Estate Planning: Why Now Is the Best
Time to Plan for the Future
Everyone—regardless of his or her net
worth—has an estate plan. If you’re like the majority of
Americans and have not gotten around to formalizing your estate plan through a will or
trust, you may be surprised to learn that the state
in which you live at the time of your death has a default plan waiting for you.
Wouldn’t it make more sense to
develop your own estate plan, one that is thoughtfully designed
to meet your personal goals and those of your
family and your favorite charitable organization(s)?
The size of your estate is irrelevant. What’s important is preserving
all that you have worked hard to accumulate and making sure that it is received by your intended
beneficiaries.
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A carefully-crafted estate plan can
benefit both the donor and Hampden-Sydney
College. |
An estate plan is important because it
allows you to
• articulate in your own terms how
your property will be distributed at your death,
• ensure that your property is divided in an
orderly manner, and
• minimize your taxes.
To begin, evaluate your present
and future needs and desires, along with those of family members. Be sure to leave instructions for the
care and management of your assets if you become incompetent.
Remember to look at such things as a business exit
strategy if you have an ownership interest in
a business.
A Time to Be Charitable
If you want to donate to your preferred
charitable organization(s), now is the time to consider
your options. Using a portion of your assets to
help others can be one of the most satisfying
aspects of estate planning.
After you have a plan, review it
every two to three years to see that it reflects
changes in your life such as births, marriages,
divorces, retirement or a move to
another state
Depending on your circumstances, you
may want to seek professional advice. A
well-designed estate plan allows you to
control your financial destiny, while making
important charitable gifts and providing a more
secure future for loved ones.
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