{"id":14,"date":"2016-11-23T16:20:08","date_gmt":"2016-11-23T16:20:08","guid":{"rendered":"http:\/\/kylesedmondsesq.com\/?page_id=14"},"modified":"2016-12-13T16:28:29","modified_gmt":"2016-12-13T16:28:29","slug":"estate-planning","status":"publish","type":"page","link":"https:\/\/kylesedmondsesq.com\/estate-planning\/","title":{"rendered":"Estate Planning"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;padding-top:20px;padding-right:0px;padding-bottom:20px;padding-left:0px;margin-bottom: 0px;margin-top: 0px;border-width: 0px 0px 0px 0px;border-color:#eae9e9;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><p><img decoding=\"async\" style=\"border-left: 20px solid #0F76BB;\" src=\"https:\/\/kylesedmondsesq.com\/wp-content\/uploads\/2016\/11\/estateplanning.png\" alt=\"business-planning\" width=\"820\" height=\"240\" \/><\/p>\n<p>Because estate planning is about taking care of yourself and those you love, it doesn\u2019t matter how much money you have. There\u2019s no financial threshold you must meet in order to qualify for planning. The qualifications are simple and twofold: first, you must care about someone or want to have some level of control over your life, health, and assets; and, second, you must be age 18 or older.<\/p>\n<p>Think of estate planning as the creation of your written instructions combined with the legal language necessary to accomplish your goals. If you want to control how things are handled for the rest of your life and after your death, you must have your own estate plan. Your instructions will protect and provide for you, your spouse or partner, children, pets, assets, goals, and legacy.<\/p>\n<\/div><style type=\"text\/css\">.fusion-accordian  #accordion-14-1 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-14-1 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-14-1 .panel-title a{font-size:26px;}.fusion-accordian  #accordion-14-1 .fa-fusion-box { background-color: #333333;border-color: #333333;}.fusion-accordian  #accordion-14-1 .panel-title a:hover, #accordion-14-1 .fusion-toggle-boxed-mode:hover .panel-title a { color: #0f76bb;}.fusion-accordian  #accordion-14-1 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-14-1 .panel-title a:hover .fa-fusion-box { background-color: #0f76bb!important;border-color: #0f76bb!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-14-1\"><div class=\"fusion-panel panel-default\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"5fafbf17ce9873f05\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-14-1\" data-target=\"#5fafbf17ce9873f05\" href=\"#5fafbf17ce9873f05\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Who should start their estate plan?<\/span><\/a><\/h4><\/div><div id=\"5fafbf17ce9873f05\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Many people believe that estate planning is only for people who are particularly wealthy, have elaborate schemes in mind for passing their money to their heirs, or for people who are acutely ill and contemplating their death. This could not be farther from the truth! Estate planning is for every husband, wife, mother, father, grandparent, business owner, professional, or anyone else who has someone they care about, are concerned about providing responsibly for their own well being and for the well being of those they love, and for anyone who seeks to make a difference in the lives of others after they\u2019re gone. Estate planning is not \u2018death planning&#8217;; it\u2019s \u2018life planning\u2019, and an essential and rewarding process for individuals and families who engage in it.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"5d17921b82fc83ed0\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-14-1\" data-target=\"#5d17921b82fc83ed0\" href=\"#5d17921b82fc83ed0\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Wills<\/span><\/a><\/h4><\/div><div id=\"5d17921b82fc83ed0\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>A will \u2018 or a \u2018last will and testament\u2019 \u2018 is a legal document that tells the probate court how you want your property distributed after you die, and who has the power and responsibility to wrap up your affairs. Through the probate process the court will give the \u2018executor\u2019 of your will the authority to gather all of your property, pay any remaining creditors\u2019 bills, and distribute your remaining property as you specify in your will.<\/p>\n<p>Because the will takes effect only after a court determined that it is a valid document, a judge must act before your executor can step in and manage your estate.<\/p>\n<p><strong>Health Care Proxy<br \/>\n<\/strong><\/p>\n<p>A health care proxy allows a loved one such as a trusted friend or family member to make medical treatment decisions for you if you are unable to make those decisions and communicate your wishes to doctors. Without this essential document in place, your loved ones will be forced into court where a guardianship or conservatorship will be held.<\/p>\n<p>During guardianship and conservatorship proceedings, a judge, in a public courtroom, hears testimony from your loved ones and medical professionals as to why you should be deemed incompetent and have a guardian named to make healthcare decisions for you. This procedure is public, expensive, time-consuming, and stressful for those who love you &#8211; and for the medical professionals as well; most doctors don\u2019t like to go to court.<\/p>\n<p>Fortunately, court involvement can be avoided simply by having a health care proxy in place and having that document accessible to your loved ones. In this document, you authorize a trusted loved one to act on your behalf, but only if you are not able to do so yourself. Rest assured, no one takes over your health care if you don\u2019t need help.<\/p>\n<p><strong>Living Will<\/strong><\/p>\n<p>A living will or directive to physicians directly informs your doctors that you do not want extraordinary medical measures taken, especially those that would cause you pain or discomfort, if those measures would only prolong the dying process. This document backs up your health care power of attorney. Anyone can deliver this document to your doctors if your agent under your health care power of attorney is unavailable to make health care decisions for you.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"99614803d6cd3d626\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-14-1\" data-target=\"#99614803d6cd3d626\" href=\"#99614803d6cd3d626\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Revocable Living Trust<\/span><\/a><\/h4><\/div><div id=\"99614803d6cd3d626\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Perhaps the most common type of trust is the revocable living trust. As the name implies, revocable trusts are fully revocable at the request of the trust maker. Thus, assets transferred (or \u2018funded\u2019) to a revocable trust remain within the control of the trust maker; the trust maker (or trust makers if it is a joint revocable trust) can simply revoke the trust and have the assets returned. Revocable trusts can be excellent vehicles for disability planning, privacy, and probate avoidance.<\/p>\n<p>A Revocable Living Trust based estate plan provides instructions that will allow you to:<\/p>\n<ul>\n<li>Control your property while you are alive<\/li>\n<li>Take care of you and your loved ones in the event of disability<\/li>\n<li>Pass your property to your heirs when and how you want while maintaining privacy<\/li>\n<li>Ensure that you and your spouse have sufficient assets to maintain your standard of living now and in retirement.<\/li>\n<li>Maintain maximum control and flexibility during your lifetime.<\/li>\n<li>Provide for you in the event you become disabled.<\/li>\n<li>Simplify administration as much as possible upon your death or disability (avoiding probate &amp; guardianship).<\/li>\n<li>Avoid having your private matters being made public unnecessarily.<\/li>\n<li>Ensure that the efforts you desire are used to save your life.<\/li>\n<li>Have your property continue to benefit the survivor after one of you dies.<\/li>\n<li>If married, protect your assets so that they cannot be lost as a result of remarriage after the death of one of you.<\/li>\n<li>Ensure that the persons you select in fact become the guardians of your minor children.<\/li>\n<li>Protect your children\u2019s or grandchildren\u2019s inheritance from mismanagement.<\/li>\n<li>Structure your children\u2019s or grandchildren\u2019s inheritance in such a way that it installs values and virtues.<\/li>\n<li>Educate your children and grandchildren.<\/li>\n<li>Reduce the risk of litigation from heirs who receive less than they think they are entitled to.<\/li>\n<li>Minimize income taxes to the extent possible.<\/li>\n<li>Avoid or minimize capital gain tax on the sale of assets.<\/li>\n<li>Eliminate as much estate tax as possible.<\/li>\n<\/ul>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"d8ed4f5722eed8d6b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-14-1\" data-target=\"#d8ed4f5722eed8d6b\" href=\"#d8ed4f5722eed8d6b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Planning for Young Families<\/span><\/a><\/h4><\/div><div id=\"d8ed4f5722eed8d6b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Many young families put off estate planning because they are young and healthy, or because they don\u2019t think they can afford it. But even a healthy, young adult can be taken suddenly by an accident or illness. And while none of us expects to die while our family is young, planning for the possibility is prudent and responsible. Also, estate planning does not have to be expensive; a young family can start with a Last Will and Testament and term life insurance, then update and upgrade as their financial situation improves. A well drafted Last Will and Testament will include the following:<\/p>\n<p><strong>Naming an Administrator<\/strong><\/p>\n<p>This person will be responsible for handling final financial affairs\u2013locating and valuing assets, locating and paying bills, distributing assets, and hiring an attorney and other advisors. It should be someone who is trustworthy, willing and able to take on the responsibility.<br \/>\nNaming a Guardian for Minor Children<\/p>\n<p>Deciding who will raise the children if something happens to both parents is often a difficult decision. But it is very important, because if the parents do not name a guardian, the court will have to appoint someone without knowing their wishes, the children or other family members.<\/p>\n<p><strong>Providing Instructions for Distribution of Assets<\/strong><\/p>\n<p>Most married couples want their assets to go to the surviving spouse if one of them dies. If both parents die and the children are young, they want their assets to be used to care for their children. Some assets will transfer automatically to the surviving spouse by beneficiary designations and how title is held. However, an estate plan is still needed in the event this spouse becomes disabled or dies, so that the assets can be used to provide for the children.<\/p>\n<p><strong>Naming Someone to Manage the Children\u2019s Inheritance<\/strong><\/p>\n<p>Unless this in included in the estate plan, the court will appoint someone to oversee the children\u2019s inheritance. This will likely be a friend of the judge and a stranger to the family. It will cost money (paid from the inheritance) and the children will receive their inheritances in equal shares when they reach legal age, usually age 18. Most parents prefer that their children inherit when they are older, and to keep the money in one \u2018pot\u2019 so it can be used to provide for the children\u2019s different needs. Establishing a trust for the children\u2019s inheritance lets the parents accomplish these goals and select someone they know and trust to manage it.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"side-navigation.php","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estate Planning - Kyle S. 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