By YiLin Zhu Feb. 07 2009
Most people may wait till their late years to do their estate planning. However, what people really should do is to start making their estate planning intelligently in their middle-age. The following is something people should do and something they should not.
The Do’s:
1. Always have a smart Lawyer to help you with creating your estate plan.
2. If you are sure you own much more than how much you need, contribute more to the charities. Give away some assets that made you a bundle.
3. Plan smart for your children or grandchildren’s education.
4. Make an estate plan that is adjustable. You might want to improve it many times before it settles.
5. Keep track the things you bought and sold for tax reason.
6. For the land that only cost you a little, give it away to the charities as conservation land.
1. Always have a smart Lawyer to help you with creating your estate plan.
2. If you are sure you own much more than how much you need, contribute more to the charities. Give away some assets that made you a bundle.
3. Plan smart for your children or grandchildren’s education.
4. Make an estate plan that is adjustable. You might want to improve it many times before it settles.
5. Keep track the things you bought and sold for tax reason.
6. For the land that only cost you a little, give it away to the charities as conservation land.
The Don’s:
1. Don’t assume you are financially benefited from the new law, because you are not.
2. If you are small business owner or a farm owner, don’t assume yourself will benefits from taxation aspect.
3. Don’t day dreaming about the estate taxes will disappear one day.
4. Don’t adjust or make changes of your estate plan before talk to an estate-planning lawyer.
5. Don’t assume you are under an estate-tax-free zone and therefore you don’t need to make an estate plan.
1. Don’t assume you are financially benefited from the new law, because you are not.
2. If you are small business owner or a farm owner, don’t assume yourself will benefits from taxation aspect.
3. Don’t day dreaming about the estate taxes will disappear one day.
4. Don’t adjust or make changes of your estate plan before talk to an estate-planning lawyer.
5. Don’t assume you are under an estate-tax-free zone and therefore you don’t need to make an estate plan.
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