Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
Your estate planning is done, but is it? A periodic review is an important ongoing step to your planning.
Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning excuses stand in their way.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Being married is significant both for a married person’s lifetime estate planning and subsequent administration of the estate at death. Important rights and responsibilities exist between married persons.
If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
In terms of federal tax law changes, the last year had much ado but little change.
Estate planning is a term generally applied to the steps taken to create a roadmap for a person’s assets when they die or become incapacitated.
