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| Did you know that it is possible to prevent the bitter bickering between siblings that often accompanies the inheritance of property from a parent? |
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"If you have not created a will or living trust, or need to update your will
or living trust but haven't...then you need to read the Estate Planning Organizer."
Dennis Toman |
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| Stop Surfing. Start Learning. Now. |
| At EstatePlanningLinks.com you’ll find hundreds of well-organized, time saving links to Estate Planning, Elder Law, Tax and related websites. |
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Estate Planning |
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Why you shold prepare an Estate Plan
Putting your financial house in order |
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| It is a common misconception that estate planning is important for only those with money or who are advanced in age. This myth is a cruel deception. |
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| What
is an Estate Plan |
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| An estate plan is a written expression of how you want your assets to be owned, managed and preserved during your lifetime and how you want them to be disposed of upon your death. |
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| What is Estate Planning? |
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Arranging for the distribution of one's wealth is what estate planning is all about. A critical part of estate planning is creating documents that outline your wishes for distributing your assets after you die. Every individual has an estate plan. If you do not have a formal written will or trust, your estate plan is created out of default by your state. Every state in America has laws governing the distribution of property when a person dies without a will or trust. If you have not made any provisions for the distribution of your estate before you die, your estate would be distributed according to your state's "intestate succession" statutes which provide for the distribution of your estate to your spouse and relatives in an order established by your state's law.
So, as discussed your choices for estate planning are as follows:
• Doing nothing
• Preparing a Will or a Trust |
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Download Your FREE
7-Step Estate Planning Mini-Course |
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| Simply fill in your name and email below, press Instant Access, and then in 30 seconds check your email for part 1 of our 7-step email mini-course, in cooperation with The Estate Plan Center |
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Part 1: How to Choose the Right Plan
Part 2: How to Avoid Probate
Part 3: How to Eliminate Estate Taxes
Part 4: How to Transfer Your Assets into Your Living Trust
Part 5: 2 Common Mistakes You Must Avoid Making in Your Trust
Part 6: How to Simplify Settling Your Estate
Part 7: Top Things You Need to Tell Your Children |
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The Common Sense Consumers Guide to Estate Planning:
Top 7 Estate Planning Questions for General Public...Answered
Free Estate Planning Course answers your questions, to save hours of surfing the Internet. |
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| Privacy: We will not sell, rent or share your email address with anyone. |
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| What is Estate Planning? |
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Traditionally, estate planning has involved creating a will. A will is a legally binding document that addresses how your assets will be distributed at your death and also names an executor who will assist with the administration of your estate.
A will is a flexible tool that can be changed at any time as long as you are mentally competent. In addition to naming distribution of the estate, your will can:
• Designate a trust to be established for family members after assets go through probate. (This type of trust is known as a testamentary trust not to be confused with a Living Trust.)
• Nominates a guardian.
• Direct how debts, taxes and expenses are to be paid.
Some of the advantages of a will are:
• Disputes can be settled through the probate court.
• A will is traditionally cheaper to prepare than a trust ($200 to $2,000).
• The probate process can lessen the time allowed creditors to make claims against your estate.
• Probate estates can select a fiscal year rather than a calender year for income tax purposes.
By preparing a will, most people feel they have effectively safeguarded their family's inheritance. However, this is often a false "peace of mind". A Last Will and Testament outlines your wishes about the distribution of your property after death, but testamentary documents such as wills usually require probate. In preparing only a will, you may be forcing your loved ones through months, even years, of agony in the probate court. In some states, probate can take 10% of your GROSS estate.
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| How To Protect Your Children And Their Inheritance From The Trials Of Probate By Following Practical, Step-By-Step Tips In My Paint-By-Numbers Estate Planning Kit, And Avoid a Lengthy And Costly Catastrophe! |
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