Are you or another adult family member or friend single and without children? If yes, have you created your estate plan? On the other hand, if you do have an estate plan, has it been reviewed and updated?
The website dailycall.com recently posted an article, titled "Aging and estate planning for singles and couples without children," to help you with some key considerations when it comes to estate planning appropriate for your circumstances.
Here are some of the suggested considerations:
- Choose your advocates wisely. Select individuals you can trust. Whether they are a friend, family member, or a trustee — just make sure everyone knows and will support your wishes. Select some younger people as alternates. This is important if the people you ask are about your same age.
- Determine your asset distribution. A Last Will is an easy way to put your intentions for your assets into a written and binding legal document. Your estate planning attorney can help you prepare a Last Will that states how and to whom you want your assets distributed. If you do not have a Last Will, then your estate may be probated according to the statutes of your state. This may or may not be what you intended for your assets.
- Create a gifting plan. Another aspect of your estate plan may include strategies for giving before and/or after your passing. Currently, you can give up to $14,000 per person to an unlimited number of individuals without gift tax consequences. Another idea to consider, with the high cost of post-secondary education these days, is to pay college tuition for others without gift tax liability. This can be done without using any of the annual or lifetime gift tax exclusions ... provided payment is made directly to the institution and not to the student.
These are just a few pointers provided in the original article. You may want to click over and read it for yourself, or forward it to a friend or loved one who may benefit from it.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: dailycall.com (August 2, 2014) "Aging and estate planning for singles and couples without children"