People talk about estate planning, and they know it is important. However, a 2007 survey found that 55% of Americans don't even have a simple will. Why don't you plan? Procrastination is a common reason, as well as a lack of knowledge. Although this article will not cure procrastination it can help clarify any misinformation. These are the top facts you need to know about Estate Planning.
1. It's more than taxes. Each person can leave as much as $2 million in 2008 without having to pay any federal estate taxes. This is a moving target that changes every year until it reaches $1 million in 2011. You can also get more information about estate planning in Texas via https://www.gklawgroup.com/estate-planning-texas/.
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2. Do not let the state dictate how you plan. If you die without estate planning, the state of your residence will decide who your assets go to and how.
3. Remember the children. You can name a person as guardian of your minor children in most states. This nomination must be made in your estate plan, specifically your Will.
4. Protect your heirs against creditors Your children can be seized by creditors if you leave assets to them. You can protect your children against the risks of life by establishing a trust to hold the assets.
5. Don't forget charity.
6. Choose carefully the Estate Planning attorney that will prepare your estate plan.
This list should help you be prepared to face the world and create an estate plan.