If you are
like many other American families, the current upheaval in Washington regarding the fiscal cliff (and
the estate and gift taxes) doesn’t particularly interest you. However, while
the discussions in Washington
generally only affect the extremely wealthy, don’t be fooled. You still need an
estate plan for yourself and your loved ones.
No matter
your net worth, it’s important to have, at the bare minimum, a basic estate
plan. Such a plan ensures that your family and financial goals are met after
you die and may include components such as a Will, a Durable Power of Attorney,
a Living Will or Medical Power of Attorney, and possibly even a Trust.
So, now that
you know you need some sort of estate planning, you may be wondering where to
begin. A good place to start is taking inventory of your assets. Your assets
include your investments, retirement savings, insurance policies, and real
estate or business interests.
Then ask
yourself three questions: Whom do you
want to inherit your assets? Whom do you want handling your financial affairs
if you’re ever incapacitated? Whom do you want making medical decisions for you
if you become unable to make them for yourself?
Now, be sure
to consult with your estate planning attorney to ensure your estate plan is
properly drafted and executed. Preparing your own estate plan is not a safe DIY
project, especially when the protection of all that you have and everyone you
love is at stake.
For more information about estate planning in Torrance, CA please visit my website.