Top 10 Success Tips for Estate Planning
Estate planning is one of the most important steps you can take for yourself and your loved ones.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
Wills often go through probate, which is the legal process for settling an estate. The rules are different for every state, so check with an attorney or your local county office to learn more.
Only you know your capacity and willingness to serve, or the degree of need expressed by the person asking you. However, it should help to know first that if you do decide to accept, there can be help out there and second there are standard procedures and practices you can follow.
You don’t have to be older and rich to do some estate planning.
Beyond not making a will at all, here are the biggest mistakes that estate planning attorneys see clients make.
In today’s digital era, the departed will be survived by their electronic footprints, such as iPhone photo albums, Spotify playlists—and cryptocurrency wallets.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.