Putting together wills and powers of attorney are cornerstones of estate planning. In the aftermath of 9/11, an attorney in South Carolina approached first responders and firefighters only to learn that as many as 80 percent were without these critical documents. While we often suggest on this blog that everyone have a will, it’s especially important for individuals in these special situations to plan ahead. While it’s hoped that your loved ones don’t have to worry about what should happen if you were to pass away, planning can help to limit the trauma and grief faced by your family members in an already difficult time
In combination with the fact that the $5.34 million estate tax exclusion is now portable (meaning that it can be passed on to a surviving spouse), there’s never been a better time for all couples to visit with their estate planning attorney. Situations like this require careful planning and advanced estate planning knowledge, so you should find an attorney who is sensitive to the unique needs of every client. You may have a number of different needs with regard to estate planning, especially as it relates to wills, trusts, and powers of attorney
You need to spend time thinking about whether any of your family members would like the home and what estate planning tools you can use to make this happen
It’s a good idea to set up a meeting with your estate planning attorney early on in the divorce process, if not immediately after you have the relevant paperwork...Consult with your estate planning specialist for more information
While there’s nothing wrong with this, it’s equally as important as planning out your estate and taking steps to protect your assets. Planning for the accurate distribution of assets requires timely effort and focus, and it’s not a step that should be ignored. Don’t make the assumption that putting together a will is all you’ll need for your estate planning. This triggers action on death, but not necessarily on disability
Even though it might seem overwhelming and confusing, there are six key steps you can take to have a solid estate plan in place before you exit the U.S. Here’s what to do when you’re planning to leave. Review Your Estate Plan in Full You’ll become subject to local laws about estates when you establish residency somewhere new, but you’ll still fall under the guidance of U.S. tax laws
Most people are familiar with the idea of using estate planning as a way of determining what happens after they pass away, but there are also benefits to planning ahead for possible incapacity
It’s been said time and again that you should evaluate your documents and estate plans on an annual basis...You should keep these things in mind when scheduling your annual appointment with your estate planning attorney
There are four primary reasons that people avoid estate planning: They don’t want to think about death
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