Saturday, December 5, 2009

WHY THE 1ST OF YEAR IS A GOOD TIME TO CREATE YOUR ESTATE PLAN

WHY THE 1ST OF THE YEAR IS A GOOD TIME TO CREATE YOUR ESTATE PLAN

One of the key parts to the creation of an estate plan is pulling together an asset list. In January, most people will receive "end of the year" statements, which are critical for preparing tax returns for the year.

These end of the year statements can easily be put into a folder and taken to the initial meeting with the estate planning attorney. The attorney at a glance can see the (1) the title ownership of the accounts, (2) the character of the account [i.e., retirement, investment, etc.], and the value of the account.

The value of the account is important for the attorney to determine the relative size of the estate when considering whether the estate will likely be subject to any federal estate tax impacts.

The 1st of the new year is a good time to meet with the estate planning attorney as a matter of finally following through with all those "New Year's Resolutions" that this is the year we set up our trust.

So don't wait another year, make 2010 the year to set up your family trust estate plan and enjoy the peace of mind of knowing your family is protected, and that your planning is complete.

For more information on family trusts, estate planning, wills, powers of attorney, retirement and other topics please visit my website:

http://www.tompkins-law.com

If you reside anywhere in California, and in particular, the quad-county area [Los Angeles, Orange, Riverside, San Bernardino], my office is freeway close, and I would enjoy the opportunity to help you protect your family with a Family Trust.

DWIGHT EDWARD TOMPKINS, Attorney at Law

This blog is intended for information purposes only and is not intended as a substitute for legal advice from a qualified estate planning attorney in your jurisdiction.

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