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.
Why More Indian Entrepreneurs Are Joining the Jet Set
Why More Indian Entrepreneurs Are Joining the Jet Set Although the exact numbers aren’t known, there are roughly 12,500 private business jet owners in the world, with the majority of these aircraft based in the United States. Clearly, that’s a very small percentage of the population. Of course, the percentage of people that can afford…
How the Wealthy Use Their Charitable Foundations for Good
How the Wealthy Use Their Charitable Foundations for Good What do Bill Gates, Mark Zuckerberg, Paul Allen, Gordon Moore, and Michael Bloomberg have in common? Of course, they are all among the world’s wealthiest individuals, but these men also have something else in common. They’re all on the list of the world’s most generous people.…
Could This Become the World’s Most Expensive Car?
Could This Become the World’s Most Expensive Car? World’s Most Expensive Car Got your eyes on a sweet, new ride this year? The luxury car market is a hot market to be in so it’s a good place to put your money if you’re interested in a new set of wheels. You have plenty of…
Should You Buy a Private Island?
Should You Buy a Private Island? From private yachts to private hotels and from private jets to private concerts, the world’s richest people can afford and enjoy some of life’s most luxurious splurges. So what buy private island? Have you ever considered owning your own piece of heaven? The private island market is not a…