Nothing contained herein should be construed to be legal advice or create an attorney/client relationship, nor is it intended to interfere with any existing attorney/client relationships. Consult with an attorney before taking any action.
Where There's a Will...
So you read my article on estate planning and patted yourself on the back. “I’ve got a will, so I’ve done my estate planning.” Maybe, maybe not. Do you also have a living will, healthcare power of attorney and general power of attorney? If not, are you willing to let a court select the person to be your guardian if necessary? Do you know that anyone, including your nosey next door neighbor, can petition to be your guardian? Are your assets properly positioned for quick qualification for Medicare if necessary? Would you benefit from long term care insurance? Are you comfortable with minor beneficiaries getting their inheritance in a lump sum when they turn 18? Do you have a business, second spouse, large estate or unrelated beneficiaries of various ages, which would be better served by a living trust?
Estate planning is more than just signing a will. It is a comprehensive process that includes an analysis of the forms and values of your assets, your beneficiaries ages and relationships, tax consequences and your wishes. If all you have is a will, you have only done half the job. You need to work with a team which includes your financial planner, insurance agent, stock broker and CPA, as well as an attorney. Most of these professionals can put together a team to address all the issues involved in estate planning. If you are already working with a professional, ask him or her about forming a team to address your estate planning issues. Then you can pat yourself on the back and know you have done a complete job.
Estate planning is more than just signing a will. It is a comprehensive process that includes an analysis of the forms and values of your assets, your beneficiaries ages and relationships, tax consequences and your wishes. If all you have is a will, you have only done half the job. You need to work with a team which includes your financial planner, insurance agent, stock broker and CPA, as well as an attorney. Most of these professionals can put together a team to address all the issues involved in estate planning. If you are already working with a professional, ask him or her about forming a team to address your estate planning issues. Then you can pat yourself on the back and know you have done a complete job.