What Steps Lead to an Effective Estate Plan?
Do you have an estate plan? A lot of people don’t, for a lot of different reasons. Some people would rather not discuss their death under any circumstances, other people think they are too young to worry about an estate plan, while others just don’t know, or aren’t, sure where to begin. However, it’s a good idea for everyone to have an estate plan in place; and for those who already have one, it’s a good idea to review it often.
A good estate plan consists of several things, but every estate plan is a little different according to each individual’s circumstances. However, there are some aspects that are consistent with every effective estate plan. Let’s take a look at a few of them.
- Be sure you determine who will be in charge of your estate and your affairs should become unable to do so.
- It’s always a good idea to set things up to avoid probate both in this life and for your heirs when you die. Trusts can help you do this.
- Make sure to take care of your children, including children from a first marriage if you have divorced and remarried.
- Protect the assets that your heirs will inherit from lawsuits, divorces and high taxes.
- Be sure to leave provisions and assets for any children or grandchildren with special needs.
These are just a few of the important things to keep in mind when planning your estate. If you have more questions about estate planning, especially as it pertains to your taxes, then please contact GROCO today at 1-877-CPA-2006. We can help answer your questions and get you prepared for the future. Click here to learn more.
World’s Most Expensive Gem Stones
World’s Most Expensive Gem Stones Anyone who appreciates fine jewelry is always on the lookout for that perfect piece to add to his or her collection. Whether you collect for a hobby or for business, or you simply love to wear jewelry and show it off to impress your friends, then you’ll want to be…
Some States Are Fighting Back Against New Tax Reform Law
Some States Are Fighting Back Against New Tax Reform Law By Alan Olsen It’s no secret that not everyone is happy with the nation’s new tax reform bill that was signed into law last December. Among those least pleased with the bill are taxpayers that live in high-tax states. In fact, several of these states…
Top Pros and Cons of Working for a Startup
So you’re thinking about working for a startup, huh? Whether you’re just getting ready to graduate from college, or even high school, or you’re ready for a career change, a startup company might be just the opportunity you’re looking for. However, don’t expect it to be a bed of roses. While joining a startup can…
The Man Who Will Eliminate World Hunger | Mazi Ghorbani
The Man Who Will Eliminate World Hunger “It gets me to wake up in the morning and gets me going all day…this passion runs in my blood.” Transcript Mazi: Our business model is feeding the children, feeding the world and taking care of our planet. Everybody is in the search of the most the truly…