Helpful Hints about
Estate Planning
Helpful Hint #1: Everyone needs estate planning
| Whether you are worth ten thousand
dollars or ten
million dollars, you need estate planning. The average cost to probate
a will is five percent (5%). The average time to probate a will is
between six (6) months and two (2) years. You can avoid the expense of
a probate by establishing a trust. A trust may help you avoid paying
estate and gift taxes by maximizing
your exemptions. Having a trust makes distributing your assets
simple, quick, and inexpensive. |
Helpful Hint #2: Joint Tenancy opens the door for potential problems.
| What happens to your assets if your
joint tenant
predeceases you? Did you know your joint tenant’s creditors may attack
assets held in joint tenancy? Even if they are unsuccessful, you could
incur significant legal bills in your defense. Joint Tenancy also
imposes no legal obligation to divide the assets with other
beneficiaries, even if everyone knows that was your intention. |
Helpful Hint #3: Planning for life's challenges is a major part of estate planning.
| Physically and mentally disabling
diseases
attack the rich and poor indiscriminately. Dealing with your illness or
injury can be overwhelming for your loved ones when important medical
and financial decisions have not been made ahead of time. You can
alleviate the stress of making end-of-life decisions with an advance
directive. A power of attorney appoints a trusted friend or family
member with the necessary financial authority to handle your affairs
when needed. |
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