Estate Planning News

The First Step In Estate Planning

Inventory everything you own and assign a value to each asset. Here's a list to get you started. You may need to delete some categories or add others.

• Residence
• Other real estate
• Savings (bank accounts, CDs, money markets)
• Investments (stocks, bonds, mutual funds)
• 401(k), IRA, pension and other retirement accounts
• Life insurance policies and annuities
• Ownership interest in a business
• Motor vehicles (cars, boats, planes)
• Jewelry
• Collectibles
• Other personal property

Once you've estimated the value of your estate, you're ready to do some planning. Keep in mind that estate planning is not a one-time job. There are a number of changes that may call for a review of your plan. Take a fresh look at your estate plan if:

• The value of your assets changes significantly.
• You marry, divorce or remarry.
• You have a child.
• You move to a different state.
• The executor of your will or the administrator of your trust dies or becomes incapacitated, or your relationship with that person changes significantly.
• One of your heirs dies or has a permanent change in health.
• The laws affecting your estate change.

Contact our Alabama estate planning attorney now.

	Did You Know?
	A "Family Limited Partnership" can be used to own and manage your property In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.