What do you need to do to plan for your family's future?
- Is a trust right for you?
- If you are married and you have a sizable estate, one which is worth more than $2,000,000.00 if you die in 2007 (rising to $3,500,000.00 in 2009), you should consider setting up a trust for both you and your spouse. A properly set up trust may allow you to shelter $2,000,000.00 of your assets from Federal estate taxes if you die in 2006, 2007, or 2008, of significance to many people is that trust assets generally do not have to go through probate. Probate can be very time consuming and expensive while also opening your assets to public inspection. Probate filing fees can exceed $3,600.00.
- Do you have a will?
- Most adults in the United States don't have wills. If you have assets and you die without a will or a living trust your assets will go to your heirs, which may not be your intention. In your will you can indicate your preference as a guardian of your minor children, and who will get what from your estate.
- Do you have a power of attorney and advance health care directive?
- A power of attorney will help the person you select to handle your assests if you become disabled.
- Under California law, the advance health care directive allows the person you select to make end of life decisions based on your wishes.
IMPORTANT **CLICK HERE TO LEARN MORE ABOUT LIVING WILLS** IMPORTANT
