Thanks to the large federal estate and gift tax exemption (currently $5.49 million for individuals and $10.98 million for married couples), most people do not need estate planning for the purpose of saving
Of course, no one is expecting to die young or while your children are young. But the responsible thing to do, as a parent, is to plan for that possibility no matter how remote it seems. A good estate plan for a young family includes two major features: (1) naming a guardian for your minor children and (2)
A basic estate plan includes a Will which deals with your property and allows you to nominate guardians for minor children. It also includes a Living Will and Patient Advocate Designation and a Durable Power of Attorney, both of which allow someone to manage your financial affairs and make
Death is certain but estate planning shouldn’t contemplate just your death. You should plan for the event, however remote, you become incapacitated and unable to make medical or financial decisions.