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- I BELIEVE CONTRIBUTING 40% OF MY ESTATE TO THE GOVERNMENT IS A GOOD USE OF MY HARD-EARNED MONEY.
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- I WILL NOT NEED MY MONEY WHEN I AM DEAD, SO WHY NOT GIVE IT TO THE GOVERNMENT?
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- MY FAMILY CAN LIVE ON A FRACTION OF MY ASSETS.
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SINCE I HAVE ELECTED THESE INDIVIDUALS TO REPRESENT ME, I BELIEVE THEY HAVE MY BEST INTEREST AT HEART AND WILL IMPLEMENT LAWS THAT WILL BENEFIT MY FAMILY.
If the State of California were to distribute your property today, it would go like this:
-Louis CK (Unmarried, no children):
To your parents, if they are alive, if not then to your siblings
-2 ½ Men (Unmarried with children):
100 % to your children, equally
-Hart to Hart (Married, no children):
100% to your spouse
-Married With Children:
50% to your spouse
50% to your children, equally
Without a proper Estate Plan, you are leaving the custody of your minor children to chance, and often the person who volunteers is the least appropriate to take on the responsibility!
I DON’T WANT TO TELL MY FAMILY WHAT TO DO WITH THEIR INHERITANCE. I WANT THEM TO ENJOY IT! IF THEY WANT TO SPEND IT ALL, LET THEM, IT’S THEIR PRIVILEGE.
A well-drafted Estate Plan will give you options for preserving inheritances for your loved ones, and even their heirs. Options to consider are:
-General Needs Trust
-Standby Special Needs Trusts
-Stand Alone Retirement Trusts
-Generation Skipping Trusts
-Asset Protection Planning
-Charitable Planning
-Business Succession Planning
WHY SHOULD I PAY TO HAVE AN ESTATE PLAN WHEN I CAN ADD MY CHILDREN’S NAMES TO ALL OF MY ACCOUNTS AND REAL ESTATE?
-Because their Creditors can get at it – Oh No!
-And what if they get a Divorce – Oh No!
-It’s Considered a Gift!—It’s Taxable Now!
I AM AHEAD OF THE GAME. I HAVE A WILL THAT WAS DRAFTED IN 1997. IT WILL STILL DO WHAT I WANT. AND SINCE I HAVE A WILL, MY ESTATE WILL NOT HAVE TO GO THROUGH PROBATE COURT.
a. Wills guarantee there will be a Probate, and Probate relinquishes your right to privacy and control. It also takes 6-12 months to complete, and accrues a minimum of $10,000 in fees & costs.
b. You can avoid Probate with a revocable living trust, or in some limited circumstances, beneficiary and/or joint tenancy planning.
I HAVE MORE DEBT THAN ASSETS; WHAT’S THE POINT OF AN ESTATE PLAN? THE DEBT COLLECTORS WILL TAKE MY ASSETS ANYWAY!
a. ESTATE PLANNING IS NOT JUST FOR THE RICH.
b. ESTATE PLANNING IS NOT JUST ABOUT DEATH.
It is about:
-Incapacity Planning
-Health Care Powers of Attorney
-General Durable Powers of Attorney
-Living Wills
-HIPAA
-Guardian/Conservator Designations
I AM STILL YOUNG AND IN GOOD HEALTH. I DON’T PLAN ON DYING IN THE NEAR FUTURE; SO WHAT IS THERE TO PLAN FOR? WHEN I AM READY TO DIE, I WILL PLAN FOR IT.
e. We all hope we will never die!—but death is inevitable, just the “when” is unknown.
f. It is important to plan while you still have the capacity to do so!