Estate Planning

Estate Planning is a complicated adventure. First you need to answer the question: do I have an estate? Is it of a size that anyone cares? Will there be any Federal or State inherited taxes due? Do I want to leave something (dollars or things) to someone?

You only have an Estate that needs serious planning, if you have saved enough dollars to give to someone or some institution. Everyone needs to have a Will written by an estate attorney, if you have taxable money over $50,000, own property, or have children. Tax deferred money will be inherited by the beneficiary/is indicated on the account document.

Estate under $3.5 million:

Do you have family members that need your money or could use the money? Do you have a cause that you are especially interested in and want to leave some money to it? These questions and more will be answered in a Will that your attorney draws up. There are good estate attorneys in almost every locality but do not let your attorney talk you into a complicated Estate plan unless you need it. Also, your circumstances may change and you can always change your will.

How you leave you money or positions is entirely your decision, but be sure that the people that depend on you are taken care of first.

Estates over $3.5 million: SEE an Attorney immediately.

Other Estate planning documents:

Health Care Directive

These documents are as important as your will. Different states have different requirements but estate attorneys can provide these documents at very little cost. The reason that health care directives are important is so that, in case you fall seriously ill or are in a serious accident, your care providers will give you the care you wish. Today doctors can put you on life support systems and you may wish not to be kept alive if you can never recover. Doctors and hospitals will do everything possible to help you unless they have clear directives of your wishes. This is an important part of your financial plan and needs some professional and careful planning and input from you.

Power of Attorney

Each person should have another person officially appointed as Power of Attorney. That person should be one that knows us and can take care of our affairs. The appointment of that person in done in a document called ‘Durable Power of Attorney’. Your attorney can draw up this relatively simple document and should not cost much.