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.
Tax Planning and Income Tax Return Preparation Services
Tax Planning and Income Tax Return Preparation Services Greenstein Rogoff Olsen & Co. is a full service provider of tax services and offers solutions to clients in the Corporate, Estate and Trust, Individual, Limited Liability Company, Not for Profit, Tax Exempt, Partnership, and S Corporation income tax areas. The primary objective of our tax services…
§1031 Exchanges Combined with Seller Carryback Notes
§1031 Exchanges Combined with Seller Carryback Notes By Steve Chacon Occasionally sellers are approached with the request they carry back an installment note to finance the purchase. Not a bad idea from a “big picture” perspective, as seller financing has been effective in environments where credit is a concern and interest rates are rising. But…
Venture Capital Alternative for Technology Entrepreneurs
If you are an entrepreneur with a small technology based company looking to take it to the next level, this article suggests an alternative that may be of particular interest to you. Your natural inclination may be to seek venture capital or private equity to fund your growth. According to Jim Casparie, founder and CEO…
Startup Fundraising – Do You Know Who You Are Talking To?
Startup Fundraising – Do You Know Who You Are Talking To? Venture capital, private equity, mezzanine debt, venture debt, angel money, investment bank? What’s the difference and who are the players? Many people start looking for funding and become involved with investment bankers or business brokers without really understanding what they are looking for or…