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Also ask yourself the following: Is it important to you who the guardian of your minor children is if you die? Is it important to you who receives your assets when you are gone? Do you want to maximize the value of your estate? Would you want your heirs to pay the least amount of taxes when you are gone? Are you interested in your business continuing if you die? Again, if you answered yes to any of these questions you probably need an estate plan. An Estate Plan is a plan for the disposition of one's property at death, including the handling of property in the event of incompetency or total disability of the estate owner. A will is part of an estate plan. For me, my estate planning was motivated by my strong desire to take care of my child Kenneth and my wife Nelly when I am gone. I suspect most people want to take care of their loved ones as well, but aren’t sure how to do it or just haven’t got around to it. I tell you, I was relieved when my estate plan was done. I knew I had done the responsible thing and that my family would be taken care of when I am gone. There is only one way to legally provide for your loved ones after you die, by creating a will or living trust. Remember, without a trust or will, the state you lived in will divide your estate according to state laws. An estate plans purpose is to create an effective and efficient disposition of your property during and after your life. Reducing taxes is also another very important reason for having an estate plan. Not only does having an estate plan reduce your taxes upon death, it greatly reduces the administrative costs, especially if ownership of assets is disputed or if heirs are unsure of your intentions. The costs of estate taxes and administrative costs can result in your estate losing 60% to 80% of its value! Here are some things an estate plan can do for you. Reduces taxes on your estate when you die. Chooses who executes your plans when you are gone Gets your assets and property to your heirs quickly Provides for an orderly succession and continuation of your business. Plans for incapacity This is just a brief overview of estate planning and why you may need a plan. There is a ton of information about estate planning, types of estate plans, wills, and probate available to consumers on the web. You can go here for some good links. Or feel free to contact one of the attorneys on the Estate Planning/Trust attorney Registry on this site. Disclaimer* I am not an attorney and the information provided on this website is not to be construed as legal advice. Please consult a competent attorney for consultation about your particular situation. ESTATE PLANNING LINKS Nolo is the nation’s leading provider of do-it-yourself legal solutions for consumers and small businesses. They help people handle their own everyday legal matters -- or learn enough about them to make working with a lawyer a more satisfying experience. Just click on the wills and estate-planning link on their home page at nolo.com. I also like their glossary, which defines terms related to estate planning, trusts, probate, and wills. Nolo's Website The State Bar of California has a great section on estate planning as well wills and trusts. You can read online or download and print PDF file. In fact it is a good unbiased legal resource center for just about all types of law. Cal State Bar/Estate Planning Help Websites often change links. If the above link is broken you can just go to the State Bar homepage then follow the navigation bar on the left to Publics Services then to Consumer Information then to Pamphlets. Scroll to the bottom to find links to estate planning, wills, and probate. Attorney Joel J. Loquvam has one of the best Estate Planning Attorney websites around. It has a lot of good solid information and lots of free reports. Check it out! Joel J. Loquvam's website |
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