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Planning Your Own Estate

Organize and Arrange

Analyze Your Current Estate

Talk With Your Family

Look Into the Future

Choose an Executor or Trustee

Discuss Plans and Goals for Children

Read, Read, READ

Speak With a Qualified Estate Specialist



Advanced strategies like Charitable Trust and The Legacy Trust reduce taxes,
ensure children are taken care of, and afford some degree of asset protection.

But the question is: Where do you start? Using one of these advanced strategies in your own estate can be a formidable task. It requires an attorney, some money, time and resources.

Probably the toughest part of planning your own estate is that it requires you to think about what things will be like after you're gone. After all, nobody likes to think of their own mortality.

Below, we've outlined several steps you should take today. The sooner you act and begin developing your family's estate plan, the sooner you'll be able to sleep easier, knowing your family is taken care of.


Organize and Arrange

Being the first step, this is often the most difficult. Organize all of your financial information, deeds and records to develop an accurate picture of your estate. Don't overlook non-tangible assets, like insurance policies, investments, personal property (like furniture or art), and any collections you might have.


Analyze Your Current Estate

Once you have a clearer picture of your estate, determine what's at risk. This is often done with the help of an experienced estate attorney. Will your estate go through probate? Are you subject to estate taxes? Are assets at risk if you become incapacitated? These are all important questions you should answer.


Talk With Your Family

Any estate plan will effect your family, not you. Discuss family member's wishes, and identify how they want assets handled. Also make clear your own wishes. An open dialogue will reduce the chances a family member could contest your plan later. And if you suspect there could be trouble down the road, consider implementing an advanced strategy (like The Legacy Trust) that is more difficult to contest.


Look Into the Future

Your estate is always changing and growing. A $1 million estate, in 10 years, could easily grow by 2 or 3 times. Estimate how much you estate is growing, and plan for a larger estate. If you are planning any large purchases (e.g. another home, boat, or even a plane), factor that into any plan.


Choose an Executor or Trustee

Here's the scenario: you're no longer around. Who do you trust to manage your affairs and care for your family? Is it a relative, friend, or even busines associate? Whomever you select will need to have the time to carry out your plan, and the skills to do so. Select wisely, and discuss your wishes with that person so that they know how you want things to be taken care of.


Discuss Plans and Goals for Children

We always want the best for our kids... and that doesn't change when we're no longer here. Discuss with your spouse mutual goals for your kids, whether it be education, first home, or investments. If you have minor children, choose a guardian who will care for them as they grow and reach adulthood.


Read, Read, READ

Your local library can be an excellent source of information on the subject of estate planning. There are also several outstanding estate planning books available that discuss your options in greater detail. The more you know before you sit down and speak with an estate attorney, the better.


Speak With a Qualified Estate Specialist


Contact SaveWealth.com today and we'll put you in touch with a qualified estate expert. The estate specialists can discuss your personal situation, and review how specific federal and state laws will impact your estate. If you already have a living trust, they'll even review it for free.

What's important is that you take the initiative to act. An effective estate plan will preserve your hard-earned wealth for your family, and ensure that Uncle Sam doesn't become your largest beneficiary.

 

 

 

 

 

 


Why Plan Your Estate?
Introduction to Wills
Living Trusts
The Perils of Probate
Durable and Medical Power of Attorney
Taxes, taxes, taxes!
Creating a Second Estate
Dynasty Trusts
The Legacy Trust
Family Limited Partnerships (FLiPs)
Charitable Trusts
Building on a Solid Foundation
Funding Your Estate Plan
Choosing a Qualified Attorney
Planning Your Own Estate

 

 

 

 

 

 

 

 

 

 

Estate Planning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
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