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SOLUTIONS
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Last
WILL & Testament
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| You can’t take it with you, but you can keep control of where those assets go in case of
death? |
Everybody should have an updated will that gives you ultimate control over the future of
your money and your children.
Without a will, your hard-earned money might go to people you have no intensions
to receive it.
Having a will puts you in the driver's seat.
People need wills to determine who gets property after death, and also
who will be guardians of surviving children.
A will lets you name a guardian to raise your kids if you're not there to do it.
If you don't do that the court will, typically choosing from among your family members.
And the court's choice could be the last person you would select.
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By Tony Mauro |
The late Warren Burger, the USA's chief justice for
17 years, could have used a little legal advice
himself. |
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Burger retired in 1986 and died in June at June at
87. His three- sentence will, which he apparently
wrote, could cost his heirs $450,000 in taxes. |
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The apparent lack of legal advice saved on lawyer's
fees. |
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But, "If only he had spent a |
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| couple of
thousand dollars on estate planning, there might have be no
taxes due at all." says George Dodge an
Arlington, Va., lawyer who came across the will in
courthouse and wrote about it in a local lawyers'
newsletter. |
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The 1994 will, with typographical errors, made no provision
for taxes or disposal of his property in ways that might
have avoided taxes. |
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Burger left two-thirds of his $1.8 million estate to
daughter Margaret. His wife died before him in 1984. |
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Burger may have taken some steps to reduce his tax exposure
that would not show up in the will, says New York estate
lawyer Erica Bell. |
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"But it's also possible he wanted to give a big gift to
the government, "said Bell. "Some people
feel tax avoidance is just not patriotic." |
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The will is also silent on a thorny question that has faced
other justices: where Burger's paper will be kept and when
they will be made public. |
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Federal appeals Judge J. Michael Luttig, co-executor along
with Wade Burger, could not be reached. |
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| CLICK
HERE and find out how you can have your comprehensive
WILL
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Planning Ahead -
Preparing a WILL
isn’t just for the mansion set.
Estate planning or WILL preparation may not yet be a priority for many people in their
20s and 30s.
The term estate planning often conjures images of older, wealthy investors with
mansions passing along their estates to their numerous heirs.
What most people don’t realize is that estate planning can truly be for everyone.
No matter your net worth, it’s important to have an estate plan in place. It ensures that
your plans for your family and your assets are met during life and after you die. An estate
plan often times includes several important elements, including a will, living will, power
of attorney assignment, a health care proxy and, sometimes, a trust.
Taking inventory of your assets is a good place to start. Assets include your personal
property, investments, retirement savings, insurance policies, real estate and business
interests. Make a list of all your assets and your liabilities. Your liabilities, such as a
mortgage, credit cards or a student loan must be paid at your death. What’s left over,
minus possible taxes (i.e. estate, gift and income) administrative and probate costs, is
what your beneficiaries will receive.
Then ask yourself these important questions: Whom do you want to inherit your assets? Whom
do you want handling financial affairs if you are incapacitated?
Whom do you want making medical decisions for you if you are unable to make them for yourself?
If you have children, whom do you want to take care of your children?
It may surprise you to learn that, according to Consumer Reports, 70 percent of American
adults don’t have wills. If you die suddenly without a will, you will leave your family
with a lot of confusion during a very difficult time. For example, without a will the laws
of each state determine who becomes responsible for your children.
A will names an executor and, if you have children, a guardian. To reduce the likelihood of
your estate being drained by legal bills, your will should spell out how you want your
property distributed as specifically as possible.
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Here is a proficient program to demystify the estate-planning process and help get you started
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