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If you
haven’t started yet, it’s not too late to begin your estate planning.
Most Americans haven't made even a simple will, to say nothing of a more
comprehensive plan to avoid probate or save on estate taxes. Yet
ignoring the inevitable can have dire consequences that can end up being
very expensive and even result in irrevocable rifts among family
members.
There are many reasons to have an estate plan. The most
obvious reason is to protect your hard-earned estate. Leaving it to your
wife and kids may seem like the clear choice. But families change over
time and while you may love your son, you may not be quite so sure about
that new daughter-in-law you have. In fact, if you set up your estate
correctly, you can make sure that she won’t get any of your inheritance
in the event that she divorces your son. Your wife could be another
problem. After many years of happiness together, it’s possible that she
is not the sort to live alone after you depart. But if she remarries, do
you want your hard earned cash with her new husband? Making the right
decisions now can make sure that your money won’t end up with his side
of the family.
Besides making sure that your estate
doesn't fall into the wrong hands, estate planning allows you to
stipulate exactly what each beneficiary receives. A will is one way to
do this, but there are other ways. For example, you can list your
beneficiaries in your insurance policies. You can choose someone to be
your power of attorney. You can name someone to become your kids' legal
guardians should something happen to you.
When considering the right estate plan for you, think about
three objectives: Make your plan easy to administer, develop a plan that
will lower the taxes payable on your estate and figure out how to leave
your estate so that it can be put to the best use possible by your
heirs.
The good news is that depending on your age, health, wealth
and innate level of caution, you may not need to do much at all in the
way of estate planning. And even if you do decide you need a will or a
trust, you probably won't need a lawyer. Especially if you aren't
dripping with Picassos or fat investment accounts, it is easy and safe
to prepare most basic estate planning documents yourself. Just learn
what you're doing by using good self-help materials.
Questions? call us at 813-964-7100
Visit our website at :www.MintcoFinancial.com
