There are many things to consider while estate planning, as well as after your estate plan has been created. Getting the process started is just the first step, you want to make sure it covers everything in your life just the way you desire. After it is complete, it must keep it updated with all the changes happening in your life. An estate plan is the most important plan of your life and you want to make sure it is done right. Read here how to avoid making some of the most common mistakes.
If you think it's awkward to discuss death while you are alive, it's even worse when your family members are left emotional and confused without some sort of guidance after your death or in an emergency. Putting off talking about these situations will do no good to you and your family. These famous celebrity stories highlight how important it is to not only to have an estate plan, but to also make sure it is regularly updated.
In a blended household, conflict is bound to arise between your loved ones when something happens to you, even if you already have a plan in place to take care of them. Fortunately, a method of planning exists for your type family. While legal planning can help resolve that conflict, it can also make your family bond stronger when done right. Whether you are the child of a parent who remarried or you are a parent who divorced and remarried, planning for everyone will keep the family together.
Money is not the only thing that needs to be considered when deciding what to pass down to the next generation, and most parents, unfortunately, don't think beyond how much money they will leave behind for their family. Knowing what to pass down as well as how to pass it down goes hand-in-hand, so you want to make sure you learn how to do it right. Having a conscious awareness of this is just the beginning, but a huge step forward for the long-term benefit of your kids.
Any business, no matter what size, needs a proper succession plan for the future in order to be successful from generation to generation. A bad plan, or not having a plan at all can ruin all your hard work, as it did for the Stroh family. Stroh's beer was one of America's most impressive family fortunes and due to poor business decisions and bad investments, the massive beer empire disappeared in just two decades. Read here how the family could have prevented the downfall.
Studies have shown during both the good times and the bad how family values remain at the top of the most important things parents (& grandparents) want to pass down to their heirs. Yet many estate planning professionals fail to help their clients capture these words of wisdom, morals, and meaningful possessions in their estate plans, because most of it remains intangible while a lot of estate planning is about moving only the tangible to the next generation. Not anymore!