You’ve worked so hard to build your net worth, but it could fall into a sinkhole if you don’t do estate planning. Estate planning isn’t just for the rich, it is a necessity for everyone, and estate plan will allow you to pass along what you own to whom you want to receive it, the way want them to receive it, and when you want them to receive it.
A will is a good start. Seventy percent of Americans with children under 18 in the household don’t have wills. If you don’t make a will, the courts may decide the distributions of your assets for you. The will should take into account all you own and all the potential beneficiaries.
One element of the will should be the living will, where you specify medical directions for life support by artificial means. Another element of the will should be durable power of attorney; this allows someone else to act on your behalf in case you are incapacitated. It’s important that all investment titling and beneficiary designations are working in concert with your will or other estate planning documents.
Speak with your estate and tax planning professionals to evaluate any potential tax ramifications and call us today to learn more about strategies and resources that may help you preserve your nest egg.