Your Own Estate
Advanced strategies like
Charitable Trust and The
Legacy Trust reduce taxes, ensure
children are taken care of, and afford some degree of asset protection.
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.
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.
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.
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.
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.
Executor or Trustee
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
and Goals for Children
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
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.
a Qualified Estate Specialist
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.
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.