Estate Planning

Estate planning is the means by which you can 100 day loan bbb ensure the maximum amount of assets distributed to your heirs, while minimizing taxes, fees, and the headaches of probate. The estate planning process allows you to set up a plan that coordinates what would happen to your home, business, life insurance, employee benefits (like a 401K plan), and your investments. It enables you to designate whom you prefer to serve as guardians to your children, and select an administrator of your choice to see to it that your wishes are carried out.

It also allows you to determine what measures are to be taken regarding your health, should you become incapacitated. You can decide in advance when you wish heroic measures to be taken and when you would prefer they not. A clearly written estate plan puts you in charge of your future, and saves your family a great deal of hardship during a very difficult time. Following is a list of questions to help you determine whether you need estate planning.

  1. Has it been more than one year since you reviewed your estate plan, including your will, life insurance policies, and any other documents?
  2. 1 800 cash now

  3. If you or your spouse passed away today, are you uncertain about what would happen to your assets?
  4. Does your will leave property to someone other than your spouse?
  5. Do you have minor children or other people who are dependent on your? If you were not here to provide for them, would they be in financial trouble?
  6. If a death occurred and court approval were required to release accounts for working capital, could it disrupt a farm, business, or overall family financial well-being?
  7. If you became incapacitated, would your family have to go through court proceedings to carry on your affairs?
  8. Do you have children by a previous marriage?
  9. Could your business cause liability due to contract or an accident?
  10. Do you own assets in your sole name?
  11. Is anyone other than your present spouse listed as beneficiary on any life insurance policy or account?
  12. Would you like to avoid probate of your estate?
  13. May the total value of you and your spouse’s assets exceed $1 million at 1 hour installment loans any time between now and 2011? (Include life insurance, pensions, real estate, and any other assets and consider inflation and growth in calculations).
  14. Do you plan to gift any property prior to death?
  15. If your current plan of distribution was followed, would assets have to be sold to pay expenses?
  16. Are any members of your family unsure about their economic future in a family business?
  17. Do you own any property which has substantially increased in value since you originally acquired it, or which has been depreciated for income tax purposes?
  18. Would potential nursing home expenses create a hardship for your family?

If you answered any of the above questions YES, you may be in need of estate planning. Yes answers indicate potential issues in the areas of tax, cost and delay of probate, or simply lack of a plan which carries out your wishes. Estate planning allows you to apply the law to achieve your goals, to preserve assets for your chosen beneficiaries, and to minimize bureaucracy and administrative expense.