August is National Make-A-Will Month. Here is a short video about why you need a will. #MakeaWill
Brought to you by Kiplingers & Mutal of Omaha
Estate planning is about removing the road blocks that can stand in the way of getting your things to the people you want to have them with as little hassle or expenses possible.
1. Lack of a valid will that spells out your wishes, if you don't write one, the state will for you.
2. Need for cash to cover bills that must be paid before your assets can be distributed. Final expenses & any outstanding debts.
3. Some possessions are harder to distribute than others. It's easier to split up a bank account vs. a cottage in the woods.
Things to think about:
1. Proper planning
2. Some assets are free of income tax, others carrier a heavy tax burden
3. Giving property while you're still alive rather than passing it along via your will can either be a savvy move, or a big mistake
There's lots to think about, and there's lots of help available!