Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become mentally ill. It is also known as last will, and almost everyone does this planning for their family.
No good estate plan can afford to ignore the other assets, the ones called ‘illiquid.’ That category includes anything that can’t readily be converted to cash, in a regulated market with readily determined prices.
Estate planning is a complex world for most Americans. For many, the process can seem overwhelming and expensive. For others, it is uncomfortable to confront one’s mortality and requires tough decision making. However, regardless of one’s feeling on estate planning, there is one estate planning document that all Americans should have: A Health Care Directive.
Few families, of course, enjoy talking about money. Introduce the idea of estate plans and inheritance—who gets what and why—and conversations often never get off the ground.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
Preparing an estate plan, is like getting a physical. We know responsible adults have it done but choosing to do it yourself is just not appealing. We may decide with the information available on the internet, we simply can self-diagnose any problems that arise.
There are several tax concepts that are important for real estate investors, but for many people, step-up in basis is one of the least understood.
One of the most dramatic scenes in the movie, is the gathering of the Thrombey Family at their father’s estate to hear the reading of the will.
They want to leave their house to all three of the children, but they do not want us to sell the home after they both die. Is there a way they can make it, so the house can’t be sold after their deaths?
Every estate plan should bring you peace of mind, but much more than that, an estate plan is one of the best gifts you can give your loved ones.