What is it and why do we do it?
You spend your entire life creating wealth. The more wealth you create the more unhappy the people you leave behind will be without the proper estate planning.
Estate planning allows you to decide while you are alive how your assets will be distributed. It also allows you to protect your heirs from unanticipated devastating expenses ranging from debts to taxes to administrative fees. Court and probate records show 75% of all estates do not have the necessary cash to pay for these expenses. Heirs are forced to quickly liquidate assets such as homes and businesses to pay these expenses, often at a fraction of their real value. If people didn’t care about taking care of loved ones after they’re gone, no one would bother completing an estate plan.
Estate planning allows you to decide while you are alive how your assets will be distributed. It also allows you to protect your heirs from unanticipated devastating expenses ranging from debts to taxes to administrative fees. Court and probate records show 75% of all estates do not have the necessary cash to pay for these expenses. Heirs are forced to quickly liquidate assets such as homes and businesses to pay these expenses, often at a fraction of their real value. If people didn’t care about taking care of loved ones after they’re gone, no one would bother completing an estate plan.
Our discussion will explore:
The material presented on our web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice, you may wish to consult a competent attorney, tax advisor, or accountant.
Everyone who is concerned how their assets will be divided should at the very least have a current and valid will.
The will should:
Wills may be simple, but after death, they become a public document once they are entered into court. They instruct the court of your wishes. A will can be contested and it is up to the court to decide validity. Legal counsel may help you avoid many of the pitfalls associated with wills, especially in the area of contestability.
After death, wills must be brought before the courts. This process is called probate. This process could take from 9 months to 2 years or longer, and could cost 2% and sometimes up to 5% of the entire estate.
If the value of an individual’s assets are high enough to be subject to estate taxes, wills do not help with estate taxes.
The will should:
- Provide a description of your assets.
- Provide for the distribution of your assets to your heirs.
- Name an executor.
- Name a guardian for your children.
Wills may be simple, but after death, they become a public document once they are entered into court. They instruct the court of your wishes. A will can be contested and it is up to the court to decide validity. Legal counsel may help you avoid many of the pitfalls associated with wills, especially in the area of contestability.
After death, wills must be brought before the courts. This process is called probate. This process could take from 9 months to 2 years or longer, and could cost 2% and sometimes up to 5% of the entire estate.
If the value of an individual’s assets are high enough to be subject to estate taxes, wills do not help with estate taxes.
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