Almost everyone has some form of digital assets these days, but most do not have anything in their estate plan regarding how they want them handled. A 2011 survey by McAfee found that Americans valued their digital assets at more than $54,000. Digital assets include photos, emails and digital records such as financial statements or tax returns, along with anything else you store online. In addition to these common assets, digital purchases for eBooks, music and movies would also be included, along with the relatively new cryptocurrencies.
The passage of the new tax law is an exciting time for estate planning. We have not had this many changes to the law in over 30 years. The details and implications are still emerging, so a comprehensive analysis of the changes and how they might affect you will take some time.
The future is an uncertain thing. So, there are many concerns you may have about it. This includes concerns that a medical condition you have or are at risk for may someday cause you to be unable to make decisions for yourself.
You are ready to make a big purchase. You have completed your education. You studied hard. You got that full-time job. You put in the hours, and now you are ready. You are going to purchase your first home. This milestone is huge. The accomplishment is great. You are proud of what you have accomplished and the purchase you are about to make. The process is one you are new to, so you want to get it right.
A will is key part of estate planning. For many families, a trust can be just as important when building a comprehensive estate plan.
Setting up a Durable Power Of Attorney provides you with an agent to make critical life decisions if you become incapacitated. This person acts in your best interest, settling personal, financial and health care matters.
When planning wishes for an estate, many people aim to avoid the probate process on their passing. Probate can be stressful for family members and it can drag out for months or years, lowering the value of your estate overall. There are steps you can take now to stop this from happening.