
Do Unrecorded Deeds Help or Hurt Estate Planning?
While discussing estate planning with my parents, they told me that an attorney prepared a deed for them but told them not to record it yet.
While discussing estate planning with my parents, they told me that an attorney prepared a deed for them but told them not to record it yet.
Over the years I get all kinds of questions from people. And boy, have I heard some doozies. But one common one I get is called the ‘lazy (or poor) man’s (or woman’s’) estate planning.’ This type of estate planning has some very negative tax consequences.
The documents may still be valid but if they are stale or outdated, you may spend significant money trying to use them down the road.
If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, any familial connections, any interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
Americans have been living through a ‘golden age’ of estate planning, but it’s coming to an end, says one consultant to ultra-high-net-worth families and family offices.
Expert tips on why starting your estate plan early, choosing beneficiaries, and thinking about how you want to transfer your wealth to the next generation are critical for your financial future.
Most people should have a will, but it’s rarely the most significant estate planning document that an individual will hold.
Estate planning can be an emotional and challenging endeavor. However, here are three tips to make it easier and to help you prepare for the future.
In some cases, estate planning can be quite simple. In others, it can be a complex process with far-reaching consequences. In either case, it is important to review your wishes and have the proper documents prepared to ensure that they are followed at your death.
Is it better to help your children when you’re still alive? Or wait until after you die?
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