Blog

 

3 Steps and The Basics of Estate Planning

June, 2019

It’s important to have a basic Estate Plan in place regardless of your net worth to ensure that your family and financial goals are taken care of. When putting together a strategy for your Estate Plan, you must be aware of federal and state laws relating to taxes.

Estate planning can be complicated and an attorney is essential to help protect your assets.

STEP 1: Take Inventory

Begin by taking an inventory of your assets. Assets can include:

  • Investments
  • Savings
  • Insurance Policies or Certificates
  • Real Estate
  • Business Entities
  • Personal Property (artwork, vehicles, jewelry, etc.)

STEP 2: Decide Who Inherits What?

Think about and decide:

  • Who will inherit your assets?
  • Who will handle your financial affairs should you become incapacitated?
  • Who will make medical decisions for you should you become unable to make them for yourself?
  • If you have minor children, who will be named guardian?

STEP 3: Discuss Your Plans

Discuss your plans with all of your heirs so that everyone is aware of your intentions. This will lessen confusion and disagreements later.

ELEMENTS OF AN ESTATE PLAN:

Wills

Dying without a Will can be costly for your heirs and it gives you no say over your asset distribution.

  • A will documents how you want your assets distributed when you die.
  • A will names guardians for your children.

A Simple Will is a will that only distributes personal property and homestead. Homestead refers to the member’s dwelling house and its adjoining land where the family resides. Some examples of when a more complex will is required are when the attorney must consider:

  • Minor children. If members have a minor child, will must include a trust.
  • A specific bequest which is a gift of a specific item of property to a specific individual.
  • A Living Will which gives specific instructions about any aspect of your health care.

Trusts

A Trust:

  • Allows you to legally define how and when your assets will be distributed.
  • Can reduce your estate and gift taxes.
  • Removes any costs or delays for your heirs; it also eliminates probate court!

Since most Trusts deal only with specific assets, you still need a will to distribute your total assets. There are many different types of trusts that cover a range of needs from trusts setup during a person's lifetime to those established only after a person's death. Your attorney can help identify and setup the trust that best fits your needs.

Living Will / Health Care Proxy

A Living Will is a document that states your wishes regarding life prolonging medical treatments in the event that you become incapacitated and can no longer communicate. A Living Will can also be referred to as an advance directive, health care directive, or a physician's directive.

if you ever unfortunately become incapacitated, different institutions or doctors may come to different conclusions about your condition. You can help ensure your directives are enforced if you have a health-care agent (or proxy) advocating for you. You can designate a Health Care Proxy by assigning a medical power of attorney to someone you trust to make medical decisions for you.

Power of Attorney

A Power of Attorney assigns someone to manage your financial affairs should you become unable to do so.

Your designated agent can legally sign your name.

Most often, people elect a “Durable Power of Attorney” which goes into effect immediately upon you becoming incapacitated.

Group Legal Plans from Legal Club provide a wide range of free and discounted legal care, tax and identity theft benefits including a Free Simple Will for you and your family. Also included is access to over 85,000 online forms such as Last Will and Testament and Power of Attorney forms.  To learn more about the plans offered by Legal Club, browse this website or call us at 800-305-6816.

 

Blog List

 

Return to Blog Overview

JUNE, 2019
3 Steps and The Basics of Estate Planning

MAY, 2019
Cyber Safety Tips from our Partners at GuardStreet - The Rise of the Dark Net

APRIL, 2019
Cyber Safety Tips from our Partners at GuardStreet - Should You Use ‘Free’ WiFi at Sporting Events?

MARCH, 2019
Tax Due Dates for 2019

FEBRUARY, 2019
Another Large Breach, Another Reason to Protect Yourself with Identity Theft Solutions

JANUARY, 2019
Important Tax Changes for 2019

DECEMBER, 2018
Cyber Safety Tips from our Partners at GuardStreet - Traveling Over the Holidays? You Might Want a VPN

NOVEMBER, 2018
5 Ways Legal Club Helps Employee Benefits Professionals Via Account Rounding

OCTOBER, 2018
Why Legal Club? Because Employees Don't Leave Their Problems in The Parking Lot

SEPTEMBER, 2018
Tips for Employee Benefits Professionals, Episode 1, Improving Productivity and Morale in the Workplace

AUGUST, 2018
7 of Our Favorite Back-to-School Tips

JULY, 2018
Utilizing Group Legal Benefits To Plan For The Future

JUNE, 2018
Internet Safety Month: 5 Ways To Help Prevent Online Identity Theft

MAY, 2018
5 Reasons Why Employers Should Offer a Group Legal Plan

APRIL, 2018
9 Identity Theft Protection Tips and ID Theft Plans for Employees

MARCH, 2018
Are You "Prepared" for the Approaching Tax Deadline?

FEBRUARY, 2018
Review and Update Your Legal Documents

JANUARY, 2018
Important Tax Changes for 2018

JANUARY, 2018
Tax Return Basics

DECEMBER, 2017
New Year's Resolutions

NOVEMBER, 2017
You Can’t Afford to Wait Another Moment to Protect Your and Your Family’s (and Your Employees’) Identity

OCTOBER, 2017
A Word on Data Breaches

SEPTEMBER, 2017
The “Right” Attorney vs. Any Attorney

AUGUST, 2017
Identity Theft is Still On The Rise

JULY, 2017
Boosting Employee Morale and Productivity with Group Legal Plans

Meaningful Benefits for Everyday Life

Legal, Tax, Identity Theft solutions and more

Corporate Headquarters

7771 W. Oakland Park Blvd., Suite 217

Sunrise, Florida 33351-6796

Toll Free Main 800-316-5387

Local Main 954-377-0222

Fax 954-267-0401

info@legalclub.com

Legal Club provides group legal, tax, ID theft solutions and other benefits to more than 2,000,000 working Americans and their families. Legal Club's suite of products can be tailored to meet the needs of evolving employee populations and are designed to provide maximum value and flexibility. Partnering with agents, brokers, consultants and other distributors, Legal Club has provided meaningful benefits for everyday life to organizations around the country for more than two decades.

Legal Club is a proud sponsor of BCRF, donating 2% of revenue from new group cases each year. Learn more >

© 2019  Legal Club of America. Privacy Policy | Disclaimer