The federal estate tax exemptions have doubled in 2018 up to $11.2 million for every person. This means that -- unless you're very wealthy -- you probably won't have to worry about federal estate taxes applying to your estate and all of your wealth will passed to your heirs without any hangups. However, this does not mean that you don't need to have an estate plan or an estate plan review.
Planning your estate is something that must be done while you are still mentally able to make decisions. This doesn't have to be a difficult process. Instead, you just need to set your goals for the estate plan and we will work with you step by step to get it all set up.
One of the most important decisions that you have to make about your estate plan doesn't have anything to do with your assets. You will need to select a health care agent. This designation requires a lot of trust and gives the person considerable responsibility. It is imperative that you think carefully about who you give this duty to.
The first step in estate planning is simply to take inventory so that you know exactly what your estate contains. Some big-ticket items, like your home, are fairly obvious. Others are not. You absolutely do not want to forget anything.
Your desire to take care of your family members might be what gives you the energy and drive to go to work each day. You need to use this same drive to make sure that you can take care of them after you pass away. We realize that this isn't a pleasant thought, but it is best to think of it now while you still have the chance. We can help you find out how you can make those days and weeks a bit easier for them.
It's always surprising when someone famous passes away and a fight begins over his or her will. It's also often interesting to find out just what that person's assets really are.
A power of attorney may be used when a person is legally incompetent, but it can't be signed after that happens. It must be drafted and signed while the person is still competent. Otherwise, that person can't sign legal documents that will hold up in court.
You love your pets, and you've been thinking about what will happen to them if you pass away. You hope your family and friends would do the right thing, but you can never be sure. Maybe you've heard of families selling off pets or even having them put to sleep in this scenario, and you're looking for a concrete way to make sure your wishes are respected.
Here in Arizona, residents enjoy the opportunity to file an advance medical directive with the Advance Directive Registry operated by the Arizona Secretary of State's Office. The registry is a free service, but it is important to properly prepare and file your directive if you wish to fully take advantage of this very useful tool.
Many people don't think about what they want their final days on Earth to be like, but this is actually something that you need to consider when making an estate plan. These final days can have many facets. When you mull the options you want, don't forget about the level of medical intervention you want to accept.