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Why Do I Need Estate Planning?
When you die, there are certain typical problems, which, if not planned
for, create a burden on those you leave behind.
Financial Burdens:
Estate settlement costs are too high. These costs consist mainly of
probate fees and death taxes.
Probate Fees:
These are generally paid to the executor of the estate and the attorney
who assists with the probate.
Death Taxes:
Estates which exceed certain amounts may be subject to both state and
federal death taxes. Estate assets are improperly arranged.
Liquidity:
There are not enough LIQUID (cash type) ASSETS to pay estate settlement
costs.
Cash Flow:
There is not enough INCOME to care for loved ones left behind such as
spouse and minor children.
Transfer of Assets:
Estate assets may be subject to probate delays and expense. Assets
transferred to minors may be in cumbersome guardianship accounts until
they attain the age of 18 (21 in some states) and are then distributed
outright to the children. Additional death taxes may be paid because
there was no pre-death planning.
 
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