The necessity of estate planning
August 9, 2011, 02:49 pm
Estate planning is making decisions about how all assets will be handled in the event of a person's death. While some people may think that they don't need to be concerned with estate planning, the White Mountain Independent says otherwise.
Many people have already begun estate planning without realizing it, such as naming a beneficiary on an IRA or life insurance policy. Drawing up a will is another common example, and it's usually one of the first steps in estate planning.
"Your 'estate' is much more than just the amount of cash you'll leave to your loved ones," says Joseph V. Falanga, CPA and president of the National Association of Estate Planners and Councils. "Estate planning ensures your investments, retirement savings, insurance policies, real estate, business interests and cash will all be handled according to your wishes when you're gone."
Falanga recommends making use of professionals during estate planning. CPAs will be able to help on the financial side, while lawyers can provide beneficial advice concerning legal matters and when drawing up a will. Falanga advocates taking a team approach to estate planning and making use of a variety of professionals from several different fields.
Aviation can be dangerous, and estate planning for pilots is essential for those who want to ensure that their wishes are carried out after their death.
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