| |
|
Article Directory :: Finance & Investment Articles
Those of you who aren't wealthy, generally think that estate planning is only for the rich. But on considering a few simple questions and seeing what can happen to your wealth, you might reconsider having no estate plan. This article gives a few simple examples of why estate planning is necessary for almost everyone.
So how much wealth should you have to consider making some sort of estate plan?
It really comes down to the issue of making sure whatever you do have goes to whoever you want and not needlessly wasted - not an amount of money.
If about a third up to all of whatever wealth you do have - no matter how small or great - were to go to the government or anyone else other than who you intend to get what you have unless you 'plan' otherwise, would you then assure a plan for its transfer?
Presented this way, I think more people may consider doing some planning. But what still needs to be stressed to get the remainder to plan is that many people simply aren't aware of:
* What situations will put their wealth in jeopardy to be lost, and
* How much of it will be lost.
Here are some situations to be aware of in this regard: Suppose...
1. You only have some precious jewelry that you want it to go to your youngest daughter
2. You own your house, but not much else. You want to give it to your kids as your legacy because they really need that kind of financial help
3. You own a house and have about $200,000 in various mutual funds. You want to make sure which kid get's what.
4. You've remarried and want to leave your house - which you own by yourself - to your own children from a previous marriage.
If any one of these situations describes you, your above 'wishes' for what you have can be easily nullified with inadequate planning. And here's how...
* Dying without a will can prevent your daughter from getting your jewelry. The older child can claim she was due the jewelry; who's to say differently?
* All of your assets in the second and third situations can be lost to Medicaid if you require long term care - unless you prepare early and effectively with gifts and trusts. Needing long term care is common as you become elderly - and can be quite expensive. Medicaid will pay but only after you first spend almost all your assets for long term care expenses. It will seek payments from you first.
* Your children from a previous marriage will not get your house unless you create a trust for it, since state laws may deny your 'will' in favor of giving your house to your present wife.
You can see that your 'wishes' are easily thwarted even for these common levels of wealth.
You can guarantee all your wishes by doing some planning - the earlier the better. Why earlier?...because some you never know when you'll die or when you'll need costly long term care. And some estate planning that protects your assets - such as from Medicaid - requires a lead time of up to 5 years.
So you can see virtually everyone needs to know about what's at jeopardy, so they can protect the disposition of their wealth - no matter how small or unimportant they think their estate is.
 EasyPublish™ this article - publishers click here
More articles by Shane Flait
|
Free Report!
Ten Essential Secrets Of Article Marketing ... Grab Your Free
Copy Now:
Need Content?
Regular Top Quality Content for your Blog, Ezine or Website ...
Delivered Direct,
For Free!
Click For Details
Arts & Entertainment
Automotive
Business - General
Computers & Technology
Finance & Investment
Food & Drink
Health & Fitness
Home & Family
Internet Marketing/Online Business
Legal
Pets & Animals
Politics & Government
Reference & Education
Religion & Faith
Self-Improvement/Motivation
Social
Sports & Recreation
Travel & Leisure
Writing & Speaking
|
More finance articles: - Hard Money Lenders - Hard Money Loans (Louis Jeffries)
Real Estate Investors choose to use hard money loans as a source to purchase and rehab property to make a substantial profit that they may not have without the use of this expensive money. - Top Ten Reasons Why You Should Buy Multifamily Properties (Lance Edwards)
When you sit down and examine the advantage of owning multifamily properties, you will be amazed at the multitude of benefits. While other avenues of income generation offer some attractive incentives, owning multifamily properties brings many great things to the table. Let us explore these advantages: - 3 Types of Investors for your Multifamily Deals (Lance Edwards)
The word "investor" is quite a general term that means different things to different people. Dictionary.com defines an investor as "someone who commits capital in order to gain financial returns". So what does this mean in terms of real estate investing? There are three types of investors: lending, equity and hybrid (or combination). Here is a breakdown of these three types of investors. - What a Multifamily Property's Class Can Tell You (Lance Edwards)
When you are dealing with multifamily apartment properties, it is very important to understand the different classes of properties. The class that a property is assigned can tell you a lot about the property and if it is worth your time and money to invest in. There are four different property classes: A, B, C, and D. - 5-Step Process to Financial Freedom Through Real Estate Investing (Lance Edwards)
You have learned how to create a real estate business. But at the same time, you want to create your net worth. The steps to getting this done are a 5-step process. Not only can you apply this process to your business, but you can apply it to your personal life. - Is Buy and Hold Dead? (Jack Funderburk)
According to Jim Bianco (9/14/2009) (BiancoResearch.com), the Dow has closed above the 10,000 level 1,859 times since 1999. If one had put their money in a short-term Treasury bill the first time the Dow pushed above 10,000 and simply rolled over the proceeds of the bill at each maturity (and the interest), one would have a better return on their investment today, without any market risk.
We Automatically Distribute Articles
To Thousands Of Publishers And Web Sites:
Submit Article
All content is viewed and used by you at your own risk and we do not warrant the accuracy or reliability of any of the information. The views expressed are those of the individual contributing authors and not necessarily those of this web site, or its owner, Takanomi Limited.
|
|
