Month: June 2020

An Estate Planning Questionnaire - A Guide for Families
Personal Finance

An Estate Planning Questionnaire – A Guide for Families

- by Juana Baumgartner

An estate planning questionnaire sounds like a tedious and difficult document-but it needn’t be. It can function as a guide for families through what’s typically an overwhelming process. Planning is the best approach to result in the estate-planning process as smooth as you possibly can.

You may wish to begin submitting this type of questionnaire ahead of utilizing an attorney-and after that your lawyer will help you with the finer points. Following is a help guide the sort of information you’ll need to gain access to or bring together with you once you speak to your attorney.

Personal Information. Many of this private information is straightforward and doesn’t require much digging or research.

Social security number Military service & serial number Divorce or past marriages Names, birthdates, addresses and marital status of children and grandchildren Prenuptial agreements Special needs Prepaid cemetery plots or funeral expenses

Financial Information. Spend some time gathering account numbers, statements, and key information about the next bits of your finances.

Home/mortgage deeds Stocks, bonds and mutual funds Bank accounts and CDs 401Ks, IRAs and pension plans Business interests Personal property Life insurance and annuities Loans and debts owed

Management Decisions. Consider beforehand who you need to execute the details of your estate and definitely will.

The executor and trustee Beneficiaries and alternates Special gifts Guardian for children

Medical Care. In the event, you get ill and cannot make decisions yourself, look at the decisions you’ll want to be completed. Be ready to discuss the next items.

Current health conditions Health insurance

As you navigate each of the options, conversations, and decisions of pre-need planning, make sure you use common sense and steer clear of scams, that are unfortunately too prevalent. And on the greater compassionate side in the equation, make sure to care for you and …

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Asset Protection Planning - Do I Need It and Why?
Financing

Asset Protection Planning – Do I Need It and Why?

- by Juana Baumgartner
Asset Protection Planning - Do I Need It and Why?

When you think about what our economy is now through the years, then you certainly compare it while using the decline in assurance and sustenance with our legal system, there exists a striking case to get made the checks and balances that our country was founded upon isn’t as strong since it used to become.

We are facing a huge economic downfall for more than a decade now. And a decline in your legal system has seen a lot more lawsuits filed every year. It is safe to say these lawsuits tend to be the subject of selfish ambition from plaintiffs and lawyers. For this reason, asset protection planning is vital to your estate planning.

So what exactly is asset protection planning and do you need it?

Asset protection planning is setting up an insurance policy for your estate so that your entire assets remain shielded from frivolous lawsuits, creditors, and the like during your lifetime and after your death.

You probably have got word of an Estate Plan, which includes wills, trusts, etc. Asset protection is part of a heightened estate plan.

As a business owner, successful entrepreneur, or person with wealth, you feel a natural target for lawsuits. It is just the type of needing power and wealth, people usually pursue you more than those without. Sometimes, it may seem it won’t happen to you, but much to the surprise of numerous wealthy folks, you are going to move through tragedies that can place you, your assets, along with your wealth in jeopardy. Hence the requirement for this sort of planning.

When thinking of your asset protection plan, you may seek wise counsel inside your estate planning lawyer. However, something you’ll need to become mindful of is always that, your lawyer isn’t the only person or firm that …

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