Arkansas will establish a will for you but it may not be what you want)
• Beneficiary Designation
• Joint Tenancy with Right of Survivorship (JTROS)
• Last Will and Testament
• Revocable Living Trust and Pour over Will
What Does a Will Control?
• Real Estate in your name only
• Bank or other accounts in your name only with no pay on death (POD) or transfer on death (TOD) designation
• Life insurance in some cases
• All other property that is in one individual’s name
What Property Does Not Have to Pass Through Probate?
• Joint tenancy property
• Trust property
Property passing by beneficiary designation
• POD or TOD accounts
• Life Estate property
• Lifetime gifts
Gifting Privileges
• Unlimited Marital Deduction
• Unlimited Charitable Deduction
• $11,000 (indexed) per person per year
• $1,500,000 estate tax exemption
NOTE:
Estate tax ceases in 2010; however, unless Congress enacts new legislation, everything reverts back to the estate tax status of 2001.
Should You Be Concerned About Estate Taxes?
• Your estate is valued at more than $1,500,000 or your marital estate is valued at more than $3,000,000.
Interested in More Information
Contact the Union Rescue Mission Business Office at (501) 370-0808.