1. RIP Elizabeth Taylor: Do YOU Have a Will?
Estate Planning is all about peace of mind. What estate planning is all about is finding the right
devices to execute your fundamental needs. We do this utilizing the most up to date devices so that
we can prepare a personalized plan at the least expensive possible cost.
Last Updated Mar 24, 2011 7:46 AM EDT
My editor wasn't too psyched when I told her that
I wanted to use Elizabeth Taylor's death as touch-
point on wills and other estate documents. I
countered that I use whatever I can to nudge
people into doing this
http://estate-planning.laws.com/ stuff!
Yes, I know that you SWORE that you would get it
done, but here's another gentle reminder of why
its so important: if you do nothing, your STATE
makes these important decisions for you. Anyone
who has stood in line at the DMV knows what a
scary concept that is! I discussed estate planning
basics with Estate Planning Attorneys WCBS this
morning:
Here's your quick estate to-do list:
Hire a lawyer and complete a will; guardianship
instructions (if you have kids); a durable power of attorney; and a health care proxy. You can use a
software program like Quicken WillMaker, though I much prefer working with a trust and estate
attorney for this very important process.
Consider establishing a revocable trust if your total estate is greater than $5 million, which is the
new limit for 2011 and 2012. This will shelter your unified tax credit against federal Estate and Gift
taxes. Regardless of the size of your estate, a revocable trust may be advisable if you wish to exert
greater control over the disposition of your assets. Revocable trust assets are not subject to probate.
Don't forget to check whether your specific state imposes an estate or inheritance tax.
Consider putting life insurance into an irrevocable life insurance trust if your estate (including
insurance proceeds) is greater than $5 million.
Put all documents in a safe place and provide copies to your executor/trustee.
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http://www.cbsnews.com/news/rip-elizabeth-taylor-do-you-have-a-will/
2. Estate planning is regarding peace of thoughts. The process itself is extremely important and can aid
you develop an excellent, strong functioning plan that will certainly take care of you, your kids, and
also your properties in instance of your death or handicap.
