![]() ![]() This includes establishing a living will, a healthcare proxy and power of attorney.Ī living will outlines the life-saving or –sustaining care you want taken in case of a serious medical situation where you are unable to direct your treatment plan. Might a trust make sense for you? There are a few key differences between wills and trusts to keep in mind as you make your decision.Īs you prepare your estate plan, you should think about how your wishes would be carried out if you were incapacitated and unable to make decisions for yourself. If your employer offers Ayco as a benefit, we can help you understand the steps needed to get your estate plan in order. Resources like the Tax Foundation can help you get started, but an estate planning attorney may be your best source of information. These laws differ by state, so be sure to do your research. In 2020, the amount exempted from federal estate taxes is $11,580,000 1 and the top federal estate-tax rate is 40% and only applies above the exemption.Įven if your estate won’t be subject to the federal estate tax, it could be subject to state-specific taxes. The federal government may tax the value of a property when the owner passes away, but this generally only applies to very large estates. Look at your state’s estate laws on taxes and wills. Be sure to review your beneficiaries if you get married or divorced, have new additions to your family or if a beneficiary passes away. Your beneficiaries can be family members, friends and potentially charities. Make a list of assets and accounts and review your beneficiaries. They will act as an extension of your estate planning team and can provide resources to prepare you for your meeting with an attorney. If your employer offers our Financial Counseling as a benefit, your Ayco advisor can walk you through this process. They can help you understand your state’s laws, write your will, create trust documents, review your estate-tax situation and more. Because each step is so critical, it’s highly recommended that you work with an estate planning attorney. There are decisions you can make through the estate planning process that could make a world of difference to your beneficiaries. ![]() The most important thing to remember: you have help. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |