8. The point of this is to minimize legal disputes, ensure your estate lands in the correct hands, and estate planning can even avoid and decrease taxes. Make sure you hire someone to take care of your best interests when you're ready to plan your estate. Many people feel that an estate plan is only for rich people, but that isn’t the case. Estate planning allows you to prepare for what happens to your estate when you pass away. Estate Planning For Dummies 1st (first) by Caverly Esq., N. Brian, Simon, Jordan S. (2003) Paperback Paperback – January 1, 2003 4.2 out of 5 stars 112 ratings See all formats and editions Hide other formats and editions Lawyers who specialize in estate planning can help you cover all contingencies and help make sure that your plan is complete. In short, estate planning is arranging a person’s estate during their life and after their death. These may include a will, health care proxy, and durable power of attorney. Consumers Reports explains the steps you need to take. An estate planning checklist is a guide on how to plan an individual’s assets and end-of-life health care if they should become incapacitated or upon death. (This exemption amount rises each year to adjust for inflation.) You want your will and trust to be legal, so it makes sense to meet with a lawyer to form your estate plan. Estate Planning for Dummies: What Is It? Most estates -- more than 99.7% -- won't owe federal estate taxes. Julie Ann Garber is an estate planning and taxes expert. But many fail to get the job done. The attorney's role will include guiding you through the creation of fundamental estate planning documents. It is the best tool you have to avoid probate. By following the checklist, an individual can get an idea of the estate laws in their State and choose which forms suit their personal financial situation best. Estate planning is essential for protecting your family and yourself. The tax advisor can help you with any associated tax issues. Creating a comprehensive estate plan Straightforward, reader-friendly, easy-to-use, Estate Planning For Dummies is the ultimate guide to planning your family’s future. And while this type of specific planning may allay the need for a Will, it is always a good idea to have a Will in place, even if you do not need to put that Will through probate. For deaths in 2017, the federal government will impose estate tax at your death only if your taxable estate is worth more than $5.49 million. Use the tips in the following list to prepare for your meeting: Ask about your lawyer’s experience. It's important to work with an attorney and possibly a tax advisor on your estate plan. With over 25 years of experience as a lawyer and trust officer, Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications. As we mentioned before, estate planning also includes preparing for any situation that leaves you unable to manage your own affairs. If you own anything of value or if you have dependents who need to be cared for if you were to pass unexpectedly, you should have a plan. Estate planning for dummies = the maximization of non-probate asset designations. Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or incapacitation. Understand estate taxes.
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