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.
Can a Trust Help You Save on State Income Taxes?
Of course, when it comes to lowering taxes almost all taxpayers first and foremost focus on taxes at the federal level. There are of course many ways to save on federal income taxes and the majority of taxes we all pay go to the federal government. So it makes sense that most taxpayers put…
Do You Still Have Outstanding Business Tax Returns?
Do You Still Have Outstanding Business Tax Returns? Entrepreneurs have a lot on their plate, as do all business owners. However, whether you’re just starting out or you’ve been in business for years, you need to makes sure that you stay up to date on your taxes. Missing taxes returns or filing them late can…
IRS Will Get its Share From Olympic Medalists, Too
IRS Will Get its Share From Olympic Medalists, Too If you’re like most people in the country, and many others around the world, then you’ve been watching the Summer Olympics over the last 10 days or so. After all, they only happen once every four years. There have been many exciting storylines, like Michael Phelps’s…
Apple Not Ready to Bring Foreign Income Back to U.S. Anytime Soon
Apple Not Ready to Bring Foreign Income Back to U.S. Anytime Soon Despite all the wonderful products and groundbreaking technologies Apple has been responsible for over the years, the tech giant is certainly no stranger to criticism. That criticism comes in many forms, including from competitors and those who prefer competitors’ products. There are also…