Grand Rounds: Money Is Just An Estate Of Mind
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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with your financial legacy and how in the afterlife you still can make a meaningful contribution to your loved ones.
Unfortunately we humans have an expiration date.
End of life decisions are always hard and can vary from individual to individual.
One thing that the vast majority of us can agree on is that we would like to leave something for the loved ones we leave behind.
Unless you are one of those, fortunately, rare individuals who try to have the bank account hit 0 the exact moment your time remaining does the same, it is important to have some sort of planning for your estate in place.
An improper estate can funnel thousands of dollars away from your loved ones and line Uncle Sam’s pockets instead.
Hear the word inheritance and what is the first thing that comes to mind?
However if you just focus on this aspect of inheritance, you are wasting a huge opportunity to truly pass something meaningful to your heirs.
In a very insightful article, Becoming Minimalist, champions the concept of immaterial inheritance in, “Inheritance: It’s More Than You Think.”
You’ve created a will.
You have even went the extra mile and formulated an estate plan.
However don’t rest on your laurels so close to the ultimate finish line.
The person who ultimately transforms your wishes into reality, the executor, can be another potential issue if he or she is not prepped adequately ahead of time.
Luckily Boomer & Echo have given a blueprint on how to make this entrusted person truly capable of managing your affairs appropriately in, “5 Ways To Prepare Your Executor Before You Die.”
Estate planning is essential if your desire is to keep as much of your wealth in the hands of your heirs instead of handing it over to Uncle Sam or court officials.
The wealthiest families make it a point to either know the tax code themselves or take counsel from someone who does so that they do not pay any extra passing this wealth down to future generations.
One of the easiest things a physician or other high net worth individual can do to help themselves in this matter is by creating a trust.
Don’t believe me and think a will is more than adequate?
Let Woodstock from Dad’s Making Cents help sway you when he pits the two against each other in, “Estate Planning Showdown: Wills V Trust.”
So you are now convinced that an Estate Plan is right for you.
Before just searching the yellow pages for any estate plan attorney, it is important that at least get some of the fundamentals down so that you 1) Know what questions to ask and 2) Can due diligence in selecting the right attorney by knowing what to look for.
The Money Mix helps walk you down this unfamiliar path with, “The Ultimate Guide To Estate Planning”
Hope you enjoyed the reading material.
Have a great rest of the week.
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