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If the following statements describe you, paying off the mortgage is the best option: You are a person who craves personal security and doesn’t like the worry of having a mortgage hanging over you. The interest rate on your mortgage is higher than that which you are currently earning on your investments. You would like to have money available to begin, or contribute more heavily to, an investment or retirement program. You don’t intend to retire in the home, but want to buy a smaller home by the lake, mountains, river, in the tropics, etc. Your mortgage is near to being paid off (within 10 years) so you are now paying more principle than interest. You have enough money to pay off the mortgage and still have a healthy savings account.

One means of opposing a will is to suggest that the person making the will was crazy when they made it. That is why even most lay people begin their will with the phrase, “I (so and so) being of sound mind and body.” This legal doctrine is not unique to wills, but affects the right to enter contracts and agreements of all sorts. In the context of wills, this is called capacity.

Many states assume that if the testator (the will maker) had a chance or had not forgotten to do so, that they would have included the omitted relative. This is important because the suggestion is that naming the individual would have been the testator’s intent had they recognized the omission. Other states make no mention of what the testator’s intentions would have been, because they want a testator who intends to disinherit someone to do it using positive language rather than just not mentioning that person. Both approaches can fly in the face of the facts regarding what the testator wanted or intended. But, one thing is clear, if you intend to leave someone out of your will, who is a close relative you must do so expressly. That can be done by saying something like, “And, to my wife Sheila, I leave nothing,” or “To my son Thomas, I leave the kick in the rear end I should have given him years ago.”

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The problem, from an estate-planning point of view, is that the property was given in equal shares to prevent any of the children from having their feelings hurt or feeling less loved and important than the other children. If, an estate planner does not help their clients see this possibility, for it is a very likely situation in the real world, it is felt that they (the attorney) have failed. Unless the family is extraordinarily wealthy the possibility that they will have been differing from financial needs is very common. Anyone who is a middle class American is usually at some point in need of money, particularly if they have children.

Many people think they don’t need an estate plan. They relate the term to tax planning and feel that their estate is not big enough to bother. They, therefore, think estate planning has nothing to do with them. However, estate planning is more than a method to avoid or reduce estate taxes. Many young families might be surprised to learn they should think about estate planning now. Right now there is an effort to abolish or confine estate taxes to only the very wealthy. Of course, Congress changes the tax laws constantly, so there can be no guarantee that this trend will continue. Be even a normal working class couple with a home, two cars, and money in retirement or 401K plans and maybe the start of a college for their children can have a surprisingly large estate. Therefore, even if estate taxes don’t apply today, they may in the future.

Typically, those who really need to have an estate plan are parents who have minor children, people who have valuable properties and have sentimental values for them, and also people who are concerned about their medications and health care. However, people can still acquire an estate plan, whether they have these categories or not. As long as they have all the things that are covered by an estate plan, then they can avail of it. While a person is alive, it is important to prepare an estate plan and at the same time implement it. This is the perfect time for a person to perform and have a legal capacity to come up with a contract. There may be challenges that could occur if an estate plan is implemented when a person is already disabled. Others may judge the lack of capacity and the person may be prone to fraud, abuse and coercion.

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Where does your home mortgage fit into your financial planning and particularly into your estate planning? In the world of yesteryear, the chief goal was to pay off the mortgage and hold the property free and clear. Higher land prices, higher building costs, and fluctuating interest rates have changed the landscape of the housing market, with instruments available from flexible interest schedules to interest-only mortgages, in which the buyer never actually purchases the property.

The second prong of capacity is whether the will maker is operating under an “insane delusion” or “mental derangement.” However, again, this insane delusion or

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There are advantages to paying off your mortgage as quickly as possible and there are disadvantages as well. It just depends on your needs and your aims for the future, which route you should take. Say, for example, that you had just come into a lump sum of money – from a stock market windfall, inheritance from Uncle Joe, or some other pile of cash that gave you the option to pay off your mortgage and be done with it, or not.

One means of opposing a will is to suggest that the person making the will was crazy when they made it. That is why even most lay people begin their will with the phrase, “I (so and so) being of sound mind and body.” This legal doctrine is not unique to wills, but affects the right to enter contracts and agreements of all sorts. In the context of wills, this is called capacity.

Next, line up the details of your beneficiaries – names, addresses, and ages. In addition, you should determine who should be the trustees/guardians in case the beneficiaries are minors at the time of planning the estate. Also, you must identify an executor of the estate. It would be easy if you line up pre and post nuptial agreements, divorce decrees, previous wills, deeds of real estate property, and latest tax returns before you consult a professional estate planner. Though small estates might be easy to plan, it is advisable to take the help of professional estate planners, including attorneys and CPAs, to explore all the possibilities to reduce tax incidence. Remember, estate planning is not an one-time affair. Any change in your marital status, death of beneficiaries, a birth of a child, or changes in the law will require a review of the plan.

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However, there may be better ways to leave your assets to those you choose rather than that traditional will. For many reasons the living trust is the superior instrument for most people’s needs. It is important to consult your attorney to find out the best way to protect your assets and whether a will with a no contest clause is a viable option in your state. A will, in many ways, is too encumbered with restrictions that make a trust a much better option if you would like to leave your assets to those that you choose and reduce the chances of your desires being challenged. Again, as always, ask your local attorney for advice about your wishes and find out whether no contest clauses are becoming a thing of the past in your jurisdiction.

We have compiled a list of some of the most common mistakes individuals make in estate planning. Please review the list, but also plan to meet with a qualified attorney to review your unique estate. Failure to Prepare One of the most common mistakes people make when it comes to their estate is that they simply fail to prepare a plan. Many people, especially the young and healthy, never even set up a Living Will. Living Wills are important to have at any age because they serve as a directive in the event that you become incapacitated. Even though far fewer young people plan their estates, more than twice as many 20-some things die in car accidents than 60-some things. Therefore, it is crucial that you plan your estate regardless of your age, health, or income level.

Estate Planning involves sensitive decisions and legal matters. It would only be beneficial if the person will always consult with legal advisors and also seek financial and medical advice. It is important that before a person will enter estate planning, he should already have a strong understanding of the process so that things will not be difficult for those who will be left behind.

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Professional services will include evaluating the estate, planning and managing it during your lifetime, and disposing of it off after your death in a way which gives the optimum benefit to your beneficiaries and attracts minimum tax. The attorney will also take care of all documentation and filing works. Yes, legal services are a little expensive here. However, the money and time you spend to plan your estate not only assure monetary security to your dear ones when you are gone but also saves them from a lot of legal and tax complications.

What is not often shown about a will is that it is contested. Perhaps this is because the craving for legal courtroom drama is a relatively new phenomenon, and perhaps because the way the family members behave toward one another over large sums of money is too violent even for television. Wills are contested in long bitter rivalries that often leave no member of the family unscathed. Often there are two opposing camps and each relative must decide which “side” they are going to be on. It is refreshing when the sides earnestly agree that they each wish to bring about what they believe the deceased would have wanted, but it is more often the case in which that is merely the incantation recited to get what each opposing camp thinks is their due.

However, remarriage later in life creates a unique set of legal questions that those who are getting married don’t often think through. For example, many older clients take it for granted that their adult children will inherit from them when they pass away, because the majority of their property and life have been spent with their previous spouse who was often a co-parent to those children and the one who helped to build or sustain the family assets. But, a new marriage means that the marital property is governed by the laws of the new marriage. Absent any prenuptial agreement, the surviving spouse would, in most jurisdictions, receive at least half of the marital assets, which means that the adult children from the first marriage might be in for a big surprise if they think the family home that their family has owned for years will become theirs.

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It is important for both the client and the attorney to face tough questions and to look toward non-idealized versions of the future when crafting estate planning strategies. The problem of the four children is easy enough to fix, but it illustrates a more important principle. When you are ready to start your estate planning it is important that you answer hard questions for yourself. Clients should be asked questions about how they have seen other families handle wills after their loved ones have passed on.

Choose your Beneficiaries your beneficiaries are those individuals who will inherit your estate when you die. It is important that you carefully consider and name your beneficiaries. Choose the appropriate individuals for the estate you will be leaving behind. Many times, beneficiaries are children and spouses. However, if you have young children, you may not feel comfortable setting up your estate so that they inherit a large sum of money directly. How will they spend it? Are you sure that they would make wise choices?

Estate Plans may include wills power of attorney for health care, living wills, living trusts and limited partnerships. When entering into a contract, it is very important to make use of the services of a lawyer. Lawyers are the only certified people who practice these fields. They are also the only ones who can supply a person with all the legal requirements and advice needed in the estate plan. An attorney will be able to answer legal questions regarding the estate, and they will also be able prepare the person on the cost of the estate plan and other finances the come with it.

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At the minimum, every parent should have a will. A will allows parents to designate who will be guardian of their children. Anything less than a testamentary document cannot be considered in naming a guardian. Also, this statement of preference will help avoid conflict between relatives over who gets the children. However, while a simple will can make parents’ preference of guardian known; unfortunately, it does not address the issue of asset management. Even in a moderate estate, these assets can be substantial such as a house, life insurance, IRA’s and so forth. At the age of eighteen, all assets must be turned over to the children unless a trust is also used.

Capacity can be broken down into two elements — first, the will maker must not be mentally deficient. For the most part, this means that the will maker must understand what they own, who will get it and the basic arrangements used to get that person whatever it is they are to receive. These elements combine such that the will maker must understand how these elements relate. It seems that video taped sessions where the deceased explains the whole process are changing the applications of this law. There is the deceased on-screen explaining who gets what, why and how and in what way that affects the rest of his/her property. Note that the requirement of mental deficiency is not about what the person understands generally, but what they understand about what they own. It is tempting to wonder if this requirement stems from the fact that the rich are allowed to be eccentric’ to a certain extent, in our society.

For the year 2005, there’s no estate tax on the first $1.5m of the net estate. This basic exemption limit will be increased to $3.5m in 2009. The estate tax will be totally abolished in 2010 and reinstated to an exemption of $1m in 2011. Estate tax can be reduced by following certain techniques. One is gifting the assets during one’s life time. From 2006, Federal tax law permits everyone to the gift $12,000 per annum to as many people as one wants without incurring gift tax. Instead of giving a lump sum after death, one can give such annual gifts when alive and reduce the taxable estate.

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However, new options exist today that make it far easier for the testator to present evidence after they have passed away. The first question to be asked in a contest involving mental capacity is that of mental deficiency. Mental deficiency is demonstrated by the testator not being able to comprehend what he/she owns, to whom he/she is giving it, and how it will be transferred in addition to the overall impact such as transference will have on their estate as a whole. Previously, this could only be done in writing, and it was often suspected that the attorney representing the deceased might have helped that writing have all the necessary components, rendering the doctrine more flexible and open to a jury or judicial interpretation than a clear matter of fact.

Americans are far more likely to just accept taxes, because our country has an enviable financial system that people around the world wish to participate in already. However, many people would like to know more about offshore banking options for a portion of their wealth because they view taxes as an all too unnecessary evil. Whenever we read stories about the government buying a hammer for $500 from a certain large corporation (Name omitted to avoid liability) as part of a no bid contract, we may begin to entertain the idea of placing personal assets offshore.

There are several ways in which estate planning can be done. For instance, you can make wills (living wills are even helpful within your lifetime), plan your funeral arrangements, life insurance and other directives. ICMA RC is a good source to seek help and guidance. It directs you the step-by-step procedure to prepare your will and the way you should bifurcate your assets. ICMA RC also makes one aware that if he or she does not write the will during his or her life period then after death the court will have the authority to allocate the property to the members. For those who have their own business ICMA RC especially suggests is to leave behind a paper trail behind. Documentation is the biggest evidence for your plans and desires for the future.

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Where does your home mortgage fit into your financial planning and particularly into your estate planning? In the world of yesteryear, the chief goal was to pay off the mortgage and hold the property free and clear. Higher land prices, higher building costs, and fluctuating interest rates have changed the landscape of the housing market, with instruments available from flexible interest schedules to interest-only mortgages, in which the buyer never actually purchases the property.

Those who are elderly sick and in need often attempt to show their gratitude for the care that they are being given through bequests in their will. It seems only fair that the relative who is actually caring for their loved one should be rewarded by the one who is being cared for. However, there is the potential that the other heirs want an equal share of the bequest regardless of who took care of whom in the final days of a person’s life. Sometimes, for no other reason than that they want to feel that they were loved equally and view an equal share of the will as a demonstration of that.

Estate tax is the levy by the government against the taxable estate of a deceased person. Taxable estate means gross estate reduced by allowable deductions. Gross estate means total estate comprising the value of all assets owned by the deceased at the time of death. IRS determines taxable estate by subtracting from gross estate certain allowable deductions like funeral expenses paid out of the estate, debts awe-inspiring at the time of death, estate administration expenses, charitable, marital, and deductions.

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Questions as to whether a client is mentally capable of understanding his/her bequests, the implications of those bequests, and the relation of those bequests to the rest of his/her estate as well as questions regarding to what extent, if any, their own personality was waning and susceptible to undue influence can be answered in different way. The more the judge and jury are able to see the testator, how they behaved, and how lucid and in control of their faculties they appeared to be, the more the trial regarding wills shall depend on a more direct perception of the testator rather than one provided by second hand accounts. The wise estate planner will use videotape in conjunction with psychiatry and standardized psychiatric tests to show that the testator knew exactly what he/she was doing and will not be hamstrung, as in days past, by the perception of others.

The creation of offshore trusts and other financial plans are a way of shielding your assets from the laws of the nation in which you reside. It can sometimes be used to remove one of the two certainties of life; taxes. Americans are far less likely than the citizens of other countries to put assets abroad because, although when you receive the benefits of being free of your country’s laws regarding assets (namely taxation) you also lose the aspect of those laws that are designed to protect your assets.

Estate Planning may be a word that is encountered by many citizens, especially the elderly. What is Estate Planning? What benefits does it provide to people? Estate Planning is a method of arranging and considering alternatives that will satisfy specific wishes and goals to prepare for things that may happen to a person and the people he finds special to him. Estate Planning includes organizing properties and not just putting them in a simple Will. It also lessens the taxes and fees that may possibly be charged to these properties. Estate Planning also includes contingency preparation to ensure that ones wishes regard health care and medications will be followed.

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Are you looking for a way to be financially stable, than you should turn your sights towards becoming a money manager. We all see that the amount of people that end up filing bankruptcies are incredibly high and a good majority of people are way below the poverty rate.

The riches to rags stories are more prominent than the rags to riches stories. The reason why is because once people are able to obtain the money that they desire they end up spending like crazy. Some people even end up worse off than they were before they came into money.

A lot of people end up without the necessary monetary increases that they once had, because they do not know how to properly manage their money correctly. Inadvertently, you do not have to be a millionaire in order to manage your money.

If you want your money to work for you than you have to be willing to follow proper protocols in order to do so and work on your money management skills. We all know or are someone that is living paycheck to paycheck and struggling at that. What if you could learn how to cease living paycheck to paycheck and be able to monitor your money the right way.

We all dream of the nice houses and fancy cars but not all of us are able to obtain these things because we lack adamant funds to do so. If you could learn to treat your money like a catapult tool to get you what you want you can obtain anything.

A lot of people retort that they believe that money is the root of all evil. However, without money you wouldn’t be setting at your computer reading anything, you would not have a roof over your head and all of your worldly possessions would be gone.

What is evil is when money turns to greed. We all want what we cannot have so in an essence we are all guilty of being greedy at some point and time in our lives.

To be a good money manager you need to try to have a game plan written out for yourself every single day. It does take hard work and dedication to learn how to properly manage your money, but it is possible if you work at it.

You should make an attempt to write down every monetary transaction that you do. Try to write down every single transaction that you do, this way you can ensure that you always have an idea of where your money is being distributed. Try to pay yourself before paying anyone else.

So many people believe that when they come upon money they should rush out to pay their bills. However, what if after your bills are paid there is nothing left? You will lose your determination to work which will make you a victim of the riches to rags stories that we hear boisterously talked about.

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At the minimum, every parent should have a will. A will allows parents to designate who will be guardian of their children. Anything less than a testamentary document cannot be considered in naming a guardian. Also, this statement of preference will help avoid conflict between relatives over who gets the children. However, while a simple will can make parents’ preference of guardian known; unfortunately, it does not address the issue of asset management. Even in a moderate estate, these assets can be substantial such as a house, life insurance, IRA’s and so forth. At the age of eighteen, all assets must be turned over to the children unless a trust is also used.

One of the paramount problems of forming a trust is deciding what powers the trustee has and what powers they do not have been relative to the assets you have placed in trust. Remember that a trustee is already assumed to have a duty to benefit the trust and that many states have laws regarding what a trustee can and cannot do, if the settler (the creator of the trust) does not specify otherwise. But, again, you don’t want to leave the financial destiny of your trust up to the state any more than you want the state to decide who gets your assets. Your wills and trusts attorney will be able to give you a list of the traditional powers of a trustee in your state and tell you what they mean.

One can also gift stocks, a percentage of ownership in real estate, or business as long as it is below $12,000. Any transfer of assets to spouse during life time is free from estate and gift tax irrespective of the amount. However, the surviving spouse must remarry and transfer the entire estate to the new spouse to enjoy fresh unlimited marital deduction. Furthermore, it is customary to create bypass trusts, wherein property is held in trust for children while still providing for the surviving spouse, life insurance trusts, irrevocable trusts handling the property outside the estate, and donations to qualified charities.

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However, there may be better ways to leave your assets to those you choose rather than that traditional will. For many reasons the living trust is the superior instrument for most people’s needs. It is important to consult your attorney to find out the best way to protect your assets and whether a will with a no contest clause is a viable option in your state. A will, in many ways, is too encumbered with restrictions that make a trust a much better option if you would like to leave your assets to those that you choose and reduce the chances of your desires being challenged. Again, as always, ask your local attorney for advice about your wishes and find out whether no contest clauses are becoming a thing of the past in your jurisdiction.

But, in an increasingly global marketplace it will become more and more common for estate planners to be well versed in the finer points of offshore asset management and the rewards that it can bring. Offshore asset management can be a powerful tool in the world of estate planning, and it will become the norm for professionals in the field of estate planning to understand this complex field of law or begin to lose business to those who do understand how to take care of their clients needs using every available strategy in a global market.

Apart from these merits, another wonderful thing to pre-planning estate is the saving of tax. In order to do this you require gathering complete information about the types of will, the adequate time and manner of allocation of estate. Your attorney can be the best person to seek advice from. Once you make your intentions clear to him, he can direct you the correct way to follow to achieve your goals.

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The answers to these questions can help you determine whether you want to use the extra money you have been available for paying of your mortgage or put it to other uses.

Be prepared to have a candid conversation with your attorney regarding what the rules are, and what you would like to see happen. It is good to remember that your estate planning attorney has seen much trust and understand how they work. Sometimes restrictions that seem good today might be the very restrictions that cripple your trust in a vastly different economic environment. In some cases, a trust may span several decades and the trustee may change along with the climate the trust was created in. When radical economic changes have occurred, a trust with greater flexibility will be beneficial. Therefore, you have a lot to think about as you enter the exciting world of forming a trust. Don’t let rules be off-putting; they are there as guides and when you understand them you will have a greater understanding of what you need. Ask your estate planner to give you information about the current rules and some general advice about how to choose a trustee.

Generally, children are protected if they are left out, because they are considered to be overlooked in contrast to specifically disinherited. Some states protect spouses and grandchildren under the theory that they have been omitted rather than excluded. But, states have a couple different ways of handling omitted relatives.

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However, today the process can include having the testator explain on videotape what the asset is, how it is to be transferred and to whom, and the overall implications of that transfer to the overall estate. It is easier to see the deceased, to see whether he or she seems to understand all the implications and to see whether or not he/she is the type of person who is weak willed enough to be susceptible to undue influence.

The creation of offshore trusts and other financial plans are a way of shielding your assets from the laws of the nation in which you reside. It can sometimes be used to remove one of the two certainties of life; taxes. Americans are far less likely than the citizens of other countries to put assets abroad because, although when you receive the benefits of being free of your country’s laws regarding assets (namely taxation) you also lose the aspect of those laws that are designed to protect your assets.

Estate Planning involves sensitive decisions and legal matters. It would only be beneficial if the person will always consult with legal advisors and also seek financial and medical advice. It is important that before a person will enter estate planning, he should already have a strong understanding of the process so that things will not be difficult for those who will be left behind.

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A trust allows the parents to designate how and when assets are distributed to their children. Through a trust, the parents may designate management of the children’s assets to a trusted relative, friend or institution; the trustee. The trustee would then only release funds for the benefit of the children according to the parents’ instructions. Furthermore, this trustee may continue to manage these assets past the child’s eighteenth birthday. The instructions may include a gradual paying out to allow the children to learn to manage assets while ensuring funds will remain available to them in the future. Any parent that loves their children would not knowingly trust their future to luck. Furthermore, with some fairly simple and straight forward planning, they don’t have to.

Often during the final years of a dear friend’s or relative’s life some person or persons will take over the task of caring for their sick and elderly friend or relative to a greater degree than the other people in their lives. This is sometimes due to sheer geography where the aged or sick person lives nearer to one set of relatives than to another. In addition, some relatives or friends may be better suited to dealing with the realities of sickness, age and dying than are others. There are some people who do not have the temperament to be care givers for those they love dearly, because they cannot bear to see parent decay and succumb to age and death, particularly if the process is prolonged.

The problems that are created by second marriages should not be taken lightly. It is important to talk to these things through with your future spouse because, chances are, and they want to make sure that their adult children get their assets upon their passing just as much as you do. If you don’t have a frank discussion with your would-be spouse, you may end up causing all those whom you love a great deal of heart aches and confusion as they struggle to figure out what would be best, and what you would have wanted. This happens every day — earnest people do their best to honor their deceased loved one, but honestly and simply disagree about what he/she would have wanted; a situation further complicated by those who just want to fight for any dollar they can get.

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Questions as to whether a client is mentally capable of understanding his/her bequests, the implications of those bequests, and the relation of those bequests to the rest of his/her estate as well as questions regarding to what extent, if any, their own personality was waning and susceptible to undue influence can be answered in different way. The more the judge and jury are able to see the testator, how they behaved, and how lucid and in control of their faculties they appeared to be, the more the trial regarding wills shall depend on a more direct perception of the testator rather than one provided by second hand accounts. The wise estate planner will use videotape in conjunction with psychiatry and standardized psychiatric tests to show that the testator knew exactly what he/she was doing and will not be hamstrung, as in days past, by the perception of others.

Choose your Beneficiaries your beneficiaries are those individuals who will inherit your estate when you die. It is important that you carefully consider and name your beneficiaries. Choose the appropriate individuals for the estate you will be leaving behind. Many times, beneficiaries are children and spouses. However, if you have young children, you may not feel comfortable setting up your estate so that they inherit a large sum of money directly. How will they spend it? Are you sure that they would make wise choices?

Often people question the pre planning of funeral arrangement. They think it is comical and worthless to do so. However, they forget that by pre planning their funeral, they are making things least complicated for their loved would be survivors. It is generally seen that when somebody dies. His family members are gripped with the tension of funeral arrangements. They do not get any time to express their feelings and feel the loss that they have met. However, if the one who has died has pre planned his funeral; everything goes smoothly without any hustle bustle and in accordance to the will of the deceased.

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