Estate Planning: T e Greatest Giſt of All
Estate P By Doreen Friel, NRECA R
emember the famous saying, “Nothing is certain except for death and taxes”? While many argue over whether Ben Franklin, Mark
Twain, or someone else actually said it, one thing is clear—death and taxes are inevitable. And that’s why, for countless years, people have engaged in estate planning. Once considered a tool only for the rich, estate
planning historically revolves around the creation of a will. But today, it involves much more than that. Begin thinking about the following as you consider your own estate plan. 1. Consider your assets. Estate planning doc-
uments—such as a will and trust—let you legally transfer your assets to loved ones more quickly and easily upon your death. T ey can also help save mon- ey on estate taxes by naming benefi ciaries for certain assets that are not distributed through your will or trust, such as your retirement plan assets, annuities, and life insurance policies. 2. Consider your family obligations. If you are a
parent or legal guardian, estate planning can desig- nate guardians of your minor children in the event of your death—which can help to avoid court battles. 3. Consider the “what ifs.” T e future is un-
known, but certain steps can provide protection nonetheless. Life insurance, which goes to a benefi - ciary in the event of your death, and long-term care insurance, which can help protect your assets should you need long-term care services at home or in a nursing home, are two examples. Also, what if you were incapacitated and could
not make your own medical or fi nancial decisions? A durable power of attorney gives someone close to you the ability to handle your fi nances if you are unable. And a living will communicates what your wishes would be regarding medical care if you do become incapacitated.
November 2013 - 9 4. Gather the troops. You should consider con-
sulting several individuals as you create your estate plan, including your attorney, life insurance represen- tative and/or fi nancial professional, and accountant or tax adviser.
5. Communicate your plans. At the very least, the individual whom you have designated as your executor should know how to reach your attorney in the event of your death or disability. Informing your loved ones of your wishes can ensure there are no surprises later. 6. Update your plan regularly. Life is all about change. So at times, changes might need to be made to your estate plan, such as updating your will or changing a benefi ciary. Be sure to review your estate plan at least once a year. Estate planning may sound expensive, but think
about it: T e price you pay today could save your loved ones substantial time, stress, and money when you are no longer here. What better gift could you give them? ■
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