|
| |
Address Issues You Can Control When Doing Estate Planning
|
|
| |
| |
The future of federal estate taxes remains up in the air. No one is certain whether the Obama administration will offer a new taxation plan when current regulations expire after 2010.
In the meantime, anyone doing their own estate planning should focus on the important issues that are in their control. It also helps to set up a record-keeping system for executors and trustees that will make it easier to turn over your assets and take care of your dependents and beneficiaries.
Consider scenarios
You have to plan for several eventualities, and all should be addressed in your will or trust.
For instance, if both spouses die simultaneously, at what ages should property be available to your children? Who should be the guardian of children? Who would succeed that guardian if he or she became unable to serve?
How should property be distributed if you die before your spouse? What if your spouse dies before you? What if you die before a financially dependent parent or child?
Physical stuff too
Too often personal property is forgotten in estate planning. Simply saying that heirs "will sort things out" is not the best way to handle things. Sometimes this can lead to family feuds over emotionally -loaded items.
Discuss with family members and friends their desires to have items of sentimental and monetary value, and include written instructions to your executor or trustee.
Leave good records
Don't leave your executor, spouse, children or trustee scrambling to put together the jigsaw puzzle of your financial life.
Provide them with an annually updated list of all assets and liabilities complete with account numbers and custodian names.
Make sure information on employee benefit plans is available. Executors and lawyers also need copies of all gift tax returns ever filed.
Also leave good information on any charitable organizations that are due to receive a bequest upon your death.
© OSB Financial Services, INC. rights reserves. Information has been obtained form sources believed to be reliable, but its accuracy and completeness and the options based thereon, are not guaranteed. Always consult your a financial adviser and prospectus before making an investment
©2010, Kelly Ruggles Web site
Kelly C. Ruggles is a fee-based financial planner located in Spokane.
Kelly C. Ruggles, President of American Reliance Group, Inc., a registered investment advisor.
Kelly Ruggles is the author of "The Financial Playbook" for Retirement
Kelly C. Ruggles does not intend to provide personalized investment advice through this publication and does not represent the strategies or services discussed are suitable for any investor. Investors should consult with their financial advisors prior to making any investment decisions
|
|
|
|
|
