An introduction to the world of taxes in the year of death.
While it might be hard to imagine now, chances are you’ll need some help taking care of yourself later in life. Whether for injury/surgery rehabilitation, a chronic medical condition or advanced-age limitations, the time may come for aid.
Estate planning will effect almost everyone at some point in their lives, whether it’s through creating their own estate plan, or through being a party to someone else’s estate. Despite its far-reaching effects, most of us are still in the dark about what estate planning entails. This results in a lot of problems that arise by the time it’s too late to fix them, as there is no revising your estate plan once you pass away. Fortunately, the most common estate planning mistakes are easy to avoid.
In 2018, it is easier than ever to seek legal services through websites such as Nolo.com, BuildaWill.com, and LegalZoom. Although these sites may seem like a cheaper alternative to hiring a lawyer, their pitfalls and shortcomings can result in expensive mistakes. These ‘do-it-yourself’ websites lack the expertise, skill, and comprehensive knowledge to handle most legal matters effectively.
No one likes to think about death or being alone; perhaps these innate fears are the reason many of us fail to plan for the inevitable. But plan you must. Couples especially should place estate and financial planning at the top of their lists of priorities, and here’s why:
Aretha Franklin, The Queen of Soul, passed away on August 16th, leaving behind four adult sons and a considerable estate—Franklin’s estimated worth was approximately $80 million. But with such a large estate and the means to plan for the inevitable, Aretha Franklin nonetheless did not leave a will.
Life is unpredictable and bad things happen. If you were to suddenly become incapacitated or hospitalized today, would your loved ones know where to find your important information or know how to handle your affairs? The solution for preparing for these unpredictable moments is the creation of a Just-In-Case list, also known as a letter of instruction. This list is created by you to help your loved ones navigate your personal records and financial information. This checklist will get you thinking about organizing your information to save your family an enormous amount of time and effort and take out any guessing about your wishes.
Plan for the future of your estate and assets. An estate planning attorney can guide you through the process of reducing or eliminating estate taxes and navigate you through the ramifications of the new tax law.
Have you ever wondered what will happen to your Twitter, Facebook, and Bitcoin accounts after your death? In an era dominated by technology advancements, proper estate planning for the modern day incorporates final digital asset wishes into Last Will and Testaments. Anticipating and arranging digital media assets prior to death will do more than give you peace of mind; it will simplify the process of managing your post-death estate for your family, and trustee.