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Preparing for an Estate Planning Meeting
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.
A will is a legal document that allows you to decide what happens with your estate after you passed away. Unfortunately, not all people consider creating one because they think that it’s complicated and just an extra expense.
Under current rules, the federal estate tax won’t ever affect you, unless you’re quite wealthy. However, that could change rapidly, even if you are far from rich.
Every estate plan should have a power of attorney, in which you give one or more people authority to act as agents on your behalf, when you aren’t able to. Every estate planner and guide to estate planning will tell you that. What few will tell you is there are at least two important instances when the power of attorney (POA) won’t be recognized and followed.
Especially with the average U.S. household having $7,027 in revolving credit card debt and Americans owing a total of $416.1 billion in credit card debt, according to a recent Nerdwallet study, some Americans will have credit card debt for the rest of their lives. However, what happens to credit card debt when you die?
If you have a child or other family member who has special needs due to physical or mental conditions, you face a variety of challenges planning for their care, including financial ones.
While a Last Will can help ensure that one’s wishes regarding the distribution of their estate upon death are followed, it is the living trust that allows the estate to avoid probate.
How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?
There’s no debating the fact that Marilyn Monroe was an icon. She remains one nearly six decades after her mysterious death in 1962 at the age of 36. Monroe and her likeness are still BIG business, generating millions of dollars a year in royalties and license fees.
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