Wills, Trusts, and Assets
Though planning for the disposition of assets after your senior's death isn’t the most pleasant task, it will allow heirs to avoid heavy estate taxes, probate costs, and other expenses. If your senior owns a car, furniture, a house, or money in a retirement fund, there are assets you need to protect and plan for, including:- Federal estate taxes are due nine months following a death, and many heirs are unprepared to pay them.
- If you have not arranged for custody of minors and made financial provisions for them, they could face an uncertain future.
- Business owners who don’t plan for their succession can jeopardize the future of the business and create family strife.
- The probate process can be time consuming and expensive.
- Will - a will names the heirs of your estate (family members, friends, and charities) and stipulates how your property is to be distributed.
- Trusts - reduce future estate-tax burdens, avoid probate and provides for minor children.
- Powers of attorney - a document that communicates your wishes about health care and property should you become unable to communicate them.
- Estate-tax exemptions - the size of your estate, leaving the entire amount to your spouse, your family, or a charity.
- Life Insurance - a life insurance policy can help your heirs pay estate taxes and other expenses arising from your death.
- Advance Health Care Directive - advance care planning is the process of making decisions about what kind of care you would want at the end of your life if you were unable to communicate or make decisions for yourself. Click here to learn more.
For legal advice on Estate Planning contact:
Kathleen Lawler Bodmer, Attorney at Law, PC.
4450 Capitola Road, Suite 106, Capitola, CA 95010
Office: (831) 462-3220
Fax: (831) 462-2496
Email: klbodmer@bodmerlaw.com
If you have questions regarding Long Term Health Insurance or Annuities, contact:
Dan Nicholas,CLU, CLTC
(831) 421-9995
www.dannicholasclu.com
