"Living Trust Secrets
Avoid Probate & Save Estate Taxes"
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Part 1: How to Choose the Right Plan
Part 2: How to Avoid Probate
Part 3: How to Eliminate Estate Taxes
Part 4: How to Transfer Your Assets into Your Living Trust
Part 5: 2 Common Mistakes You Must Avoid Making in Your Trust
Part 6: How to Simplify Settling Your Estate
Part 7: Top Things You Need to Tell Your Children |
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Why be concerned about Estate Planning?
It is a common misconception that estate planning is important for only those with money or who are advanced in age. This myth is a cruel deception. In most states, if you own property over $30,000 your children or family could be subject to probate. By investing the time now to go through the simple estate planning process you could possibly save your loved ones months if not years of agony and literally thousands of dollars in court fees and/or estate taxes.
What is Estate Planning?
Arranging for the distribution of one's wealth is what estate planning is all about. A critical part of estate planning is creating documents that outline your wishes for distributing your assets after you die. Every individual has an estate plan. If you do not have a formal written will or living trust, your estate planning wishes are created out of default by your state.
Every state in America has estate planning laws governing the distribution of property when a person dies without an estate planning document (will or living trust). If you have not made any provisions for the distribution of your estate before you die your estate planning would be constructed according to your state's "intestate succession" statutes, which provide for the distribution of your estate to your spouse and relatives in an order established by your state's law. So the question is not whether you will have an estate plan, but whether you will have an estate plan of your own selection or one imposed upon you by law.
Estate Planning Options:
So, as discussed here are three common choices for estate planning:
- Estate Planning by default: Doing nothing
- Estate Planning with a Will
- Estate Planning with a Living Trust
Estate Planning: What happens when I do nothing?
Unfortunately, many people are so bombarded with decisions in their daily life that when it comes to estate planning the common habit is to make no decision at all. Hopefully, you do not find yourself in this category. If you do, please, do not feel bad you are not too late!
If you are like many people, you are afraid of all the decisions you will have to make and are unsure about how to make the right estate planning choices. If that is the case, we recommend you purchase the Estate Planning Organizer. This inexpensive estate planning download will teach you how to make intelligent, safe and cost conscious decisions about your estate planning options.
Estate Planning is important for everyone:
Estate Planning is vital for everyone no matter your level of income, net worth or other family circumstances. Without a proper estate plan for the future, you could be leaving your children or loved ones with complications. These complications could add up to unnecessary fees and possibly a delayed distribution of your estate. The first step to estate planning is understanding the basics. If you want a very thorough comprehension of what your options are and what you should think about before you spend several hundreds of dollars with an estate planning attorney, then please take our advice and check out the estate planning organizer.
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