When it comes to estate planning, it's never too early for an adult to draft a will, advanced directive or a durable power of attorney to protect his or her interests. It's not necessary for an individual to be rich, married, own his or her own home, have kids, a really good job or own a business to have these drafted. Everyone can benefit from planning their estate.
Posts tagged "Estate Planning"
When it comes to estate planning, you shouldn't forget to address your retirement plan when getting your affairs in order.
Some reports cite that there may be as many as 5.5 million family-run businesses in the United States. It's estimated that these corporate entities contribute just over $8 trillion to the American economy each year.
While many Americans age 65 and older have wills in place, few take time to have an advance directive, also known as a living will, as well.
A guardianship gives one person the ability to make decisions for another should he or she become either temporarily or permanently disabled. The incapacitated individual that a guardian may be appointed to represent is known as a ward.
If you've built a successful company from the ground up, then there's a strong likelihood that you're looking to do what's necessary for it to remain viable once you've either retired or passed on. Planning for the future of your business is a process known as succession planning.
In the United States, women generally outlive men by nearly five years. Although they may live longer than their male counterparts, they earn far less income than men over the course of their lives. The combination of these two factors makes it even more critical that women engage in estate planning just as much, if not more, than men.
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.
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.