In our previous post, we began discussing the importance of establishing an estate plan which is able to reduce the likelihood of causing family conflict when you die or when you fall into a serious illness. Folks that fail to plan properly for these things may find the family up in arms when it comes time to make difficult decisions.
Avoiding family conflict is an important goal in estate planning. Sometimes this is difficult to do, perhaps nearly impossible in some families. But there are a number of steps you can take in your estate planning that will certainly reduce the likelihood of conflict popping up later.
Are readers are already familiar with the uncertain state of estate planning beyond 2013. Currently, the federal estate tax is set to go through some changes in 2013 unless action is taken before then. That means that until 2013, individuals are not subject to federal estate tax unless their estate exceeds $5 million, or they may give up to $5 million in gifts without paying federal gift tax. That amount is $10 million for couples.
According to the National Association of Estate Planners & Councils, over 120 million Americans do not have updated estate plans or any long-term financial plans. And while this may not be quite as much of an issue for young people, it certainly is a big issue for seniors. While nobody likes to think about and plan for death or serious illness, estate planning is best done before it is actually necessary.
In our previous post, we began looking at basic reasons for adults to think about estate planning, even young unmarried adults. As we noted, this week is National Estate Planning Awareness Week, and it is as good a time as any to start thinking about getting the wheels turning about how you wish to order your estate, if you haven't done so already.
Our Alpharetta readers may be interested to know that this week is National Estate Planning Awareness Week. Yes, such a thing does exist. As is probably obvious, one of the major goals of the awareness campaign is to encourage folks to begin thinking about and taking steps toward getting their estate in order. And that applies to everybody, not just seniors.
In our previous post, we began looking at a list of estate planning issues which were suggested as important for women to understand. We present them as important for anybody to understand.
In a recent post entitled "Women and estate planning," we looked at an article written by Deborah Jacobs of Forbes online. The article was about the need for women to become more involved in the estate planning process, not help in the work of planning for the family's future, but also for their own sake. The fact is that women are more likely to see the effects of poor planning than men. And even when the planning is thorough, it isn't always in women's favor.
In our previous post, we looked at how the presently volatile stock market, along with the increased gift tax exemption, has given holders of private stock the incentive to give the stock away as gifts. Here we will look at two further suggestions for family estate planning brought about by the present state of the economy.
According to estate planning experts, now is an excellent time to do estate planning. One should probably expect an estate planning to say that, but according to a recent Wall Street Journal article, various factors affecting estate planning strategies are working in the favor of families at present.