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Posts Tagged ‘estate planning’

What Is Estate Planning, & Why Is It Important?

You’ve heard the term “estate planning” thrown around by family, friends, and news reports, but you don’t quite know what it all means and why it’s so important. Is estate planning just making sure you have a will written out or are there other aspects to the process? And, if you’re still young, do you need to worry about estate planning yet?   What Is Estate Planning? Estate planning is making plans about who will receive your personal items – cars, house, financial assets – in the event of your death. Additionally, designating who will care for your children, finding…

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Estate Planning for Young Families: 7 Important Steps to Take

Beginning a family is an exciting time full of memories and milestones. No one wants to consider bad situations while marriages are new and the kids are young. But, unfortunately, sometimes tragedy hits and families are left to pick up the pieces. Planning for the worst is a way for parents to show they care about their family and will continue to do so even if something happens to them. Estate planning for young families is extremely important to ensure a safe and secure future for children and other dependents. While it may appear to be a confusing process, there are…

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Estate Planning Glossary: Key Terms to Know

When you first dive into getting your affairs in order, all the new terms and phrases you need to understand can be overwhelming. To help guide you through the estate planning process, we’ve gathered several of the most important terms you might need to know: Administration: This is when there is a court-supervised distribution of an estate during probate. This term is also used to describe a similar process for a trust after a grantor dies. Administrator/Administratrix: A person named by the court to manage an estate during probate if the deceased left no will or the will did not…

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What Happens To My Debts If I Die

When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible, although who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used to satisfy a debt. Outstanding debt may include mortgages, credit card bills, car loans, personal loans, or condominium fees — even car leases, where death is considered “early termination” of a contract. Usually your estate is responsible for paying any debts you leave behind. If the estate does not have enough money, the debts will go unpaid. In…

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GETTING YOUR FINANCIAL AFFAIRS IN ORDER

        What happens if you become mentally or physically ill? What happens if you have an accident?  If something happens to you, who will look after your affairs?  Can you imagine your family having to ask what should be done or could be done because you did not put your affairs in order?  Yes, you are busy at work and managing the lives of your children, but if you are reading this article and have not considered an estate plan, you need to do one now.         As a businessperson, you probably encounter problems every day and are…

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Why Plan Your Estate?

  The knowledge that we will eventually die is one of the things that seems to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your demise until it is too late, you run the risk that your intended beneficiaries — those you love the most — may not receive what you would want them to receive whether due to extra administration costs, unnecessary taxes or squabbling among your heirs.   This is why estate planning is so important,…

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TRUSTS & ESTATE PLANNING 101 – A FREE SEMINAR

A Free Seminar on Tuesday, /janary 21, 2014 at 2.30 pm at the Courtyard Gaithersburg Washingtonian Center, 204 Boardwalk Place, Gaithersburg MD 20878. This seminar will help you understand the basic details about Estate and Long Trem Care Planning. You will learn:         The most important document that everyone needs         When a Trusts should be used         The difference between a Revocable and Irrevocable Trusts         How a Trust can protect your assets         Using special needs trust         Trusts that provide future generations   Call 240 453 0070 or email jaynika@davidwingate.com TODAY to reserve your spot Related articles…

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Developing an Estate Plan for Parents of Children with Disabilities Part 2 of 2

Make a Plan Step Nine-Future Planning for Your Child: How do you want to provide for your child with disabilities if you die or are too ill to provide the care? You can't make any plans if you don't have any idea what you want. If it's too difficult to think about your own death or loss of capacity, there are two ways to combat this: 1) consider what you don't want (I don't want my children to have to decide if I should be kept on life support if I am dying), and 2) consider what you would not…

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Developing an Estate Plan for Parents of Children with Disabilities Part 1 of 2

Planning ahead seems daunting – but if you take it step by step, it is really not so bad! First you organize, then you decide what you want, and then you sign the appropriate documents. Get Organized! Below are some specific strategies for gathering and keeping the information you need to make a thorough plan. If you don't gather this information, it can take weeks if not months for someone else to make sense of your organizational system (or lack of a system). Some of this information you need to make a plan and some of this information you will…

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Are you motivated to get your estate planning started?

 Think about these important questions: What can you do to avoid being a burden on your family? What do you need to do now so you won't leave a mess behind when you die? Do you have the right planning in place if you have a catastrophic healthcare crisis? Will your spouse have financial security if something happens to you?

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