There is no time like the present to do estate planning. A lot of people don’t worry about it, because they figure that they don’t have enough accumulated. After all, currently you can leave up to two million dollars to your heirs without incurring any estate tax, and maybe no inheritance tax. However, estate planning is no longer just about avoiding taxes. Now the focus is on preserving and protecting the family.
Almost everyone who owns property, such as a home, car, bank account, retirement plan account, investments, a business, personal belongings, etc. needs an estate plan.
An estate plan allows you to direct how and to whom your property will be distributed after your death. If you have no estate plan at all, your property could be distributed according to your state’s intestacy laws without regard to your desires or family needs. Here are some key areas to address:
1. Do you have a will? You deserve the right to determine who will receive your assets after your death. This is where a will comes in.
2. Have you chosen a guardian for your minor children? Minor children need a back-up parent(s). Nothing is more important than ensuring that one’s children are reared to adulthood.
3. Advanced Health Care Directives. These documents provide instructions as to what should be done if you are unable to make future health care decisions. One document is a living will that merely expresses your wises with regard to life-sustaining procedures. The other is a health care power of attorney, which allows you to designate another person to make medical decisions when you are unable.
4. Durable Power of Attorney. This document allows you to designate another person to perform certain actions for you should you become ill, incapacitated or unable to manage your affairs.
Estate planning is an ongoing process. We believe your financial goals and the needs of your loved ones are too important to leave to chance.
*For specific legal advice, we will work with you and your attorney.
For more information, please contact Rebecca Robins, CFP™, CPA at 661-222-2331. CA Insurance # 0D75745. Securities offered through Associated Securities Corp., Member: NASD/SIPC. Advisory Services offered through Associated Planners Investment Advisory, Inc., a Registered Investment Advisor.