Estate Planning Pointers

Whether a large or small estate, estate planning is important and you must try avoiding eight major problems in estate planning:

* not having a plan

* online or do it yourself estate plans

* failure to review beneficiary designations and  

   titling assets

* failure to consider the estate and gift tax
  consequences of life insurance

* maximizing annual gifts

* failure to take advantage of the estate tax
  exemption in 2012

* leaving assets outright to adult children

* divorce

Eight methods used to avoid probate are:

* set-up payable on death accounts

* name a beneficiary for your retirement accounts

*name a beneficiary for stocks and bonds

* name a beneficiary for your vehicle

* name a beneficiary for your real estate

* hold property in joint ownership

* create a living trust

* take advantage of special procedures for small estates

* make gifts

Your Will, perhaps the most essential reason to make an estate plan is to have a say about who gets your property when you die. A will is the easiest way to do this.  If you don’t use a will or some other legal method to transfer your property when you die, state law determines what happens to your possessions.  In addition to specifying who will inherit your property, you can also use your will to:

· name alternates, in case your first choices die before you do

· choose an executor, someone you trust to oversee the distribution of your property after your death

· name a guardian to raise your young children if you can’t, 

· name a trusted adult to manage the property that a child or young adult inherits from you.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11201

Tel: 718–834-0190

Fax: 718-222-3153

Click here to register for a Free Estate Planning Seminar