A New Year means new goals. Besides drinking less and working out more, most Americans do not consider updating their estate planning documents after the first of January rolls around. While this may seem more dreadful than the elliptical, it doesn't have to be. If you know the important items and provisions of the documents, you can skim through without revising them in their entirety. Here are some key points to keep in mind while reviewing:
Why is estate planning so important? We can all probably agree that talking about or even thinking about death is something most would like to avoid at any cost. Death is never an easy subject. However, being prepared by having an estate plan can help make one of the most difficult times in your life a little less painful.
Proper estate planning is crucial for every person no matter how big or small your estate is. After news spread of the tragic passing of famed actor Robin Williams, we also learned that Williams planned ahead with a trust for his children. According to TMZ, Williams enacted a trust where each of his three children would receive a third of the trust fund upon reaching a certain age, and it was not dependent on his death. Reportedly, he did this in an effort to not spoil them at a young age.
Estate planning and medicaid. Why Revocable Trusts won't help you qualify for Medicaid.
Storing Your Estate Planning Documents
Estate Planning & Pennsylvania Inheritance Tax would have applied had the late actor, James Gandolfini, died in PA.
Estate Planning Gone Wrong? The Federal Estate Tax due on James Gandolfini's estate could be pretty stiff.
When considering your estate planning options, why is a special needs trust necessary?
Why do I need a will ? In Pennsylvania, every person should have a will no matter how small or large your estate is. As we all know, there are two things in this life that are certain: death and taxes. Planning for your demise is something that you probably do not want to do, but it something that everyone should do. A will is one of the only documents that is enforceable after you die and it dictates how your assets will be distributed upon your death. It can also save your estate in taxes after you pass. Proper estate planning is crucial.