Johnson Law Firm
The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.
There’s no single path for everyone to follow. However, you might consider establishing a trust, which offers some key benefits.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind.
If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
Various types of property, such as bank accounts and real estate, can be owned jointly with another person(s).
Naming secondary beneficiaries can help estate planners avoid the delay and costs of going through probate, as well as ensure that your wishes are carried out.
Hobbies are part of what makes life fun. Some of them come with a major bonus: They just might lengthen your life.
