In a series of ongoing posts, we've been examining how those who find themselves in the unexpected position of being able to leave a not insubstantial amount to a favorite charity need to carefully consider all of the their options, including the creation of a charitable remainder trust.
Posts tagged "estate planning"
While the prospect of sitting down to create a comprehensive estate plan is not necessarily the most enticing prospect, those who have invested the necessary time, money and energy often find themselves left with considerable peace of mind once the process is completed.
Last month, we began discussing how even though people might harbor doubts about ever being able to give more than a nominal amount to a favorite charity at the outset of their careers, they may ultimately find themselves in a position to do exactly this after 30-40 years in the working world.
When most people start out in their professional lives, they likely never envision themselves being able to give more than a nominal amount to a favorite charity. After all, there are student loans, mortgage payments, credit card bills and, of course, child-related expenses to consider.
While most of us would prefer to think otherwise, the simple truth is that procrastination is not a habit that disappears as we mature. Indeed, most people can just as easily find a reason for not cleaning the house or examining the household budget during their older years, as they could for not doing their homework during their younger years.
A few months back our blog began discussing how powers of attorney, which allow a person to vest a trusted individual with the authority to act on their behalf, are a truly vital component of any comprehensive estate plan.
It seems as if major corporations or tech companies now release new apps, software or electronic devices designed to make our lives that much simpler on a semi-regular basis. Indeed, it can be easily argued that thanks to these regular releases it's now easier than ever for us to order items, deposit checks, monitor bank accounts or perform other essential everyday tasks.
There's no question that some people in Utah and other areas tend to avoid discussions about their own mortality like the plague. Others understand that discussing such issues ahead of time may help family members avoid problems later. Some say it is never too soon to develop careful estate planning skills, whether one is still young and just starting out in life or approaching the so-called golden years with a well-established amount of assets.
In our previous post, we started discussing how those seeking to create a comprehensive estate plan -- meaning one that addresses the possibility of both their untimely demise and their sudden incapacity -- must consider the execution of everything from guardianships and health care directives to beneficiary designations and, of course, powers of attorney.
When it comes to estate planning, most people are well aware of the need to execute a will or create a trust to address the disposition of their assets. While this is undoubtedly true, it's important to remember that these instruments are just part of what can truly be called a comprehensive estate plan.