Tuesday, February 25, 2014
Here are 10 tips for those getting started on their estate and succession planning:
- Stop procrastinating.
- Plan for if you don’t die with a power of attorney.
- Communicate your plan with your family.
- Don’t cut the pie in equal servings if one heir is more deserving.
- Coordinate intangible properties with your estate planning documents.
- Know the current tax rules and their implications.
- Check your liquidity levels.
- Maintain good records for the sake of those you leave in charge.
- Build the right team of professionals.
- Review your estate plan regularly.
See Amanda Radke, 10 Estate Planning Tips; PLUS: How One Farmer Gifted His Estate, BEEF Daily, Feb. 20, 2014.