Death, incapacity and taxes ?? That subject matter may be why we avoid and procrastinate when it comes to estate planning! The fact is, no matter what your age or how much wealth you?ve accumulated, you need an estate plan to protect yourself, your loved ones and your assets ? both now while you?re still active as well as after your death.?
An effective estate plan is one of the most important things you can do for your family.? Your first steps in the planning process are to create a comprehensive net worth statement showing all of your assets, including taxable accounts, tax-deferred accounts (IRAs, annuities, retirement plans) and life insurance investments.
Your Financial Advisor can create a personal net worth statement containing this important information.? Being organized will make your meeting with your attorney more productive and expedite the planning process.But before visiting with your legal counsel, you need a basic understanding of the documents he or she may recommend for your plan.
1. Will. A will simply provides instructions for distributing your assets to your family andother beneficiaries upon your death. Your attorney can customize its provisions to meet your needs.
2. Durable power of attorney. A power of attorney is a legal document in which you name another person to act on your behalf. This person is called your agent or attorney-in-fact.
3. Health care power of attorney. A durable power of attorney for health care authorizes someone to make medical decisions for you in the event you are unable to do so yourself. This document and a living will can be invaluable for avoiding family conflicts and possible court intervention if you should become unable to make your own health care decisions.
4. Living will. A living will expresses your intentions regarding the use of life-sustaining measures in the event of a terminal illness. It expresses what you want but does not give anyone the authority to speak for you.
5. Revocable living trust. There are many different types of trusts with different purposes, each accomplishing a variety of goals. A revocable living trust is one type of trust often used in an estate plan. By transferring assets into a revocable trust, you can provide for continued management of your financial affairs during your lifetime (when you?re incapacitated,for example), at your death and even for generations to come. Your revocable living trust lets trust assets avoid probate and reduces the chance that personal information will become part of public records.
Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax consequences. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
?
Trust services available through banking and trust affiliates in addition to non-affiliated companies of Wells Fargo Advisors.
Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE
Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.
carrie steve wozniak steve wozniak legarrette blount pharrell pharrell silver bullet
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.