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Preparing for Estate Planning
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Recent Reviews

Tryon Estates - Columbus, North Carolina 28722   
Just visited a dear family member at tryon estates. The community is lovely. However, the food needs a lot of improvement. Most of the dinner options are sub-par. Other than the food, it was a lovely [View Listing]
Keystone Communities of Highland Park - Saint Paul, Minnesota 55116   
I do not recommend Keystone. They made all sorts of reassuring promises and we thought it would be a safe place for my father who is in Mid Stage Alzheimer's.

Immediately after mov [View Listing]
Wellington House - Gastonia, North Carolina 28054   
This place is not a good place for your love ones. The staff is uneducated, and are not at all skilled on Alzeheimer's care. Unless the workers, and staff have changed, this place is horrible. [View Listing]
Homestead At Hickory View - Washington, Missouri 63090   
The Homestead is a wonderful place and I enjoyed being able to have my Uncle to call it home for over 5 years. The staff is wonderful. The dietary team knows the residents and caters to their indivi [View Listing]

Preparing for Estate Planning : Setting Objectives

Sample: Estate Planning Objectives for Mary and John Dough

Objective: Assure that we have perpetual health care

1) State of New Jersey health benefits are assured.

2) Medicare was applied for at age 65.

3) Long-term care insurance policies are in place for both.

 

Objective: Assure that we have adequate living expenses

1) Drawing on Johnís annuitized TIAA-CREF pension.

2) Drawing on Maryís annuitized Ourtown school system pension.

3) Holding on to all IRA accounts until needed or until distribution is mandatory.

4) Watching other investments as they continue to grow.

 

Objective: Make annual tax-free gifts to children and grandchildren for education purposes

1) Stockbroker and tax accountant recommend which assets to liquidate annually.

2) If sale of equities is not advised, CDís and money market funds may be tapped.

 

Objective: Make at least one trip abroad and one visit to the children each year

1) Usually funded out of monthly pension payments.

2) If necessary, fund with same strategies as gifts to children.

 

Objective: Make contributions to Rutgers Foundation and Ourtown Community Fund

1) Charitable Remainder Trust has been set up with the Rutgers Foundation.

2) Checking account and passbook savings are adequate for Ourtown contribution.

 

Objective: Avoid unnecessary estate taxes

1) Need to talk to lawyer about setting up trusts and balancing assets equally.

 

Note: Where objectives have not been realized, a "Need to" notation should be made to indicate planned action(s).

 


This material was prepared by Todd Hunt, director of the Retired Faculty Association of Rutgers University.


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