Created by: Joseph Owen
I was reading this great article put together by CNNMoney.com. The article expresses 10 essential factors everyone must know about estate planning. Further than just listing 10 facts about Estate Planning, the article elaborates and goes into great depth about each fact. This illustrates a simply explanation on why/how Estate Planning is important, and should be accomplished. Here is the list of the top 10 facts you must know about Estate Planning;
1) No matter your net worth, it is important to have a basic estate plan in place
2) An estate plan has several different elements
3) Taking inventory of your current assets is a good place to start
4) Everybody needs a will
5) Trusts are not just for extremely wealthy people
6) Discussing your estate plan with your heirs may help avoid confusion/arguments
7) The federal tax exemption for estate planning has been on the rise, and will soon hit $3.5 million
8) You may leave an unlimited amount of tax free money to your spouse, but this may not always be the best tactic
9) There are two easy ways to give gifts tax-free and reduce your estate
10) There are always ways to give charitable gifts that keep on giving
To further see the elaboration on each point, listed below is the webpage with the full article.
http://money.cnn.com/magazines/moneymag/money101/lesson21/
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