If you need another reason to address estate planning now, pop icon Prince should serve as a good example. Dying unexpectedly early at age 57, Prince left behind an estate valued at approximately $300 million. With no will, no spouse, no children and five half-siblings squabbling over his fortune, about half of his estate will be consumed by federal and estate taxes.
Whatever the final result, as discussed in investors.com, “5 Must-Do Tips For Your Will And Estate Planning,” you can bet it won't be what Prince wanted.
To be certain that at your death your estate isn't dragged through the courts and eviscerated by taxes, and all of your related decisions are executed in the way that you want, remember the following steps:
Inventory. Take inventory of your assets and liabilities to calculate your net worth and what’s in your estate. Before you visit an estate planning attorney, take some time to create this inventory to make sure that the meeting is worthwhile and to discuss the issues more thoroughly.
Beneficiaries. Select your beneficiaries and decide how you want your assets to be distributed. If you have children, you might consider a trust until the time when they receive their inheritance. For example, they could receive a portion at age 25, more at age 35 and the rest when they turn 40. You should also be sure to update your beneficiaries on retirement accounts and life insurance policies.
Your plan manager. Who’s going to quarterback your plan? It is important to designate an individual to have power of attorney to handle financial matters, if you become incapacitated and an advance health care directive, so someone you trust can make medical decisions on your behalf. A living will details the types of medical decisions you would prefer, such as an order not to resuscitate (DNR).
What’s in the plan? Talk with an experienced estate planning attorney like DANIEL T. FLEISCHER and determine what type of plan is best for your situation. #411Probate
Every state has different laws regarding inheritance. Therefore, you’ll want to sit down with an estate planning attorney who will understand that laws of your state and your own situation. Whether or not you have a spouse, children or live with a partner, all of these factors go into creating a personalized estate plan that works for you. No matter how unpleasant it is to contemplate your own mortality, this is an important task and should be done sooner rather than later.
Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!
- My practice is exclusively estate planning and probate,
- I have prepared numerous estate plans in 16 years of practice,
- I have administered estates and trusts through Probate all over Florida,
- I am a Certified Financial Planner Professional™, and
- I am here for YOU today and there for your FAMILY tomorrow.
Reference: investors.com (February 24, 2017) “5 Must-Do Tips For Your Will And Estate Planning”