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Clean Out Your Estate Planning Attic
Clean up and organize your estate planning and related documents to simplify, save money and more! getty Introduction Cleaning out your attic is one of those unpleasant projects that is typically delayed, deferred, and dodged as long as possible. Not much fun. The benefit to biting the clean-up bullet on your attic is similar conceptually to cleaning up your estate and related planning. In both your attic and estate planning clean-up projects you’ll stir up a bunch of dust, find things you had completely forgotten, discover some hidden gems. In all cases, you’ll get stuff organized, get rid of lots of stuff that has not served any useful purpose for…
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3 things most people get wrong about estate planning, advisor says
In the wake of the pandemic, there’s one topic that’s suddenly a lot less taboo, according to Lee Baker, a certified financial planner based in Atlanta. “We get more calls around estate planning,” said Baker, founder, owner and president of Apex Financial Services and a member of CNBC’s Advisor Council. “The last 36 months shifted the mindset,” he explained. “A lot of people have taken this opportunity to reassess.” However, there are three things families are often initially wrong about, Baker said. They believe “it’s a daunting undertaking, it’s only for rich people and it costs a ton,” he said. “None of those are necessarily true.” More from Ask an Advisor…
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Why wealthy women lag male peers in estate planning
Studies show that women invest more prudently than men, but rich women have at least one significant blind spot in their wealth strategies: estate planning. A new UBS report out March 6, “Women and Investing: Planning for Your Legacy,” found that among high net worth investors, 56{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of women don’t know how much wealth they can leave to heirs, versus only 47{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of men. Additionally, 55{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of women who plan to leave an inheritance do not have any plan in place to do so. Among men, it’s only 41{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5}, the report said, citing a 2021 Fidelity International study. “By not having any financial plans in place, women risk not having…
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When Estate Planning, Don’t Let Mistakes Thwart Your Wishes
When someone has trained and worked in a profession for many years, it becomes too easy for them to assume that everyone else also understands the fundamentals of their field. An auto mechanic may think it’s common knowledge that a car’s oil should be changed regularly and what will happen if it’s not. An electrician may assume that everyone knows the necessity of having a proper ground connection when replacing an outlet or fixture. Estate planning attorneys and financial planning professionals are often, sadly, no different. It is all too easy to assume that our clients know what we consider to be basic knowledge about wills — such as what…
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Estate planning can ease family’s burden
The brunt of stressors associated to the management of a shed loved one’s estate falls on the grieving spouse and children. There will normally be issues to have a tendency to soon after a dying in the spouse and children, but a lengthy, highly-priced, and community probate course of action should really not be a person of them. Proactively partaking in estate setting up prior to one’s passing can reduce people burdens. The indicating of the phrase “estate” is not restricted to a mansion with luxury cars. Legally talking, “estate” is all the assets owned by an person at the time of dying. So, a person’s estate usually contains a…
