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Minnewaska Home Development Foundation Estate Planning for Women Every Woman Needs A Well Considered Estate Plan Why Women Need Estate Planning Whether you own large amounts of property or little, whether you are the head of a large household or have no dependents, you need a good estate plan. Why? It will ensure: that after your death your property will be disposed of according to your wishes; protection against potentially costly estate "shrinkage" brought on by the federal estate tax (for estates over $1,000,000), estate administration expenses, lack of estate liquidity and other causes; and you have protected beneficiaries with special needs and made your wishes known on practical matters, such as funeral and burial preferences. What Should An Estate Plan Include? The foundation of your total estate plan is your thoughtful will. It provides the structure and mechanisms by which you show your concern for the future of your family, worthwhile charitable organizations such as MHDF, and other beneficiaries. A living will or health care power of attorney is an important part of your estate plan. It provides doctors and family members with guidance in making health care decisions for you if you are incapacitated. A personal affairs record is a wonderful tool which can prevent confusion and save time for family members. This document contains detailed information about your finances, location of wills, insurance policies and trust documents, and explains your funeral and burial preferences. It is vital that you carefully choose your executor or personal representative at death. You must place a great deal of trust in this person as he or she will administer your estate. A trust, created during your life or in your will, may figure prominently in your estate plan. You can establish a trust to provide income for your family, shift investment responsibilities to a financially-astute trustee, and possibly significantly reduce federal estate taxes and the costs of estate administration. Besides allowing you to provide benefits for your family, you can support our future while and receive tax advantages and financial rewards. A Tax Break for Married Couples The marital deduction allows both husbands and wives to leave everything they own to their surviving spouse, with no federal estate tax due at the death of the first spouse. However, this may result in enormous taxes due if the spouse dies without remarrying. An excellent alternative is the "credit shelter trust." By leaving part of your estate to this type of trust, your husband benefits during his life and the property passes, at his death, to other family members, who receive much more favorable tax treatment. For more information, please contact us. Minnewaska Lutheran Home (320) 239-2217 e-mail: info@mlh-healthcare.org The information provides is not intended as legal, tax, or investment advice. Please consult an attorney, tax or financial planning professional for questions specific to your financial situation.

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