Did you know that the first step to estate planning is setting goals? The types of goals you set for your estate depends on your situation, income, assets, family and when in your life you sit down to plan for your estate. If you plan early, for example, your goals might include wealth building and saving. If you begin estate planning later in life, then your goals might be more about protecting what you already have or ensuring your assets are passed on following your wishes. Whatever goals you have for your estate, we've provided some tips for strong goal setting below.
In the past few weeks, we've discussed a lot of issues related to estate planning and preparing for the end of your life and the passing on of your assets. While it's never too early to handle such decisions or begin to prepare, we know that you might be at a stage in your life where other legal concerns are loaming. One of those concerns might be how to form your own business.
We often tout the benefits of considering your end-of-life decisions now. Whether that looks like setting up a health care proxy so someone can make decisions on your behalf during an emergency or creating a will so your wishes regarding your assets are carried out, we think estate planning is important. One thing that goes along with this type of thinking for many is preplanning end-of-life celebrations.
It is incredibly tempting for anyone who has wealthy parents to have "great expectations" for his or her future inheritances. In fact, many Kentucky residents have such great expectations that they completely neglect the need to plan for their retirements, and they put their financial security on the line, betting on the hope that they will one day receive a sizable inheritance that will make up for their won lack of retirement savings.
As millions of people around the world are still reeling from the sudden death of music icon Prince and his cause of death is still being determined, now comes news that he reportedly didn't have a will or perhaps any kind of estate plan in place. Therefore the fate of his multi-million estate is now up in the air.
A common question that estate planning attorneys receive about living trusts is whether or not the property inside a living trust will be protected from creditors. Unfortunately, the straightforward answer to this question is no.
The one thing in life that you should not put off is your estate planning. We all think we have at least one more day, but if you listen to the news, you should know that accidents happen every day. Not only should you prepare for your family's well-being after your death, but you should also be prepared for an unseen event that could leave you incapacitated. In the latter instance, others may end up making decisions for you if you have not made them in advance.
David Bowie, legend and rock star, might live on in more than just his music or his colorful performances. Bowie passed away from a bout with liver cancer just two days after turning 69. Well known across the world for being one of the great pop artists, he had just finished releasing "Blackstar," his latest album.
There are different reasons why people create trusts instead of just having a will. Some people create a living trust so they can still control their assets and property while they are living, but can also take advantage of tax breaks or to avoid having their assets go into probate. Many people see wills and trusts as something only for the wealthy or those with a high net-worth. However, trusts are not just for the wealthy. There are many other reasons why you might have a trust, other than to transfer high-value property or assets.