Why a basic Will is not enough.
Attorney Tamara Harper provides her clients with a variety of tools from which to construct an estate plan, including wills, life insurance and trusts.
Properly executed wills are the foundation of a solid estate plan because they designate how and to whom your property will be distributed after death.
If you don’t have a will, you give up your right to distribute your property as you wish. Assets owned jointly or that have beneficiary designations, such as life insurance, annuities, or retirement accounts, are not controlled by your will. However, they are included in your taxable estate. It is important to discuss these tools with your tax advisors.
Wills are not only for the rich. Wills are the primary documents for transferring wealth upon death. If you die without one, state law controls the disposition of your property.
In addition, without a will, settling most estates can be more troublesome-and more costly- for beneficiaries.
Three major provisions you should consider including in a Will are:
Guardian for Your Children
A Will should name a guardian for minor children in the event that both you and your spouse die. Selecting a guardian requires careful thought; be sure the person you elect is willing and able to accept the responsibility.
Creation of Trusts
A will directs the disposition of your estate. To accomplish longer-term goals, such as funding a child’s education or providing for an elderly parent, you may need to include instruction for the creation of trusts at your death.
Naming an Executor
Your executor is your personal representative after your death. He or she has several major responsibilities, including administering the estate and distributing assets to beneficiaries; making certain tax decisions; paying debts/expenses of your estate; ensuring all life insurance and retirement plan benefits are received; and filing necessary tax returns and paying the appropriate federal and state taxes.
It has taken you years of hard work, planning and sacrifice to build the assets you now possess. Secure those assets for your family through proper estate planning. Tamara Harper has extensive experience in guiding clients through the estate planning process.
It is important to conduct an annual review of your Will, Trusts and other Estate Planning documents as major life changes such as deaths, births, divorce and inheritance can all trigger a change to your estate planning.
Investment strategies may change as you move closer to retirement age. A key to proactive and effective retirement planning is achieved through the meeting of you, your CPA, financial advisor and estate planning attorney.
One of the main reasons people buy life insurance in the first place is to create an estate. The proceeds from a life insurance policy create instant liquidity when someone dies, eliminating the need to hastily liquidate other assets in order to pay estate taxes
Tamara Harper’s Estate Planning Resource Center
Retirement Estate Planning PreviewAttorney Tamara Harper has put together this easy to follow 10 page guide to help you get started. Find out how you can benefit from Estate Planning. Just click the button below.
Do I Need Estate Planning?You’ll find plenty of information as you get the Facts of Life about Estate Planning direct from the State Bar of California as it breaks down the answers to eighteen questions.
The Legal Basics About TrustsFollow along on this slide show that will give you the basics about Trusts and their importance in the process of Estate Planning. The various types of Trusts are discussed.
Key Factors to ConsiderKey Factors to consider in managing your retirement and estate contains valuable information to help you ensure that your assets continue to be protected.
Tamara L. Harper, Esq. Navigating entrepreneurs, inventors, individuals, and small to mid-size companies in the e-commerce, retail, green energy, real estate, bio-tech, restaurant, and service industries to safe harbors through the maze of employment regulations, corporate compliance, real estate and civil litigation, trademark registration and defense, business sale or acquisition, investor capitalization, asset protection, legacy and estate planning and trust administration. “Navigating and charting a map of the waters and currents you need to sail to bring you safely home to your particular harbor.” The materials and information contained on this website are provided for GENERAL INFORMATION PURPOSES ONLY. The material should not be construed and is not intended as legal advice on any subject matter and is NOT A SUBSTITUTE FOR PROFESSIONAL LEGAL COUNSELING from a qualified licensed attorney from the appropriate jurisdiction. IT IS NOT INTENDED, NOR DOES IT CREATE AN ATTORNEY-CLIENT RELATIONSHIP and no attorney-client relationship is formed unless agreed to in writing. In the event this communication is not in conformity with the regulations of any state, we are not willing to accept representation based on this communication. The content of this website is for advertising purposes, comes as-is and its accuracy, completeness, or applicability is not guaranteed. Tamara L. Harper expressly disclaims all liability in respect to actions taken or note taken based on any or all of the contents of this site.
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