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Planning Your Estate
Many people avoid estate planning because they find the subject unpleasant, or they don't think they own enough assets. Unfortunately, ignoring this issue could cost your heirs thousands of dollars and cause considerable anguish.
If you have a relatively uncomplicated estate, planning can be quick and easy. If your estate is more complicated, planning is critical. You can protect a sizable portion of your assets from unnecessary taxes, if you plan properly.
Things to Consider:
Getting organized
You'll need to gather detailed information about your financial assets. A professional can help you identify the information you'll need.
Generally, most professionals will tell you that a current will, a living will, and a durable power of attorney are planning necessities for estates of all sizes. You'll probably need legal help or other professional involvement to help you establish this necessary paperwork.
Regardless of your age or amount of assets, you should maintain these basic documents. You should also seek advice for other documents you may need to protect any young children or other dependents.
Calculating the size of your estate and minimizing taxes
A financial professional can help you find the best investments to minimize your estate taxes. They will take into consideration the Reasonable Benefits Limits that apply to you as an individual. Life insurance, early gifts, trusts, limited partnerships, and various other choices could make sense for you.
Estate planning can be very complicated and generally requires professional advice, but good planning can mean your heirs, not the government, will enjoy a greater share of your assets.
Planning for your children's future
If you have dependent children, you'll probably need to establish a guardian and a trustee. The guardian will look after your children's emotional and personal well being. A trustee will protect your children's assets and help build a secure financial future for them.
Updating your plans
Revisit your estate planning regularly, perhaps even annually. Your life is dynamic and you'll want your estate plan to be dynamic, too. A new child, remarriage, moving to another state, or any number of other life events can necessitate changes to your estate plan.
Even if your life circumstances remain constant, estate planning laws change frequently. Periodic reviews will help you remain current.
Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a qualified professional.
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