When,Start,Estate,Planning,Nor finance, share, loan When to Start Estate Planning

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Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} The best answer to the question: “when should I start estate planning” is now. Everybody needs to perform at least some estate planning because anybody could die at any moment. The question you really need to ask is not when you should I start estate planning, but how much estate planning should I perform?   A person under fifty or sixty can probably get by with a simple will and some life insurance policies. An older person will need to perform more estate planning because he or she is more likely to die. This will not mean that the planning should take up all your time it just means you have to make sure some basic tasks to be completed.   Basic Estate Planning Everybody no matter what their age needs some basic estate planning. This means writing a legal will, designating power of attorney and having enough life insurance to pay your debts and support your family if you die suddenly. As you get older you will have more tasks to perform.   The first task to perform is to make sure you have a valid will. Simply filling out one of these forms you find online or at the office supply store may not be enough. Check with an attorney or elsewhere to see what your state’s courts consider a legal will. In many states only a notarized will can be accepted by the courts. Handwritten wills and even typewritten wills that are not notarized might not be valid.   The next task is to designate a power of attorney and a medical power of attorney or healthcare proxy. Power of attorney means that somebody such as a spouse or child has the legal right to manage your affairs if you cannot. That means somebody can use your bank account to pay your bills if you become incapacitated. Healthcare proxy or medical power of attorney means that somebody can make medical decisions for you if you cannot. It is often called a living will.   The final step in basic estate planning is to make sure somebody you trust knows what needs to be done when you die. That means whoever has your power of attorney has a copy of your will and a complete list of all your assets including bank accounts, investments, annuities, insurance policies, real estate, safe deposits and collectibles. It also means that somebody should be designated to takeover if whoever has your power of attorney is unavailable.   More Advanced Estate Planning As you get older and get more money you will need more advanced estate planning. This involves mechanisms such as trusts which can reduce the amount of taxes your heirs could have to pay. It is best to have such mechanisms set up by a knowledgeable tax attorney. All advanced planning should be handled by a knowledgeable tax attorney or planner because of the complexity of the issues involved.   Check to see what estate taxes are. The federal estate tax was scheduled to be reinstated in 2011 on amounts over $1 million. Congress could change this tax at any time and some states that have income tax have inheritance taxes. It could pay to move your assets to a state with no income tax such as Florida.