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Estate Planning

Estate Planning is the process of determining how your wealth and assets should be transferred to the heirs of your choice: your children, grandchildren, friends, families, charitable causes, etc. and then deciding which legal tools and structures to use to best meet your estate planning goals.

Estate planning is not simply reducing or eliminating taxes and avoiding probate.  Only after establishing how you want your estate’s assets to be distributed should you consider ways to reduce taxes and avoid probate. From there, good estate plans deal with a host of other issues. Now, with all but a few estates exempt from the federal estate tax, those other issues are, or should be, at the forefront of estate planning.

An estate plan is to ensure that you are taken care of the rest of your life and that your wealth is transferred to the people you want to have it. A good estate plan ensures these goals are accomplished with as much efficiency and as little cost as possible. An estate plan addresses the management and distribution of an individual’s property and financial obligations after he or she dies with financial tools such as wills, revocable living trusts and power of attorney.

For a comprehensive overview of Estate Planning, please start with our article:

 

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What to do While Congress Ponders Estate, Gift Taxes

October 21, 2021

Congress is considering some far-reaching legislation on estate and gift taxes. There are actions you should be taking while our elected officials negotiate the details. You know from media reports the proposed legislation would slash the estate tax exemption, eliminate a number of estate planning strategies that have been used for a long time and […]

estate planning

How to Make a Will Without a Lawyer

October 17, 2021

In a recent survey, 53% of people who did not have a will gave this as their main reason: Difficulty finding an attorney they could trust. However, you don’t need a lawyer to prepare a will for you. You can prepare a will yourself, and there are plenty of resources, especially online, to guide you. […]

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Estate Planning for the Growing ‘Unmarried Population’

October 10, 2021

In last week’s edition of Retirement Watch Weekly, I presented Estate Planning for “Modern Families.” There’s a lot more ground to cover, so let’s dive right back in – starting with estate tax implications for single people. Under the estate and gift tax, singles do not have the advantage of the marital deduction. An unmarried […]

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Estate Planning for ‘Modern Families’

October 3, 2021

The make-up of the modern family has changed quite a bit over the years. Therefore, traditional estate plans won’t work well for many families these days. A traditional plan is for couples who are in their first and only marriage and have only kids from that marriage. Different plans, tools, and strategies might be needed […]

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How to Keep Your Heirs from Battling Over Your Things

September 29, 2021

When estate planners get together after work, inevitably they swap stories about the rancorous family battles over dividing estates they witnessed. Often, the worst estate battles are over items that seem of little or no value to outsiders. Old furnishings or household items, seemingly meaningless memento and similar items often stir up deep conflicts among […]

Estate Planning

What Happens When You Neglect Your Estate Plan [TRUE STORIES]

September 26, 2021

Many people have their estate plans on the backburner. Two fairly recent cases show why procrastinating about or neglecting an estate plan is dangerous. In the first case, a family corporation’s ownership was divided among the husband, wife, and two adult sons. The wife passed away first. There apparently was no will, and no estate […]

estate planning

How To Craft the Perfect Will for Your Estate Plan: Part II

September 19, 2021

In last week’s edition of Retirement Watch Weekly, we discussed ways to construct a will to maximize the inheritance you pass on to your heirs. In this week’s, we’ll continue exploring this topic. Know your Children & Anticipate Issues with Your Estate Naming the oldest adult child as executor of an estate is very common […]

Estate Planning

How To Craft the Perfect Will for Your Estate Plan

September 12, 2021

It doesn’t take much to tarnish a gem of an estate plan, and with it your legacy. A misplaced word, missing clause, or miscommunication between lawyer and client can send your will and your ordered estate plan spinning into chaos. You can avoid such a fate. Follow these last will and testament guidelines, and you’ll […]

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