Tessmer Tips 2012 for February 6th through February 17th are focused on Estate Planning:
Day
1:
You
only need a will if you own a house or land, or a car, or a bank account, or
have retirement benefits, or own jewelry, or have household goods….or want to
have a say in what happens to your children ….
Day
2:
If
you die without estate planning in place (i.e. a will or trust), you give up
the opportunity to decide who does and doesn’t inherit your property – the
state decides for you!!
Day
3:
If
you have a will that is more than five years old, you should have it reviewed
by an attorney for any changes that need to be made … kids grow up, assets
change, people piss you off …
Day
4:
Don’t
put your will or other estate planning documents in the safety deposit
box! Keep it in an unlocked, safe, expected place … like the top
drawer of your desk… Maybe even let your executor know where your will is
stored…
Day
5:
Don’t
want to be kept on life support? You need a living will! Living
wills allow you to spell out exactly what and when medical assistance is
allowed. Make sure you give a copy to your doctor …
Day
6:
The
Federal Estate Tax applies if the value of your property is over $5 million ….
If this might be an issue, there are ways to make exempt transfers to reduce
the value or your estate…
Day
7:
Protect
your Valentine with careful estate planning … especially if she/he is not your
“first” Valentine ….When you have had more than one spouse, caution needs to be
used in your estate planning to make sure your assets go where YOU want them to
go!
Day
8:
A
Durable Power of Attorney is an important tool in the estate planning arsenal …
You can appoint the person YOU want in case something happens and you are
unable to make decisions/care for yourself…. It only goes into effect when a
doctor certifies that you have become incapacitated.
Day
9:
A
writing on a napkin can create a valid “will,” but, to do it right, you really
should have the help of an attorney … there are many pitfalls that can create
more of a financial burden on your family if not addressed in your estate
planning ….
Day
10:
Are
you getting a tax return in the near future? Maybe it is time to
protect your family with an Estate Planning Package, call Tessmer Law Firm,
PLLC at 210-368-9708 to schedule a free consultation.