If you are getting a divorce from your spouse, you have a lot of planning to do. You will need to name your own beneficiaries, organize your divided assets, and set up your individual estate.
Will the Estate Tax Ever Go Away?
The Estate Tax is the tax that the government puts on the assets that are transferred to your beneficiaries when you die. It does not look like the estate tax will permanently go away. However, with careful planning, you can reduce taxes substantially.
Using Life Insurance Wisely
Every family should have a life insurance policy on at least one of the financial providers. A policy should always be in place in case one of the primary breadwinners passes away so that the family will be able to support itself if no other source of income is available after the breadwinner dies.
Is Your Special Needs Child Included in Your Estate Plan?
You have undoubtedly made provisions for how your beneficiaries or guardians will handle your finances in the event of your death or disability. Youve appointed a guardian for your young children and youve outlined instructions for how to handle your childs education, finances and other expenses. Sure, you have a plan in place to provide for your child but have you thought about special provisions for your Special Needs Child?
Living Wills and Healthcare Power of Attorneys Help to Make Sure Your Wishes are Met
No one can foresee problems that may arise should he become incapacitated. Yet, you can avoid negative consequences of unforeseen problems by creating Living Wills and Healthcare Power of Attorneys (HCPOA).
Asset Protection – Who Needs to Protect Their Assets?
America has often been referred to as a litigious society, meaning that we are prone to engaging in lawsuits for even the most frivolous of offenses. Because of this, it is important to stay vigilant about protecting your assets.