Women live longer than men, and every woman should know how to create a solid estate plan that supports her as she ages. Estate planning isn?t simply about passing on assets and settling debts upon your death. It?s also about supporting your lifestyle throughout your later years, something everyone needs.
Consider the following estate planning tips when planning for your later years:
- Everyone needs a Last Will. Even if you?re young or you have no heirs, you can bequeath your assets to your favorite cause or charity.
- Your executor should be financially savvy. This is the person that will make certain your bequests are handled properly so extra taxes and potential lawsuits are avoided. Choose someone responsible and who has some financial savvy.
- Trusts allow transfer of property and assets outside of probate.? A trust is set up with the parameters you choose. If you do not want your daughter or niece to inherit until they are of a certain age, or if you want them to accomplish certain goals before they receive their inheritance, you can set those conditions up in the trust document.
- Consider passing your assets to your beneficiaries before you die. You can gift up to $13,000 a year without the beneficiary incurring the gift tax.
- Reevaluate your estate plan after your spouse dies. Circumstances change when your spouse dies and your plan may not be suited to your needs any longer. Also, you?ll need to change the beneficiaries on your Will and other accounts, including insurance policies.
Getting Legal Help
Experienced Tacoma elder law attorney Darol Tuttle understands the nuances of estate planning. He can help you make a thorough plan to give you peace of mind. Contact us today at 253-272-1904 or by email at info@daroltuttle.com.
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Source: http://tacomavaattorney.com/5-estate-planning-tips-every-woman-should-know/
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