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With six children and 22
grandchildren, I appreciate the value of family. That's why three years ago I took the time to sit down with my financial adviser and prepare an estate plan. Now I know exactly what will happen with my assets and possessions when I'm gone, and I know my family will be taken care of. The peace of mind that gives me is priceless. Planning does pay off! |
| Estate planning involves making legal decisions in
advance of your death about the use, maintenance and
disposal of your real estate, investments, social
security, cash, life insurance and business ownership. It
is designed to protect your heirs from a legal morass. If
you don't have a properly prepared will that provides
decisions about your estate, it could be years before
your property is awarded to your heirs, or it could be
transferred to them and distributed in ways you didn't
intend. A well designed estate plan can save thousands of
dollars in death taxes and estate-settlement costs. Estate planning is not just for the wealthy. Regardless of your income or net worth, estate planning can be critical to the health, security and welfare of loved ones. It is the only way to ensure that your wishes will be carried out after your gone. Ask yourself these questions as you develop an estate plan: |
| 1. | Who will provide for my surviving spouse and children? | |
| 2. | What will happen to the family business? | |
| 3. | Who will pay for my children's college education? | |
| 4. | How high will the taxes be on my estate? | |
| 5. | Who will pay for my burial expenses, estate settlement, taxes and other debts? | |
| 6. | Will my heirs be treated fairly in the distribution of my assets? | |
| 7. | Do I want to make gifts to my heirs during my lifetime? | |
| 8. | Do I want to provide for a favorite charity or other organization? | |
| 9. | Will my assets fall into the hands of undeserving heirs? | |
| 10. | Are there estate-planning strategies I can use to reduce my estate taxes? | |
| The first step in estate planning is to have a
discussion with family members to determine needs and
objectives. Don't let family members who are reluctant to talk about difficult issues delay this important discussion! Estate planning involves a number of legal and financial regulations and technicalities, so you should seriously consider consulting a professional. Search our database for information about Finding Your Financial Adviser - someone who can help you with estate planning. |
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