Saturday July 20, 2019
Home Business 4 Things You ...

4 Things You Must Know About Estate Planning

Estate planning involves planning for how an individual’s assets will be preserved, managed

0
//
An estate speaks of everything of value that you own. Pixabay

Like a stitch in time saves nine, estate planning saves your family the stress of court cases and verbal exchange, before the sharing of your wealth and assets. The burden of losing a loved one is grievous enough; estate planning ensures peaceful executing of your will.

Estate planning involves planning for how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account, the management of an individual’s properties and financial obligations in the event that s/he becomes incapacitated. This planning is usually executed at the hand of an estate planning attorney.

The whole essence of estate planning, while you are alive, is to safeguard your assets, protect you from the payment of unnecessary taxes. It also serves to protect your will and desires when you become incapacitated or dead. Below are four (4) things you must know about estate planning:

  1. Age is no limit

Like it or not, you own an estate. An estate speaks of everything of value that you own. The ownership of valuables knows no limits neither does estate planning.

Estate Planning
Estate planning saves your family the stress of court cases and verbal exchange. Pixabay

Once you begin to acquire assets and wealth of any form, it is time to commence estate planning. No one ever knows when they would die, it could happen any day. You don’t want your efforts counting for waste.

Never sell or buy that ‘I am too young to start estate planning’. Every legal adult should have some form of estate planning. Be on the save side, do the stitch now and save nine.

  1. You need an estate planning attorney

The entire process of planning your estate cuts across several legal-based issues; hence the place of an estate planning attorney is both needed and necessary. Assets management matters are best handled by professionals, much more when the possible transfer of such assets is in view.

An estate planning attorney has the responsibility to put down your wishes for incapacity and death in writing. It is his duty to fine-tune your thoughts and desires, turn them into legal jargons and basically provide legal support. It is the duty of your attorney to cover the end to end technicalities of such contract.

  1. Planning helps you evade probate

As you would have already discovered, most of the benefits of estate planning are founded in law. It is the duty of your estate planning attorney to shield you from the hammer of the law.

Also Read- Trump Bans on Cruises to Cuba Originates Chaos for US Travellers

Probate is the process of authenticating a last will and testament of the deceased one. The court embarks on an exercise to verify all the assets of the deceased, pay off outstanding tax balances and shares the rest according to the last will. These probate laws vary from State to State. But with your estate planning in place, you have no worries, dead or alive.

  1. Prevent feud

With estate planning, you can easily prevent foreseeable feud between your family members should you get incapacitated or wind up dead anytime. Disagreements over who gets what has led to serious family feud in the time past; with estate planning this can be avoided.

Estate Planning
Estate planning ensures peaceful executing of your will. Pixabay

A properly executed estate planning can also help reduce tax feud with both the Federal and State Governments.

Also Read- Vietnam Jails Bloggers and Journalists, Congress Members Urge Greater Freedom of Expression0

Estate planning is not for the wealthy alone, it is for anyone who owns assets. Get yourself an estate planning attorney and save yourself the attendant stress of otherwise.

Next Story

Trump: Taxpayer-Funded Family Planning Clinics Must Stop Referring Women for Abortions Immediately

Ahead of a planned conference Tuesday with the clinics, the Health and Human Services Department formally notified them

0
Trump, Family, Abortion
FILE - A Planned Parenthood clinic is seen June 4, 2019, in St. Louis. A Missouri commissioner on June 28, 2019, ruled that the state's only abortion clinic can continue providing the service at least until August as a fight over its license plays out. VOA

Taxpayer-funded family planning clinics must stop referring women for abortions immediately, the Trump administration said Monday, declaring it will begin enforcing a new regulation hailed by religious conservatives and denounced by medical organizations and women’s rights groups.

The head of a national umbrella group representing the clinics said the administration is following “an ideological agenda” that could disrupt basic health care for many low-income women.

Ahead of a planned conference Tuesday with the clinics, the Health and Human Services Department formally notified them that it will begin enforcing the ban on abortion referrals, along with a requirement that clinics maintain separate finances from facilities that provide abortions. Another requirement that both kinds of facilities cannot be under the same roof would take effect next year.

The rule is widely seen as a blow against Planned Parenthood, which provides taxpayer-funded family planning and basic health care to low-income women, as well as abortions that must be paid for separately. The organization is a mainstay of the federally funded family planning program and it has threatened to quit over the issue.

Trump, Family, Abortion
Taxpayer-funded family planning clinics must stop referring women for abortions immediately. Pixabay

Planned Parenthood President Leana Wen said in a statement that “our doors are still open” as her organization and other groups seek to overturn the regulations in federal court. “We will not stop fighting for all those across the country in need of essential care,” Wen said.

HHS said no judicial orders currently prevent it from enforcing the rule while the litigation proceeds.

Clare Coleman, president of the umbrella group National Family Planning & Reproductive Health Association, said “the administration’s actions show its intent is to further an ideological agenda.”

Abortion opponents welcomed the administration’s move. “Ending the connection between abortion and family planning is a victory for common-sense health care,” Kristan Hawkins, president of Students for Life, said in a statement.

Also Read- Facebook’s Ambitious Plan to Create Financial Eco-System Faces Questions from Lawmakers

Known as Title X, the family-planning program serves about 4 million women annually through independent clinics, many operated by Planned Parenthood affiliates, which serve about 40 percent of all clients. The program provides about $260 million a year in grants to clinics.

The family planning rule is part of a series of Trump administration efforts to remake government policy on reproductive health.

Other regulations tangled up in court would allow employers to opt out of offering free birth control to women workers on the basis of religious or moral objections, and grant health care professionals wider leeway to opt out of procedures that offend their religious or moral scruples.

Abortion is a legal medical procedure, but federal laws prohibit the use of taxpayer funds to pay for abortions except in cases of rape, incest, or to save the life of the woman.

Trump, Family, Abortion
The head of a national umbrella group representing the clinics said the administration is following “an ideological agenda” that could disrupt basic health care. Pixabay

Under the administration’s rule, clinic staff would still be permitted to discuss abortion with clients, along with other options. However, that would no longer be required.

The American Medical Association is among the professional groups opposed to the administration’s policy, saying it could affect low-income women’s access to basic medical care, including birth control, cancer screenings and testing and treatment for sexually transmitted diseases. By law, the family planning program does not pay for abortions.

Religious conservatives see the regulation as a means to end what they call an indirect taxpayer subsidy of abortion providers.

Although abortion remains politically divisive, the U.S. abortion rate has dropped significantly, from about 29 per 1,000 women of reproductive age in 1980 to about 15 in 2014. Better contraception, fewer unintended pregnancies and state restrictions may have played a role, according to a recent scientific report. Polls show most Americans do not want the Supreme Court to overturn Roe v. Wade, the 1973 ruling that legalized abortion.

Also Read- Researchers Develop AI Algorithm That can Solve Rubik’s Cube in Less Than a Second

The Trump administration’s policy echoes a Reagan-era regulation that barred clinics from even discussing abortion with women. It never went into effect as written, although the Supreme Court ruled it was appropriate.

The policy was rescinded under President Bill Clinton, and a new rule took effect requiring “nondirective” counseling to include a full range of options for women. The Trump administration is now rolling back the Clinton requirement. (VOA)