Estate Planning

Posted on November 29, 2012 4:11 pm under General
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In his seventies, my father read one of those live-rich-die-poor books. My parents weren’t rich and their home was their only valuable asset. When they sold it and came to live with us, they planned to use what they needed from the proceeds and save the rest as an inheritance for their children. They added my name to their bank accounts as a joint owner, trusting that I would follow their wishes to split the money with my siblings.

The success of their simple plan might make it appealing to others, but I think their situation was the exception to the rule. Death seems to have a strange effect on many relationships and I’ve seen squabbles over inheritance plague families with far less net worth than my parents possessed. To avoid trust litigation, its a wise idea to use professional estate planning. Professional review may insure a more substantial legacy by employing the best tax planning strategies. Those with minor children or dependent parents should also seek specialized guardianship and trust services.

Find someone you are comfortable with and get it done. Those who are reluctant to face estate planning should remember that their failure to do so can leave loved ones unprotected and facing prolonged and costly litigation. That’s an inheritance that no one wants to leave.

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