While love is still lingering in the air from Valentine’s Day, it appears to be a good time to discuss protecting your loved ones after you are gone. With a few conversations and simple actions, you can create the value that comes from estate planning. Yes, the conversation can be difficult but the actions don’t have to be that complicated. It can be the greatest gift you leave your spouse and children.
Capitol Hill has yet to decide the fate of the estate tax code but that is no excuse to ignore pressing decisions. An estate plan is what you create to direct your assets after your death. This isn’t a romantic topic, so we waited until the week after Valentine’s Day to bring it up. However, it is an important aspect of your finances and a way to provide for your loved ones. Creating an estate plan can help to make sure that your wishes for your assets are carried out to your satisfaction and that your loved ones are taken care of long after your gone. Good planning provides direction, resources and simplification of an emotionally challenging time for those left behind.
An estate plan sounds complex and expensive and it can be, but there are simple things you can do. In investing we measure ROI – return on investment. I have literally witnessed people invest a few hundred dollars in legal fees and save tens of thousands in taxes or fees that would have been paid without the planning. That is a nifty ROI!
Just because your estate isn’t larger than a $1,000,000 doesn’t mean you may not need some coordination of your assets. By using proper transfer language on deeds and titles, confirming beneficiary designations on insurance policies (don’t forget to check those at your employer) and simple letters of instruction to survivors, a great deal of time and money can be saved even on smaller estates.
However unpleasant to think of, we all must remember we could die tomorrow and I don’t think that any of us wants to leave our loved ones with the burden of an unplanned estate. This is why it is important to take the opportunity to talk with attorneys, financial and tax advisors to get help in creating an estate plan that you can rest in peace with. My professional experience has been that most people either do no work on their estate plan or only deal with one advisor on their estate plan. You will maximize your results and increase your ROI – in my opinion – if you make your plan work in concert. You need solid tax advice, good financial direction and the right legal forms to make it all work.
Joseph Clark is a Certified Financial Planner of the Financial Enhancement Group, LLC. This material does not constitute tax, legal or accounting advice. Comments on taxation are based on FEG’s understanding of current tax law, which is subject to change. Individuals are encouraged to seek advice from their own tax or legal counsel. Big Joe can be reached at bigjoe@yourlifeafterwork.com, or 640-1524.
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Big Joe Clark: Talk with loved ones about estate planning
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