Estate Planning Is For Everyone

I remember when computers were becoming really popular and we all thought they would take care of our paper work pile ups. A man working next to me said he thought they would create more paperwork nightmares. From my observations this has become true.

Review the bank statements from the prior year and ascertain where the money is coming from. Look for deposits and transfers in. Are social security or retirement payments coming monthly via automatic transfers in or check deposits? If checks were deposited monthly for most of the year, but not during the past few months, where are those checks? They may be sitting in unopened envelopes or lost somewhere. You may need to call the payer and have the checks reissued.

As you can see this does not require a notary seal. This is a Power of Attorney in its simplest form. You can dress it up from here and add legal mumbo jumbo as needed to create a صيانة شاشات بريما that you feel good about. However, if you are “ok” with a simple English document, so are the courts.

Have mortgage payments, property taxes and property insurance been paid on real estate you know about? Have they been paid on real estate you don’t know about? Prior year income tax returns will show if investment income was received in the past and where it came from. Keep in mind that investment income or trading which may have occurred in the current year will most likely need to be included in the current year income tax returns. Are there any life insurance policies with cash values, and has money been borrowed on a life insurance policy?

End-of-Life decisions. No one wants to make life or death decisions. An informed decision is better than one where you have no idea what the loved one wanted. No one should ever have to guess and then live with that guess. It is up to each of us to decide to what extent we want medical personnel to extend our lives. Talk about it with your family and get it in writing.

Make a contact list of names, address, phone numbers, email addresses, account numbers and passwords for all people and places that money comes in from and money goes out to. Also, list how much is owed to or owed from each of these contacts.

The parents need to soften up and realize that estate planning is something they need to talk about and be taking care of. If they cannot do it for themselves, they need to realize that their children are the ones that they have to turn to. The boomers need to take their parents’ estate planning very seriously. The boomers have a lot at stake – a lot of money, a lot of time, and a lot of frustration.

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