Why Is It Important For Young Families To Establish Estate Plans As Soon As Possible?

There are two primary reasons young families need to establish an estate plan as soon as possible, the first being to plan for the future. You can start your retirement and estate plan early, and it can be changed to grow as you grow. Another reason is that anyone can become very ill, cannot handle their affairs, or die at any age due to accident, etc. So, at an early age, I recommend a will, a durable power of attorney to handle assets when you cannot, a living will, and a healthcare power of attorney to control your desires about medical treatment when you cannot do so. 


What Should Young Parents Include In Their Initial Estate Plan?


There are four essential items in an estate plan. First, of course, a will or trust can have different purposes, and one may be better suited to different individuals. Second, you also need a durable power of attorney to give someone the authority to handle your assets when you cannot, along with a living will and a healthcare power of attorney to convey your medical issues when you cannot do so. 


My Child Turned 18. What Essential Estate Planning Documents Should She Have In Place?


Remember that estate planning is planning for the future, and anyone can become very ill or even be killed unexpectedly. So, I recommend, as soon as someone reaches the age where they can sign documents to have a durable power of attorney to give the parents or someone the authority to handle their assets when they cannot, a living will and a healthcare power of attorney for someone to manage their medical needs according to their desires when they cannot do so. Of course, many young people will not need a will until they begin working and accumulating assets, but it is always better to be safe than sorry. 


Should Elderly Parents Gift Money?


That depends on the purpose of the gift whether elderly parents should gift money. If it is for charity, that’s a good thing to do while living because it results, at least under current tax laws, in a nice deduction for you on your taxes. But, if you are giving it to your children or child, it depends on your child. Many people tell me they do not want to provide a gift for children because they don’t believe they can handle the money. So, we postpone that with a trust or a will. But of course, there is no deduction if you give a gift to your children. The giver or the donor pays the gift tax if there are any gift taxes. 


Is It Better To Gift Or To Inherit Property?


If you gift property now, the recipient puts the money to use. If the property is inherited, it will not be used until it can be passed along. In either case, if there are taxes to be paid, the donor or the giver pays those taxes.


How Much Can You Inherit Without Paying Taxes In 2021?


No taxes are charged to the person who inherits. However, the estate of the deceased who gives an inheritance will pay Estate taxes only after that inheritance is more than $11 million. 


How Can I Find Out If There Was A Will? What Happens IF A Will Cannot Be Found?


There is no organized or official way to search for a will, because a will is a private document. It is not recorded at a probate court until after the person dies. So, the only way to find a lost will is to search the house, safe deposit box, or anywhere you think that the will might be. If the person dies without a will or the will cannot be found, that is called an intestate estate, and the law dictates how the deceased’s assets will be distributed to her heirs. 


After A Will Is Created, Can It Be Modified Or Changed?


A will can be modified in at least two ways. One is to destroy the old will and to create a new one. Any time where a will is created and signed, it automatically replaces any former will. However, if there is just a small change you want to do, we can do a codicil that changes one phrase or one part of a will. 


For more information on Estate Planning For Young Families In SC, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.

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