By: Martin M. Shenkman, CPA, MBA, JD
Law Made Easy Press
Estate Video - Simon Says: Manage Your Money
Estate Planning Basics
Martin M. Shenkman, P.C.
Law Offices of Martin M. Shenkman, P.C.
4 Forest Avenue
Paramus, New Jersey 07652
Estate Planning is defined as much more than a will, or a technique to save taxes. It is essentially a " peace of mind." To actually reach this state, a number of different issues may come into play. Most importantly, it comes down to what your personal goals are, and the importance of their execution to your exact stipulations. How you go about your estate planning is extremely important. Here are some tips to ensure the safety of your estate:
1. Your plan of action on how to execute your estate must be broad and very descriptive.
- If it is not done this way, there could be drastic repercussions in the future.
2. Effective estate planning is only done if the tough issues are addressed.
- These issues include death, unexplained circumstances, medical emergencies, etc.
- Confronting issues makes planning easier because certain precautions can be taken when creating your will.
3. Become involved in the fairly simple task of probate action.
- Most of the paperwork that needs to be completed is done primarily by the Court.
4. If trusts are established, checks and balances are needed to ensure safety for your estate.
- Be sure to name someone you are well associated with to ensure its safety.
- Being proactive in the planning of your estate is extremely important.
5. Make sure to establish a power of attorney over your estate.
- The person must be durable, which means they are valid when you are disabled.
6. Make sure your estate planning is tailored to your needs and specifications.
- Assess all the angles taken into account when doing any sort of estate planning.
- This will keep your estate protected from unexpected burdens and complications which may dramatically affect your family in the future.
The above is a summary of a TV show episode on Piscataway Community Television Network in Edison, New Jersey, and his guest Martin M. Shenkman, Esq. an estate planner in Paramus, New Jersey. Listen to the video clip of this segment on www.laweasy.com for more financial tips.
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