Why We Avoid Estate Planning
Have you thought about dying lately?
Most of us don’t.
However, my daughter had a close friend pass away recently. This shocking and unexpected event got me thinking about death and how fragile our time here really is.
In fact, as a financial planner I started thinking about estate planning, and why so many of us put it off. Some of my clients still don’t have simple wills. In spite of my constant urging of their importance, still have not executed one yet.
Read the entire story on HuffingtonPost.com
Estate Planning Failures of the Rich and Famous
By: Steven Morelli
James Gandolfini will be remembered for many things, and one of them might be surprise endings.
Fans of his Tony Soprano character will be forever perplexed by the sudden, jarring end to “The Sopranos,” the groundbreaking HBO series. In the middle of a tense scene in a diner, propelled by Journey’s “Don’t Stop Believin’,” the screen went black. Just like that, the series that had occupied the center of American pop culture was yanked.
Just as suddenly, Gandolfini left the world stage when he died of a heart attack after a day touring Rome last June. He left an indelible impression and a pile of money that even a Mafia don would envy. Read story at insurancenewsnetmagazine.com
Family Feud! 6 Stories Of Problematic Estate Planning
By: Kristin Appenbrink
We won’t sugarcoat it: Estate planning can be tricky business.
If you attempt it, that is. Incredibly, many people haven’t even gotten that far.
According to a 2014 Rocket Lawyer survey, 64% of Americans don’t currently have a will—and 55% of them have children—leaving the security and financial well-being of millions totally unprotected.
Without a document detailing how you want your estate divided and distributed, your assets could end up in the hands of a relative you haven’t spoken to in years, or your teenager could have access to a fat bank account before she has even the first clue about how to manage money wisely.
But don’t just take our word for it. Read more at Forbes.com
Consumer Reports, April 15, 2015
Over the years many celebrities have provided cautionary estate-planning lessons, and actor James Gandolfini, who died in June 2013 at age 51, is no exception. The actor, known for portraying mob boss Tony Soprano, left a portion of his estate, widely estimated at $70 million, to relatives and friends through his will, which became public and was criticized as being badly constructed.
For one thing, it exposed some of his wealth to probate, the time-consuming and potentially costly process a legal court takes to administer financial affairs. In addition, his estate could owe millions of dollars in federal estate tax alone.
At least Gandolfini had an estate plan; fewer and fewer Americans do. In 1998, 61 percent of Americans 55 and older had a will or trust. In 2012, only about 54 percent did, says a study by Texas Tech University.
Failing to take action or making the wrong moves can be costly for you and your heirs. Here are six blunders experts told us they see most often, and what to do instead:
Minefield No. 1: You think you’re too young for a will or don’t have enough assets to protect read entire article here
