Estate Planning Basics
Denis Clifford
Estate planning, in plain EnglishThis book provides concise, straight forward, and easy to read information about the major components of estate planning – without going into endless detail about arcane options that apply only to the wealthy. Topics include: choosing beneficiaries estate planning by parents with minor children wills living trusts
which can be summarized as follows: “you can’t take it with you – but you can send it on ahead. To introduce the reader to some of the basic legal issues and tools of estate planning. What is estate planning? essentially, it is planning for the transfer of assets, typically from one generation to the next. Medicaid estate planning basics – what you should know it is natural for aging adults to worry about their long-term medical care and begin to make plans. Medicaid estate planning is quite similar to general estate planning, requiring similar documents, and posing similar issues.
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. Estate planning involves facing heavy questions, and depending on the number of assets and beneficiaries you have, may take quite a bit of time and thought. I recommend clients (and even those who aren’t my clients) complete an estate plan questionnaire. If you're selling a home, you want to work with a real estate company that goes the extra mile when it comes to marketing. After all, you want your home to reach as many potential buyers as possible. Make sure they are using some basic real estate marketing techniques. Remember estate planning is about really two things; control and tax savings. Control over the disposition of your assets; how, when, and to whom at the forefront of most concerns. If you have children or special circumstances in your family, more than likely you would benefit from the use of a trust to outline your wishes. Estate planning means providing for your family after you are gone. It allows you, not the court, to make important decisions about caring for your loved ones and the disposition of your property. With a proper estate plan you can make these major decisions. Work with one or more estate planning professionals to develop a plan that achieves your goals and also takes into account estate taxes, probate and other concerns. An average middle-class individual might need to work but only with an estate planning attorney. feedback will open a new window. Estate planning learn about farm estate planning to ensure a successful transition to the next generation. This section highlights succession planning, estate taxes, legal issues, and business management. Estimate the value of your estate; estate planning tools
Estate planning is a process in which someone specifies how their money and other property should be managed during life and after their death. And it commonly includes a related issue: directions about the type of medical care they want to receive if they become unable to communicate those wishes directly. In estate planning • trusts or wills are good for passing and protecting property but not for operating a business. –organizational structure: how decisions made –financial structure: who or what owns the assets, where does the income go –business structure: tax implications,. Your last will and testament, advance medical directive, and any other estate planning devices you have will play a pivotal role in the event you die or lose capacity. Clearly identify the location of any deeds, vehicle titles, credit card statements, investment accounts, bank account statements, veteran’s administration or government service benefits, insurance policies, pensions, tax documents, social security details, and any other important financialEstate planning basics: planning ahead for long-term needs comprehensive estate planning may consist of a team of professionals such as specialized attorneys and a financial planner to help you with many estate planning and long-term care concerns. Estate planning strategies for all clients estate planning is not just for wealthy clients; everyone has an estate. Anything someone owns or controls at the time of death— tangible assets like cars, homes, or coin collections, and intangible assets like life insurance, investments, or pensions— is an estate. An estate plan is an arrangement for the use, conservation and transfer of one's wealth. The process involves the creation of an estate, the growth of the estate to meet the needs of the owner and his or her family and the preservation and protection of the estate from unnecessary taxes and costs. Let's start with estate, which conjures up images of the uber-wealthy setting aside giant tracts of land for the next generation. No longer can you expect to receive your share of social security benefits. And, most importantly, no longer can you put off adhering to three basic necessities of estate planning. A proper team is the very foundation of proper estate planning. The life of a small business owner is a hectic one with many owners failing to follow basic estate planning and business law practices. ” “small businesses are often caught up in growth cycles, profits and ensuring that products arrive to consumers on time. Box 1 and 2 trump your will and, therefore, the assets will flow to the designated beneficiary or the surviving joint tenant not according to your will. However, box 3 is likely the most important box in your estate plan. It is through your will that the tax savings family trusts are created. Estate planning is an important part of your overall financial health. The experts we've talked to say that if you want the people you love to inherit your money with a minimum of hassle, taxes and legal intervention when you take your final bow, you need to brush up on the basics of estate planning. Basics of estate planning: understanding estate planning strategies and basic wills and trusts. This presentation will discuss basic estate planning documents and techniques. We will discuss the basic estate planning documents of: wills and trusts; how they are used; tax, asset protection, and other considerations regarding wills and trust; and different drafting options for each. A client may come to you and say they have their basic estate planning documents in place, including a revocable trust. But, ask them if they have taken the next step and titled assets in the name
. Before we get into the specifics of estate planning, there are three principles you’ll need to master. The first is what author randy alcorn calls the treasure principle. A good estate plan will help determine who will: inherit your assets, such as bank, retirement, and investment accounts. Make legal and/or healthcare decisions for you if you become ill and incapacitated. We're going to focus on the basic elements of one aspect of estate planning – namely, the documents that give legal force to your wishes of how you’d like to divide your estate. For many people, the majority of their estate planning can be done through a single document: a last will and testament If you need to hire a lawyer to help with estate planning, probate, or other estate administration, it can be hard to know if you are getting a good deal. Learn how much trust and estate attorneys across the country charge, and whether they offer free consultations. Get the need-to-know basics about wills, trusts, avoiding probate, and planning for incapacity with estate planning basics. This book lays out your options in plain english, guiding you to the right estate plan for you and your family. Estate planning is the process of planning for how an individual’s assets and liabilities will be managed, preserved, or distributed after incapacitation or death. One of the goals of estate planning is to distribute the individual’s assets in the timeliest, most tax-efficient manner in accordance with the wishes of the incapacitated or deceased individual. It includes everything from probate avoidance to asset protection, from tax planning to insurance policies, and from family law to business formation. Join us for our free webinar 5 things you need to know about estate planning once you turn sixty-five to learn about legal risks associated with aging, planning to avoid guardianship, protect