Life Planning Group, LLC ~ Planning for All Stages of Life
Estate Planning
NEWS FLASH: Most of us spend more time planning our vacations than we do protecting our families and our assets in the event of death or incapacity. It's only human to deny our mortality and put off dealing with life's inevitable transitions, but please ~ don't become a statistic!
Failing to plan properly leads to a long, emotionally and financially draining process called 'Probate' ~ easily be avoided by putting a few simple documents into place:
Living Trust ~ Avoids probate for assets exceeding a certain limit. If you already have a trust, make sure it’s properly ‘funded’ and up-to-date! Last Will and Testament ~ Designates your ‘personal representative’ ! or ‘executor’ in Probate Court; appoints guardians for minor children. Power of Attorney ~ Identifies people you trust to make financial and healthcare decisions for you if you are incapacitated; give copies to your agents and doctors.
Living Will ~ Spells out your wishes for end-of-life stage care – life support, etc.
Helpful Tips:
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Have your documents reviewed periodically by a qualified professional. NOTE: Some documents drafted before 2004 may not comply with HIPAA laws
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Make sure the beneficiary designations on your IRAs, 401(k)s and life insurance policies accurately reflect your wishes.
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Consider owning more life insurance ~ it instantly creates wealth and replaces lost earning power for your survivors in the event of unexpected death.
Don't become a statistic ~ plan while you can!
