Estate planning is a process that involves making advanced plans for end-of-life issues and for property and assets when one passes away. Any person may become sick or hurt, creating a situation where they need nursing care or where tough choices must be made about medical treatment. Every person will eventually pass away, which cause undue problems if no plans could have been made regarding assets and property. Estate planning utilizes legal and financial tools to address the issues that arise in case of illness, incapacity, and death. The planning process is different for everyone, because you may have your own unique goals, like supporting a charity or paying for your child’s college education. A good attorney will listen carefully to you, ask questions that help you to shape the estate planning process, and assist you in using the right tools. When Should I Make an Estate Plan?It is important to make an estate plan as soon as you have assets, have anyone depending upon you, or have become an adult with your own opinions about your medical care. Many people mistakenly believe estate planning isn’t something they need to worry about yet, but this is simply not true. Simple Steps to an Estate PlanYou may have heard that you need to make an “estate plan,” but what does an estate plan cover and how do to make one? Here is a simple list of the most important estate planning issues to consider. Make a will.In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent. Consider a trust.If you hold your property in a living trust, your survivors won’t have to go through probate court, a time-consuming and expensive process. Make health care directives.Writing out your wishes for health care can protect you if you become unable to make medical decisions for yourself. Health care directives include a health care declaration (“living will”) and a power of attorney for health care, which gives someone you choose the power to make decisions if you can’t. (In some states, these documents are combined into one, called an advance health care directive.) Make a financial power of attorney.With a durable power of attorney for finances, you can give a trusted person authority to handle your finances and property if you become incapacitated and unable to handle your own affairs. The person you name to handle your finances is called your agent or attorney-in-fact (but doesn’t have to be an attorney). Protect your children’s property.You should name an adult to manage any money and property your minor children may inherit from you. This can be the same person as the personal guardian you name in your will. File beneficiary formsNaming a beneficiary for bank accounts and retirement plans makes the account automatically “payable on death” to your beneficiary and allows the funds to skip the probate process. Likewise, in almost all states, you can register your stocks, bonds, or brokerage accounts to transfer to your beneficiary upon your death. Consider life insuranceIf you have young children or own a house, or you may owe significant debts or estate tax when you die, life insurance may be a good idea. Understand estate taxesMost estates — more than 99.7% — won’t owe federal estate taxes. For deaths in 2017, the federal government will impose estate tax at your death only if your taxable estate is worth more than $5.49 million. (This exemption amount rises each year to adjust for inflation.) Also, married couples can transfer up to twice the exempt amount tax-free, and all assets left to a spouse (as long as the spouse is a U.S. citizen) or tax-exempt charity is exempt from the tax. The Estate Planning ProcessIt is natural for many people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that only the wealthy require estate planning or that all that is involved is tax planning, which can be done “later.” They may well be wrong on both counts. Your level of wealth and the ultimate tax consequences of your estate become secondary to the planning and care of your family and other heirs. A well-structured estate plan is invaluable. Through it, you can control the distribution of your assets and possessions, as well as name guardians for your children or plan care for other dependents. While the estate planning process can raise some difficult emotional and personal issues, your heirs will be glad you did it, and you will know that your wishes are assured. Start Your Estate Plan With Ascent Law TodayYour first step should be to assemble a competent, professional estate planning team. Your attorney, financial service professional, insurance agent, bank trust officer, and/or accountant are all possible members of your team, depending on the size and complexity of your estate. They can help you complete an analysis of your current estate by looking at your financial position as of today and helping you analyze your family’s needs for the future. Does a family member have special needs or require medical attention? How much will an education cost when your children reach college age? How will your family’s overall cost-of-living requirements change? How will estate taxes affect your assets as they are currently held? The answers to these questions can help you develop an estate plan that will adequately provide for your family’s needs. What Information Should Be Gathered For Estate Planning?A thorough estate analysis requires gathering any and all materials involving current or future income, property ownership, insurance, and legal arrangements already in place. This includes records of the following: Steps To Estate PreservationIf you begin planning in a timely fashion, there are clear, legitimate methods that allow you to take steps to preserve your estate and minimize estate taxation while satisfying both the Internal Revenue Service (IRS) and the courts. You will also save your heirs needless effort and expense. Consider the following steps: Reasons You Need an Estate PlanWhile there are a variety of reasons why people decide to meet with an estate planning attorney and create an estate plan, here are the most valuable reasons. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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