When to Start Estate Planning ? The Essentials You Need to Know ...

Posted by admin on Apr 5, 2012 in Estates, Trust Law | 0 comments

In this blog we will discuss the essentials of estate planning and when you should start estate planning.

Estate planning is critical to everyday living, and should be at the top of everyone?s to-do list, no matter their age or marital status. If you have not yet planned your estate, we urge you to do so right away. People need to know and understand they should prepare for the unexpected. Remember that ole saying, ?tomorrow is not promised?? Well it?s true. Think about it? What would happen for instance to your children, your home, and all you have worked for in the event of your sudden death or disability if you have no estate planning in place?? A single word can accurately describe what would surely follow: CATASTROPHE! Therefore, remember to plan ahead.

BASIC ESTATE PLANNING FOR ALL PERSONS INCLUDES THE FOLLOWING MUST HAVES!

-A Will to establish what would happen to your assets, and also names the guardian for your children. Dying without a will is called dying ?intestate?, and gives you no voice. It can be costly to your heirs and can bring with it several other issues such as family dissension and probate court intervention. Even if you have a trust, you still need to take care of any holdings outside of that trust when you die.

-A Durable Financial Power of Attorney to handle your financial affairs in case of incapacity.

-A Medical Power of Attorney to make medical decisions for you in the event you are unable to do so.

-A Living Will to specify the measures that can be taken to sustain life.

ADDITIONAL AREAS OF ESTATE PLANNING TO CONSIDER:

-A Living Trust. If you hold property in a living trust, your survivors won?t have to go through Probate Court, which can be a very lengthy, stressful, and expensive process.

-Planning For The inheritance of Your Children. It is always wise to name an adult to manage any money and property your minor children may inherit from you.

-File Beneficiary Forms. Appointing a beneficiary for all bank and retirement accounts make those accounts automatically payable at death to your beneficiary, thus bypassing the probate process.

?-Secure life Insurance. If you have children, own a house or have substantial debt or estate tax, life insurance may be a great choice. For example, in addition to helping to support dependants, life insurance can help provide immediate cash at death. Insurance proceeds are also a good source for paying your debts, funeral expenses and income or estate taxes.

-Understand Estate Taxes. Most estates will not owe federal estate taxes, because this tax is only imposed on persons whose taxable estate is worth more than 5 million. For deaths occurring in the year 2012, the exempt amount is 5.12 million. Married couples can transfer up to two times the exempt amount tax-free. ?Also, property left to a spouse (must be U.S. citizen) or tax exempt charity is exempt from the tax.

-Cover Funeral Expenses. An account can be established at your bank where funds can be deposited to pay for funeral expenses.

-Business Protection.? If you are a sole proprietor, setting up a successor plan is crucial. If you are in a business partnership, you should create a buyout agreement.

-Secure And Organize All Important Documents:

• ?Will
• Trust
• Insurance Policies
• Real Estate Deeds
• Stocks, Bonds, Annuities Certificates
• Bank Account Information, Mutual funds, Safe Deposit Boxes
• Retirement Plan Information such as 401(K) accounts and IRAs
• Debt Information, Credit Cards, Mortgages and Loans, Utilities, and Unpaid Taxes
• Final Arrangements, including Funeral Pay-Out Plans, and any other instructions you have given

About Nancy Carroll, PC:

Our practice handles a variety of services regarding trusts and estates including: estate planning, estate and trust administration, and representation of beneficiaries.

Nancy Carroll, P.C. also handles: wills, basic marital trusts and family trusts, retirement plan and life insurance beneficiary designations, and financial and health care powers of attorney.

Call us today: 817-310-0136

?

?

?

tomb of the unknown soldier tomb of the unknown soldier reo reo chilis philip rivers 11 11 11 meaning