A full 70% of Americans don’t have an estate plan, no wills or trusts. That’s a lot of people who don’t plan to die.
Many folks don’t realize the jeopardy they place their family finances by not planning the disposition of their estates. You don’t have to be a millionaire to need a trust.
Just having a will does not protect your money. While wills help direct who gets the money, probate court proceedings erode assets up to 7.4% on average. That equals $74,000 on a million dollar estate! What can a regular person do to pass their assets along without the courts eating up that money?
Attorney Jim Plitz with the premier estate planning law firm Morris, Hall & Kinghorn discusses these and other estate planning issues on A Good Goodbye Radio on Wednesday, July 24.
Topics discussed during the show include:
- The difference between writing a will and creating a trust;
- How to avoid probate court, federal estate taxes and state inheritance taxes;
- The risks of putting property into Joint Tenancy;
- The three key things to do for financial end-of-life planning;
- The impacts trusts have on protecting finances, even when qualifying for Medicaid;
- How to make sure animal companions are cared for after a pet parent’s death.
A Good Goodbye is an entertaining and educational weekly 60-minute online radio show on “everything you need to know before you go.” A Good Goodbye covers a wide range of critical information most people don’t consider until there’s a death in the family.
By planning ahead and having a conversation, families can reduce stress at a time of grief, minimize family conflict, save money and create a meaningful, memorable “good goodbye.” Host Gail Rubin brings a light touch to a serious subject and presents expert interviews on funeral planning issues with practical insights into the party no one wants to plan.
Sign up for a free planning form and get more information at www.AGoodGoodbye.com.