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The documents may still be valid but if they are stale or outdated, you may spend significant money trying to use them down the road.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.
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.
Ensuring that your wishes on your medical care are followed is up to you. Take action now while you’re well, or you could lose a say in the matter during a crucial time later.
The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul.
With the threat of COVID-19, we’ve all come face-to-face with our mortality, but are you prepared for the worst?
While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.
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