an expert, a person not rich, and not poor —- but somewhere in the middle, can insure his savings and other assets for his children after his death? In other words, can he "protect" his assets so that his children will be sure to inherent his money? I am asking this for a friend.
efflandt said:
Jul 05, 09 at 10:13 amEstate planning is planning who gets your stuff after you die. You can do it yourself if you know what you are doing, or consult someone if you don’t. Even people who are not rich may have valuables or mementos they want to go to certain people. Have you ever seen what some things are worth on Antique Roadshow.
There is an advantage to naming real people as beneficiaries for life insurance and retirement accounts since they pass directly to beneficiaries outside of the estate. If the estate is the beneficiary then it is divided up with the estate instead, which could cost extra taxes for retirement accounts.
People can only inherit what was actually owned by or remains after paying all taxes and debts of the deceased. If you do not have a will or trust, the estate is divided based on intestate succession laws.
sassy2 said:
Jul 05, 09 at 4:22 pmYou are correct. It is the a plan that protects your assets from probate and inheritance taxes if done correctly. It also ensures your heirs receive what you wish. Eliminates fighting among your children.
The professionals also encourage you to tell your children your decisions once the plan is complete. At any time you can change, alter or eliminate any part of the plan