When you sit down to discuss your estate with an estate planning lawyer you should be prepared to share all of the relevant details. If you leave out anything important your estate can wind up being quite tangled after you pass away, and the primary purpose behind making preparations is to enable smooth asset transfers when the appropriate time arrives.
Estate planning and retirement planning are naturally connected. If you have particular ideas in mind with regard to what you want to be able to do for your family after you pass away these intentions could impact your retirement budget. Clearly, you can't provide inheritances if there is nothing left after you pass away.
Alzheimer's disease is more common than a lot of people may think. The Alzheimer's Association does a lot of great work with regard to research and education, and they tell us that somewhere in the vicinity of 40% of the oldest old are suffering from this disease.
Acute intoxication was listed as the cause of death when the artist Thomas Kinkade passed away recently at the age of 54. Kinkade was very successful financially and it is estimated that the value of his estate when he died was somewhere in the vicinity of $65 million.
As you are weighing your options with regard to estate planning vehicles you would do well to consider the advantages of revocable living trusts.
When you are a young child you invariably look forward to Christmas and your birthday because you know that you will be receiving gifts. Giving someone a gift seems like a very innocent and kind gesture, and the last thing that you are probably thinking about when you consider doing something nice for someone is taxation.
When you start to plan your estate in earnest you would do well to consider the details that must be attended to after you pass away. Unless the situation is very simple there are going to be some considerable tasks that must be undertaken by the individual or individuals that you choose to administer the estate.
People sometimes make estate planning mistakes that result in truly devastating consequences. With this in mind you would do well to take pause before starting a joint bank account and relying on your co-account holder to distribute your resources to your various heirs after you pass away.
If you are in a position to simply go about your business with no financial constraints during retirement you are in a fantastic position, but it is in fact a minority position. Most people are going to have to plan ahead carefully to be able to have the resources necessary to finance a reasonably comfortable retirement.
The estate plan that you originally put into place is going to be based on a snapshot, but life itself is more akin to an ongoing motion picture. As a result you would do well to look at estate planning as an ongoing process that will involve revisions along the way.