Reasons To Have An Estate Plan | Estate Plan Pros

Congress extended death tax exemption, so I don’t need an estate plan now, right? Wrong.

January 1, 2013 Congress extended most of the Bush era tax cuts with few modifications.  Included in the package was a provision making the estate and gift tax provisions permanent.  The federal full lifetime exclusion amount for an individual is $5 million, plus an annual inflation adjustment after 2011.  The current exclusion amount is $5,250,000. So does this mean you don’t need an estate...

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Insurance – half of what your family needs

Whole life, universal, term, refundable, you name it, lots of people buy life insurance, designate their beneficiary, and think they’re all set.  The reality is that they are only halfway done.  Are potential beneficiaries minors, or disabled, or receiving government assistance?  Could the beneficiary benefit from some creditor protection? Under any of these scenarios your designated life...

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Who is packing your (estate planning) parachute?

Did you know that parachute designs go back to the Renaissance period?  The first successful recorded parachute jump was made in 1783 by Louis-Sébastien Lenormand in France.  Yet today, modern parachutes are still meticulously and carefully packed by hand. Estate plans and parachutes have one key thing in common: when you pull them out to use them, it is too late to make any changes.  Which...

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Myths About Wills - Myth No. 3 - Your Heirs Will Automatically Get Your Estate Because You Have Them in Your Will

 this post series, we are looking at several misconceptions regarding wills.  Wills have been around seemingly forever, and it’s the document most people think of when they begin to think about planning for the future.  But how effective are they? Myth No. 3 Your heirs will automatically get your estate because you have them in the will Just because you have a will, your...

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Myths About Wills – Myth No. 2 – You Are Completely Covered With a Will

In this post series, we are looking at several misconceptions regarding wills.  Wills have been around seemingly forever, and it’s the document most people think of when they begin to think about planning for the future.  But how effective are they? Myth No. 2. You Are Completely Covered With a Will In reality, you are not protected in many areas by a will, and here are three...

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Myths About Wills - Myth No. 1 – A Will Provides for Your Children

In this post series, we take a look at several misconceptions regarding wills.  Wills have been around seemingly forever, and most people think of a will when they begin to think about planning for the future.  But how effective are they? Myth No. 1 – A Will Provides for Your Children A will can and should specify who should be the guardian of your minor children after you and your spouse are...

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