Orange County Estate Planning Attorney Outlines What Women Should Know About Estate Planning, Part 2 of 2

8:57 pm Asset Protection, Estate Planning

woman with thumbs up e1328806708410 Orange County Estate Planning Attorney Outlines What Women Should Know About Estate Planning, Part 2 of 2As an Orange County estate planning attorney, I believe it is important for women to know these additional important estate planning facts, as a continuation of yesterday’s post:

Women need to execute financial and healthcare durable powers of attorney and consider choosing a close family member if that person is willing to assume the responsibility of making financial and/or medical decisions on your behalf in case of incapacity.

Don’t own your own life insurance policy as the proceeds may be subject to estate tax after you die.  Instead, designate a spouse or other family member as owner or set up an irrevocable life insurance trust (ILIT), which buys the policy and holds the proceeds for beneficiaries.

Keep beneficiary forms for retirement accounts (IRAs, 401(k)s, etc. ) up to date, as they determine who receives the assets of each retirement account.

Make sure there is enough money in a joint account to cover any immediate expenses if your spouse dies suddenly. You may not be able to access a deceased spouse’s separate bank account right away.

Remember that the individual 2012 estate tax exclusion of $5.12 million ($10.24 million for married couples) is scheduled to return to $1 million in 2013 unless Congress acts.

Help is available to you by contacting your Southern California financial planning experts today.

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