If you’re planning to leave your heirs any sort of inheritance, you’re already giving them a valuable financial leg up.
Good estate planning must consider more than what you want to happen to your property and for your beneficiaries. It also must consider what you intentionally want to avoid happening.
Selecting medical powers of attorney is an important step that aging parents should take to ensure they get the care they wan,t if they are unable to advocate for themselves.
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. However, because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off—and even more pleasing to avoid them altogether.
Every estate plan should include three essential documents: a durable general power of attorney, a healthcare power of attorney and a last will and testament. Of the three essential estate planning documents, the will is the only document that is used after death.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
Over 50% of our adult population (120 million adults) neither have nor realize the significance of having an up-to-date estate plan to protect themselves and their family’s assets. Mountain Times’ recent article entitled “Do you need an estate plan?” explains that estate and gift planning is a process that can protect you and your family.…
One important aspect of estate planning is deciding what will happen to your home after you die. The answer might be fairly cut and dry if the home is fully paid for. If it’s not, though, you’ll need to consider the financial ramifications for your estate and for the person who inherits the home.
A durable power will remain in force, if a court finds that you have become incompetent.
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