Estate Planning

Who Needs Estate Planning?
 

In general, anyone who has ownership in real or personal property should perform estate planning for those properties. This includes the following: 

1. ·Anyone who owns property alone, as tenants in common (TIC), or as community property.

2. ·Anyone owning assets in multiple states.

3. ·Anyone who has dependents.

4. ·Anyone who owns a small business. 

5. ·Anyone who may become incapacitated prior to death.

6. ·Anyone who wants to make a transfer of wealth.

7. · Anyone who owns assets that may be subject to tax and want to reduce the taxes involved in transferring these assets.

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The question really becomes not "Who needs estate planning?", but "How simple or complicated does the estate planning really need to be?

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The answer will depend on your particular financial, marital, and family situation. 

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Contact LRJ&A to discuss how to apply these planning tools.