7 Critical Estate Planning Moves You Need to Make

2:41 pm Estate Planning

estate plan 150x150 7 Critical Estate Planning Moves You Need to Make2013 brought several major changes in the federal tax structure, making it imperative to review your existing estate plan or create one if you are without.  Here are 7 critical estate planning moves you need to make:

  1. Make sure you have executed a durable power of attorney so you have someone you trust to make financial and legal decisions for you in case you cannot;
  2. Create a basic estate plan to leave your assets to people or charities according to your wishes.
  3. If there is someone who depends on you financially – a spouse, a partner, or children – provide for them in your estate plan.
  4. Designate a guardian for minor children or those with special needs and leave assets in trust for them.
  5. Be sure that the beneficiary designation forms on your retirement assets and bank accounts include primary and alternate beneficiaries. Don’t designate your estate as a beneficiary — this can cause your heirs to lose important income tax benefits.
  6. Be aware of state estate taxes – although California has no state estate tax, you may face additional tax if you own real estate in other states with estate taxes.
  7. Use trusts as needed – for example, to hold assets for minors or protect assets from spendthrift heirs, former spouses or creditors.

For help in creating or updating your estate plan, contact our Newport Beach estate planning law firm.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.