Estate planning is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do.
The heirs of Samsung Electronics Co. Chairman Lee Kun-hee, who died Sunday, could face billions of dollars in inheritance taxes. However, that doesn’t necessarily mean they’ll have to cede control over the group by selling shares.
When do you need your estate plan to “go to work” for you? While you may think the right answer is “after I die,” the actual answer is “if I lose the ability to manage my own affairs.
Estate planning is crucial, setting up a peace of mind for you, as you enter your senior years. Most people don’t create a will because they are afraid to even think about the possibility of death. It feels like too big of a responsibility.
Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
Most people can’t wait for retirement, and even more would likely opt for some form of early retirement, if they had the opportunity. Whenever you ultimately decide to cut down your time at work or leave the workforce altogether, you need to ensure that you have a full slate of estate planning documents in place.
Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.
If you decide to leave assets in a trust for your beneficiaries, consider your designation of trustee carefully. The most important person in the trust framework is the trustee, the one responsible for managing trust assets.
During estate planning, one of the situations that you must plan for is the possible sale of real estate, artwork, and especially operating family businesses. What is sometimes overlooked in planning is what happens after there has been such a sale.
We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.
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