Key 5: Stop People from Fighting Over Your Money Jack worked hard to earn his money as the owner of a small printing business. “I can do whatever I want with my money!” he said. Do you think Jack is right? You may not realize that people…
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Key 4: Choose Executors to Handle Your Estate Imagine you have a daughter, Ann, an accountant, who lives far away on the west coast. You have another child, Bob, still living at home with you. Who should be the executor to guard your estate? Should it be…
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Key 3: Quickly Prepare a Proper Will Simon had no clue how to divide up his estate. He was going on a trip to Dallas and wanted to make a will before he left. He wondered, “If I leave $25,000 to Billy and $25,000 to Sally, will…
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Key 2: Avoid Falling Into Major Tax Traps Do you know the biggest tax mistake you can make? Neither did Karl, a 72-year-old mechanic who was set to undergo open-heart surgery. Karl told his lawyer to register his children as joint owners on the title to his…
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Key 1: Start Right to Finish Right You don’t want to start your estate plan on the wrong foot like Diane did. Diane is a busy mother of twins. She wants her children to be protected should something happen to her. Her idea is that, “Planning an…
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Taxes are always confusing. Tax laws change daily. How are you going to stay on top of all this? You must rely on professionals to give you proper advice. Paying taxes can eat up your estate’s assets and destroy your dreams for your family. You can, however,…
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Start By Creating an Inventory of What You Own You can do this by drawing a circle on a piece of paper. Everything you own fits into this circle. I call this your estate pie. The three slices in your estate pie are your Will Assets, your…
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Question: As executor of a parent’s estate, do you need insurance to protect you? James Daw’s Toronto Star article at moneyville.ca suggests one answer is ERAssure.com. I’ll give you more info to consider. But you must check out this company’s site. It’s a marketer’s dream. Study it…
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Any breach of executor’s duty can result in a charge of misconduct against them. Here’s a short list to remind you of possible executor breaches of fiduciary duty: • financial negligence handling estate assets causing loss • failure to properly invest estate assets • failure to complete…
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Estate planning is confusing and many people want to avoid lawyers. Many advisors fall into a trap of trying to oblige the client. This can lead to several weaknesses in estate planning, which I’ll explain. Estate planners, unlike lawyers, cannot tell you what to do when…
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