LIVE WELL and BE REMEMBERED as the HERO you already are.

  Photo by @francesgunn Time and time again I see examples of people who thought it was a good idea to reduce their Estate Planning to a quitclaim of real estate to another person. That is NOT Estate Planning.  That's not even basic Estate Planning.  It's a bad idea.  Here's why: Quitclaims do not #communicate your wishes.  #Wills and #Trusts communicate your wishes.  Quitclaims can actually create questions without good answers.  "What did Mamma want to do?"  "Was Daddy coerced wrongly into the quitclaim." Quitclaims can create #taxable events.  Example, a parent quitclaims a child's name onto a property.  The parent has now "gifted" half (1/2) the property to the child immediately, not after death.  This can trigger a "gift tax", taxable by the IRS.  Admittedly, this is a tax that is often not pursued by the IRS, but it does not change the fact that the taxable event exists. If someone is just determined to quitclaim

Ready to plan for the future? Estate Planning has different means depending on who you ask. A common misconception is that Estate Planning is only for the wealthy. That is simply not the case.  For me, Estate Planning is having a discussion about what a person wants their legacy to be. Do they want to have a #peaceful #transition from their “working era” to their “#retirement era” and then onto passing away? Do they have specific ideas as to what they want their medical care to be, when they can’t make the decision on their own? Is there someone they trust to handle their #financial affairs while they are living? Is there someone they trust to handle their #estate once they pass away? Are there people they want to #bless once they are gone? Are there people they want to shun once they are gone? Who would they trust to raise their minor or disabled #children? Should you have Life Insurance, Long Term Care Insurance or start thinking about a #Medicare Supplement plan? These questions

                                                                                                                          Image courtesy of pasja1000 and Pixabay. These are crazy times.  While this will pass, it has a lot of folks thinking about the "what ifs" in life.  What if I don't make it?  What will happen to my kids?  What will happen to my stuff?  Have I made adequate preparation ? So, here's some tips: Make sure your relationship is right with the Lord. Make sure you have a Will .  It makes the Probate process so much easier. Have at least a Durable Power of Attorney for Medical Care , so that if something happens to you and you live, but cannot make medical choices for yourself, someone else can. Have Life Insurance.  Even if it's only a $25,000 policy, it can go a long way toward helping your survivors. We will get through this, but reflecting on our planning is always a good thing.