
Protect Your Estate with Five Facts
The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.
The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.
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.
Cornelius Vanderbilt was among the richest Americans ever to have lived. Born in 1794, he built his fortune on railroads and shipping. To put his wealth into context, in today’s dollars when adding inflation, his fortune would be worth $215.7 billion.
Probate is a process to transfer the assets after someone dies. For example, when a homeowner passes, probate allows for the home to be sold or transferred, if necessary, even though the owner is no longer alive to sign a deed.
It means you are in charge of managing the person’s assets after death, but what does it really mean? An executor has many roles and responsibilities. Executors should first understand it is a significant responsibility and not something to be taken lightly.
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.
First, let’s debunk the myth that an estate plan needs to be both elaborate and expensive.
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 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.
Many people focus on only protecting their estate from probate. However, in the big picture, probate is the least of their worries.
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