As Benjamin Franklin once observed, nothing is certain except Death and Taxes. If you’re like most people, though, you find the topic of planning for your own passing uncomfortable. In fact, it’s more comfortable planning for TEOTWAWKI than planning for one’s own death. Many find it so uncomfortable that they avoid planning for it at all.
A lack of a good plan, however, leaves your loved ones in bad shape: they could be saddled with months or even years of legal proceedings, have to pay onerous taxes that could have been avoided, and your years of preparing and saving could be significantly wasted. Worst of all, if your preparations are needed, your family may be unable to effectively utilize them when the time comes.
This article will not focus not on legal estate planning. There are plenty of resources regarding the legal aspect of estate planning. You should have a will, should try to keep your assets out of the clutches of the probate system and other governmental bodies, and you should try to minimize taxes. If you have any significant assets, then sit down with an attorney to make a plan to protect your estate from government taxes and interference. Rather, this article is about practical estate planning: what happens upon the death of a person has spent many years preparing for the unexpected?Continue reading“Estate Planning For The Prepared, by David E.”