Estate planning is about accumulating and disposing of your assets.
Estate planning includes planning in case you become unable to speak for yourself, either temporarily or permanently:
- To keep your financial affairs on track.
- To assure that you receive the medical care you want, and don't receive the medical care you don't want.
At the least, make sure:
- You have executed healthcare advance directives so your medical care wishes will be respected even if you become unable to communicate
- You have a valid will that cannot be challenged because of your health at the time you execute it
- That you name a guardian or make another provision for minor children
- That important papers can be located easily
- That passwords for online accounts are accessible
- That you have arrangements in place to take care of pets immediately upon your demise and thereafter
To learn more about the subjects of interest to you, please see:
- Accumulation of Assets
- Disposition Of Assets
- How To Take Care Of Minor Children
- In Case You Become Incapacitated And Can't Or Don't Want To Speak For Yourself
- Communicating With Your Heirs About Your Desires And Your Estate Plans
- If You Are In Debt When You Die
- How To Protect Your Digital Assets (Passwords etc.)
- A Checklist for The Person Who Will Be In Charge
NOTE: If your estate is close to the amount when the federal estate tax starts, it is advisable to consult a tax accountant or attorney. For 2016 the estate and gift tax exemption is $5,490,000. There is no federal estate tax for estates under that amount. (There may still be a state tax.)
To Learn More