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- Estate planning refers to the preparation of tasks that manage an individual's financial situation in the event of their incapacitation or death. This planning includes the bequest of assets to heirs and the settlement of estate taxes and debts, along with other considerations like the guardianship of minor children and pets.
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Apr 22, 2024 · Estate planning refers to the preparation of tasks that manage an individual's financial situation in the event of their incapacitation or death. This planning...
- Julia Kagan
- 2 min
- Create an inventory. You may think you don't have enough to justify estate planning, but you might be surprised by the amount of stuff you actually own.
- Account for your family's needs. Once you have a sense of what’s in your estate, think about how to protect the assets and your family after you're gone.
- Establish your directives. A complete estate plan includes important legal directives. A trust might be appropriate. With a revocable living trust, you put your assets into a trust and select a trustee to manage the assets for your benefit (and that of your beneficiaries).
- Review your beneficiaries. Your will and other documents may spell out your wishes, but they may not be all-inclusive. Check your retirement and insurance accounts.
Aug 21, 2023 · What is estate planning? Organizing your affairs in preparation for the end of your life is an important task, and estate planning is an ongoing process that includes much more than writing a will.
- Estate planning is not only about your peace of mind—it gives your loved ones guidance on how to move forward after you’re gone. It also plans for...
- The biggest mistake you can make in estate planning is failing to have a plan at all. A simple will is better than no plan—even if your situation i...
- Not necessarily. Many small or straightforward estates can be managed using a low-cost online service. These services sometimes provide the option...
- Absolutely not! Everyone benefits from estate planning. In fact, failing to plan can lead to lengthy court processes and high probate fees, which a...
Feb 20, 2024 · Estate planning is the process of deciding which people or organizations receive your possessions once you’ve passed on. It’s also how you leave instructions for...
- Estate, Gift, and GST Taxes. The federal government imposes taxes on gratuitous transfers of property made during lifetime (gifts) or at death (bequests/devises) that exceed certain exemption limits.
- An Introduction to Wills. A will is a legal document that describes how you would like your property and other assets to be distributed after your death.
- Revocable Trusts. A revocable living trust is a trust that is created and funded during your lifetime that you retain the power to amend or revoke. Learn More →
- Power of Attorney. A Power of Attorney gives one or more persons the power to act on your behalf as your agent. Review common questions regarding Power of Attorney and the varying state laws.
What Is Estate Planning? Believe it or not, you have an estate. In fact, nearly everyone does. Your estate consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions.
What Is Estate Planning? An estate plan allows you to leave important instructions about your property, children, and health care. By Betsy Simmons Hannibal, Attorney. Why Trust Us? Fact-Checked. The heart of estate planning is figuring out what will happen to your property when you die.
