Is Estate Planning for Everyone?
Is Estate Planning for Everyone?
By: Chris Cooper
http://www.credit-yourself.com
Many people think they don't need an estate plan.
They relate the term to tax planning and feel that
their estate is not big enough to bother. They
therefore think estate planning has nothing to do
with them.
But estate planning is more than a method to avoid
or reduce estate taxes. Many young families might
be surprised to learn they should think about estate
planning now.
Right now there is an effort to abolish or confine
estate taxes to only the very wealthy. Of course,
Congress changes the tax laws constantly, so there
can be no guarantee that this trend will continue.
Be even a normal working class couple with a home,
two cars, money in retirement or 401K plans and
maybe the start of a college for their children can
have a surprisingly large estate. So even if estate
taxes don't apply today, they may in the future.
Estate planning can be used to distribute your
taxable estate in such a way that taxes are
minimized.
There are all sorts of ways to do this
and, if you are wealthy enough, your financial
planners and attorneys should be working together
to do this for you.
For the rest of us, estate planning is less involved
with taxes and more with who inherits your estate;
who cares for your minor children; how you feel
about life support measures; or who will control
your affairs if you are unable to.
Your estate is all you possessions ? savings, home,
car, investments etc. If you have a will, your
estate will be distributed according to your wishes.
If you don't, they will be distributed under state
intestate laws.
You would have to check the laws in your state, but
there could be cases that if you die without a will,
your parents would inherit your property, not your
wife or your money could go to distant cousins and
not to your lifelong companion.
So the first reason for a will is to have your property
distributed according to your wishes. If you want to
leave your money to the Salvation Army and not your son,
this is the way to do it.
Many parents use estate planning to try to rein in their
out-of-control children.
They may provide for a bequest
that starts at an age when the child has hopefully matured,
say 35. Or they may make provisions that if their daughter
is divorced, no money would pass to the ex-husband.
More commonly, grandparents use estate planning tools to
provide for all or part of their grandchildren's' college
education or choose to bypass their family and leave their
money to their favorite charity.
Or a business owner could pass his business to his partners
or employees in order to keep the business running.
A common use of estate planning is to name subsequent
beneficiaries. For example, your spouse would inherit your
art collection on your death and on her death it would go
to a museum.
Another reason for estate planning through a will is to
appoint guardians for minor children or disabled relatives
you are now caring for. If you are leaving a bequest in
your will or the proceeds of an insurance policy (which is
generally not part of your estate) to a minor or person
unable to look after his own affairs, you also need to
appoint someone to manage, conserve, invest and dole out
this money for the care of the minor or incapacitated person.
If you are ill or facing the prospect of losing your ability
to control your own affairs, you can use estate planning
techniques like a durable power of attorney, property
transfers or adding a trusted friend or relative as joint
owner of your property and bank accounts.
You can also provide for a living will, directing how far
you want life support measures to go if you are terminally
ill.
So estate planning is more than leaving your grandmother's
watch to your daughter.
The proceeds of most life insurance policies and jointly held
property with rights of survivorship are not generally part of
the probate estate. Many people believe that they can use
these devices instead of a will.
However, only the specific property held jointly is transferred
to the surviving owner. For example your house would be transferred,
but not any of your separately held investments.
Also problems arise if there is concurrent death, e.g an auto
accident that kills the husband and wife.
There can also be adverse tax consequences to passing your property
this way.
They are so many different situations and methods of estate planning,
it is best left in the hands of a professional, in this case an
estate lawyer working alone or in conjunction with your
financial planner.
Simple wills are not expensive and can be drawn with the help of
advice books or computer software programs.
But if you have to go beyond simple, hire the right professionals.
Estate planning is a complex field.
If you have more than a house,
car and banking account that you want your wife to get on your
death, you should consult a qualified estate planning attorney.
For more on personal financial matters, visit http://www.credit-yourself.com
.
Todd Archuleta's Coastal Club Vacations is Expanding With the Coastal Call Center
Evanston, WY (ContentDesk) July 29, 2005 -? Local resident Todd Archuleta has spent well over a year studying the many available home based business opportunities on the internet, newspapers and magazines. "I looked at everything that I could find about working at home," Todd said. "I am not really a sales person though, and really didn't want to bother my friends, family and my neighbors."The Coastal Call Center's explosive growth is setting a new standard for home based businesses. Todd asked, "Why do you think the Call Center is experiencing this huge growth right now? It is because the new Call Center takes all of my inbound calls from my prospects, they answer all their questions, and then they have closers that ask for and make the sale 1 out of every 5 callers."Individuals will receive $1,000 - $3,200 for each sale, and they don't have to do any closing or over coming of objections, because the sales center does that for him. "I don't have to sell anything, woohoo! I just direct...
Todd Archuleta's Coastal Club Vacations is Expanding With the Coastal Call Center
Cooper tires > Todd Archuleta's Coastal Club Vacations is Expanding With the Coastal Call Center
Loyal Book Following Does Not Guarantee Box Office Success, According to Survey of Moviegoers
Boston, MA
February 8, 2005 ?- In 2004, 21 of the top 100 movies released in the U.S. were based on books. Hollywood regularly bets that a good book will make a good movie. But how does the public feel about these books and the movies they become? One third of adults have strong feelings about how books should be made into movies. Yet catering to these strong feelings simply guarantees producers won't offend loyal readers ? it doesn't necessarily translate into box office success.Film producers take note: the movie will have to stand on its own right for most viewers without betraying the book for a small but vocal group of readers.
An overwhelming 80% of moviegoers say they prefer to see a movie that is true to the original book. Yet, even the majority of those people do not read the books that produced the movies they see. This implies that while filmgoers intend to read the book before seeing the movie, most people do not follow through. For example, while 73% of adults...
Loyal Book Following Does Not Guarantee Box Office Success, According to Survey of Moviegoers
Cooper tires > Loyal Book Following Does Not Guarantee Box Office Success, According to Survey of Moviegoers
Let's Pretend
Children have amazing and wild imaginations. The next time you hear "I'm bored" or "What can we do", give them a few household items, or let them make their own and watch them expand into endless hours of fun and entertainment. The following are just a few ideas to get the fun started and be sure to use your imagination too!--->Make an Obstacle CourseObstacle courses can be a lot of fun, spark creativity and also be great exercise for the little ones. These can be set up in and out of doors. Pillows, chairs, tires and stools are just a couple of things that can be used to be climbed, jumped and skipped over, through, around and under.
Time each child as they scramble their way through and have a race. Best thing about these is that once they've done everything they can think of with the first one, it can be torn down and set up again another way. Have each child take turns in choosing the way it's set back up.--->Let's Play Dress UpDon't give away all those old shoes, shirts,...
Let's Pretend
Cooper tires > Let's Pretend
Control Pests without Harmful Chemicals
Garden and household pests - unwanted insects, including flies, mosquitoes, fleas, cockroaches, termites, and moths, and intruders like mice and rats - are annoying, destructive, and potentially harmful to the health of humans and pets. But the use of chemical toxins to control these pests is a problem - who knows what some of these chemicals themselves can do to the health of our family members?
Luckily, there are ways to combat these invaders without resorting to potentially poisonous chemicals. Essentially, there are four approaches to pest control; used in combination they can go a long way to eliminating insects and rodents from one's home and outdoor environment.
First, make sure you're not creating the conditions that invite these pests onto your property. Standing water attracts mosquitoes; take a walk through your property and make sure you don't have bowls of water, discarded tires, and other receptacles that can contain rain water. If you find...
Cooper tires > Control Pests without Harmful Chemicals
Broaden Bonuses for Better Business
Providing bonuses has emerged as an important part of the web marketer's arsenal for a fundamental reason: they get results. Since there are numerous ways to incorporate bonuses into your promotion strategy, confining yourself to one or two could be damaging your bottom line. Consider these dozen ways (plus two extras at no cost!) to use bonuses for more productive marketing: 1. To increase web site traffic, give regular time-limited bonuses. You could also make a game of it by connecting two...
Is Estate Planning for Everyone? Broaden Bonuses for Better Business
Cooper tires > Broaden Bonuses for Better Business
My Room by My Gym Introduces Fine Children's Furniture to Last a Lifetime
(ContentDesk) October 23, 2005 -- My Room by My Gym is a furniture line built around the concept of providing children with exquisitely crafted furniture made with the highest standards and scaled down to fit a childs environment. This concept is the result of a collaboration between My Gym, the leader in childrens fitness and Vastarea Designs, who has been responsible for creating distinguished furniture for retailers such as Crate & Barrel, Williams-Sonoma and Restoration Hardware.Childrens...
furniture Is Estate Planning for Everyone?
Cooper tires > My Room by My Gym Introduces Fine Children's Furniture to Last a Lifetime
Meedio and WSKA Announce Software Publishing Agreement
Houston, TX October 29, 2004 ? Digital home software developer Meedio, LLC and global software publisher WSKA Software Corporation are pleased to announce their partnership to resell Meedio's software under the WSKA brand to customers worldwide. Meedio's popular line of applications for digital media and home automation will join other WSKA titles such as Nero 6, Internet Confidential, Namo, and HyperSnap. Through this agreement, Meedio will license WSKA to publish Meedio Essentials, Meedio...
Is Estate Planning for Everyone? Cooper tires
Cooper tires > Meedio and WSKA Announce Software Publishing Agreement
Sled Dog Breeds And Sled Dog Racing
Sled dog breeds are characterized by endurance, strength, and intelligence. They are usually medium to larger dogs, with a very muscular build, and have helped mankind transport supplies in times before the automobile.
Nowadays, sled dog breeds are found as pets, as well as trained to participate in sled dog racing.
Sled dogs were developed to withstand very low temperatures. Their coats have a double layer, with the undercoat acting as insulation against the ice...
Cooper tires > Sled Dog Breeds And Sled Dog Racing
The Address Given by Prem Rawat, Maharaji, at a Special United Nations 60th Anniversary Event Will be Screened on October 16th Throughout Europe
Madrid, Spain (ContentDesk) October 12, 2005 -- The address given by Prem Rawat on the topic of peace in response to an invitation from the United Nations 60th Anniversary Committee, will be screened on Sunday, October 16th in venues throughout Europe, including twenty in Spain.Prem Rawat, known also by the honorary title Maharaji, addressed on June 24th a distinguished audience of diplomats, and government and civic leaders at an event held in celebration of the UNs 60th anniversary at the Herbst...
Is Estate Planning for Everyone? The Address Given by Prem Rawat, Maharaji, at a Special United Nations 60th Anniversary Event Will be Screened on October 16th Throughout Europe
Cooper tires > The Address Given by Prem Rawat, Maharaji, at a Special United Nations 60th Anniversary Event Will be Screened on October 16th Throughout Europe
Cooper tires
This page loaded in 2.93476 seconds.