Most people think of trusts as a way to structure their estate plan or as a means of providing financial stability for heirs and beneficiaries who may squander their inheritance without proper guidance. While it is true that trusts are an excellent way for people to control their legacy and how people use their assets after they die, these are not the only roles that a trust can play in your life.
Regardless of your age, creating an estate plan is a detailed process that requires your full attention. If you make all the right decisions, it will give you and your loved ones peace of mind. However, if you make any mistakes, it could result in trouble down the road.
When a person first starts to think about planning their estate, it is likely that they feel confused as to where to start. Over the years, different assets in the form of property and insurance or retirement plans can be difficult to plan. You may also be conflicted on how you would like to distribute your assets, especially when you have grandchildren or expect to have grandchildren in the near future.
Many people think that only the very rich need estate planning. In reality, even if you only own a modest home in Fort Collins or if you do not think you have enough assets to make it worthwhile, you should still put an estate plan in place. Not only will an estate plan give you peace of mind in case the worst happens, having one will alleviate the burden and stress to your family caused by your death.
What is an estate plan? It is a series of documents in which you provide instructions and declarations regarding your care if you were ever mentally or physically incapacitated and specifies how your assets should be distributed upon your death. An estate plan is created with an attorney and may involve several meetings or discussions in which the attorney will ask questions designed to gather information about your financial, medical and family issues to prepare your planning documents. It also may entail your attorney working with your other professional advisors, such as your financial planner or CPA, in order to gather necessary information and develop a plan which best suits your needs.
Did you think Obamacare would be free? These are some of the new taxes you will be paying to pay for Obamacare:
Our country is headed for a "Fiscal Cliff" that will affect everyone. Are your Wills, Trusts and general Estate Plan prepared for this potential financial calamity?