The Epoch Times states, “Younger people may have a tendency to think that estate planning is only for older and wealthy people…” However, no one can predict the future and the publication outlines some very good reasons for those that have not reached their golden years to make time for estate planning. Not having a will means that you leave it up to the state where you live to decide what happens with your resources.
Minor children: If you have young children, you need to make sure that they are provided for. Should you pass away while your children are still young and there is no other parent available, they will very likely become wards of the court if you do not leave other instructions. [continue…]
In “Estate Planning for Women (And the Men Who Love Them) on Forbes.com, Deborah L. Jacobs urges women to get educated about estate planning and seek help from trustworthy individuals. She notes that because women are more often widowed, more likely to marry older spouses, and tend to earn less, “Estate planning affects women more profoundly, so they should take charge of this process, or at least be equal participants.”
While estate planning can be as simple as leaving a legally viable will, you may need to delve deeper, depending on your financial goals and your desire to ensure that certain beneficiaries receive the resources you intend them to have. Money and inheritance issues are becoming increasingly [continue…]
Estate planning is important, and it is just as important to make sure a qualified financial advisor reviews your estate plan on a regular basis to ensure that as laws change, your intentions can still be carried out.
After a death in the family, it is not uncommon for survivors to squabble over how an estate is distributed. It is also not uncommon for the heirs to be surprised at how federal and state law can alter the amount of money they receive. Reuters reported on how what happened to one California family offered “life lessons for the masses.” [continue…]
When it comes to financial planning, Kathleen Rehl, Phd, CFP defines ‘magical thinking’ as notion that if you don’t speak of something it isn’t real.
That phrase also appears in the title of the critically acclaimed book “The Year of Magical Thinking,” in which Joan Didion chronicles the suddenness of losing her child and her husband in a very short time period. A New York Times reviewer wrote that Didion’s novel is “not a downer” despite the circumstances it describes. [continue…]
It can be easy to forget how important estate planning is as you go about your daily routines. In ”7 Major Errors in Estate Planning,” a Forbes article written by Robert Clarfeld, ”not having a plan” is the first estate planning error on the list. You know the old saying, “If you fail to plan, you plan to fail.”
Forbes points out that technically each person does have an estate plan, but that it is one that will follow the whims of the state where you reside when you die. If you die without a legally binding will, your state will govern the distribution of your assets. [continue…]
Someone once told me they knew of a couple who said that they were going to enjoy their retirement and spend their money so that their children would not have much to fight over after they passed away. That is one way to handle your finances, although there are no guarantees that leaving little money would keep the peace. Another approach could involve outlining clear plans for your finances and relaying these plans to your children, emphasizing your faith in their ability to be mature regarding your decisions. If you are interested in estate planning, both to ensure you have enough for your golden years and to pass along wealth, you can consult a Fee-Only financial advisor. [continue…]
There is a perception that financial planning is something that is only needed if you are extremely rich, but this is certainly not the case. You would do well to consult a financial planner about retirement, as well as for estate planning, if you want to protect your assets and pass along wealth to your heirs.
The story of one family we know is a good example of why you need this type of assistance:
The husband did not think he was wealthy enough to need help with estate planning and did not set up a bypass trust. After his wife’s death, the estate had grown beyond the exclusion amount at the time and there was nothing their children could do to avoid paying a six-figure amount in estate taxes. [continue…]