Planning Tip # 2 - Talk to Your Spouse
February 25, 2010 08:04 PM Filed in: News
Talking about what will happen after your death can be hard; however, you owe it to your spouse to make certain you have discussed important financial planning and estate planning issues and strategies before it’s too late.
If you read Planning Tip # 1 you know it is good to keep lists of your assets, debts and professionals who help you with your estate planning, will, financial planning, and so on. You should talk to your spouse about these lists and make sure your spouse knows where your important papers are kept.
You should also explain to your spouse if you have given a power of attorney to him or her to make decisions in the event you are unable to make them. You should make sure your spouse knows your wishes for burial.
Of course most of the time both spouses will make their estate planning, wills, and other associated plans together with a lawyer and other professionals. However, it’s important that the conversation between the spouses also happen outside the office of their estate planning attorney.
If you read Planning Tip # 1 you know it is good to keep lists of your assets, debts and professionals who help you with your estate planning, will, financial planning, and so on. You should talk to your spouse about these lists and make sure your spouse knows where your important papers are kept.
You should also explain to your spouse if you have given a power of attorney to him or her to make decisions in the event you are unable to make them. You should make sure your spouse knows your wishes for burial.
Of course most of the time both spouses will make their estate planning, wills, and other associated plans together with a lawyer and other professionals. However, it’s important that the conversation between the spouses also happen outside the office of their estate planning attorney.
Planning Tip # 1 - Keeping Information and Documents
February 23, 2010 04:55 PM Filed in: News
Keep Information and Documents Up-To-Date
Keep lists of information that your family and personal representative could use. These lists would include detailed information about the nature and location of your financial assets, such as bank accounts, a list of the names of professionals who have helped you, especially your attorney, financial planner and accountant. You should also describe where you keep the originals of your will and estate planning documents and identify the location of any banks where you have a safety deposit box.
You will want to keep this documents as well as a copy of your last will and testament and other estate planning documents in your personal papers. Many people keep the originals of these documents in their bank in a safety deposit box for safe-keeping. There is nothing wrong with this; however, it is a good idea to keep a copy of these documents at home because it takes time after your death and often the court’s permission for someone to go into your safety deposit box in a bank.
Keep lists of information that your family and personal representative could use. These lists would include detailed information about the nature and location of your financial assets, such as bank accounts, a list of the names of professionals who have helped you, especially your attorney, financial planner and accountant. You should also describe where you keep the originals of your will and estate planning documents and identify the location of any banks where you have a safety deposit box.
You will want to keep this documents as well as a copy of your last will and testament and other estate planning documents in your personal papers. Many people keep the originals of these documents in their bank in a safety deposit box for safe-keeping. There is nothing wrong with this; however, it is a good idea to keep a copy of these documents at home because it takes time after your death and often the court’s permission for someone to go into your safety deposit box in a bank.
Estate tax expiration another blow to reeling charities
February 22, 2010 04:33 PM Filed in: News
The changing estate tax laws result in changing strategies. One result of this is that charities that are often benefit from the estate tax laws are looked over when the taxes are repealed. Read More...
Amanda Spence's areas of legal practice
February 21, 2010 12:31 PM Filed in: News
I’ve recently updated my practice list to include V.A. benefits and Veterans’ aid and attendance. Read More...