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Estate Planning

Estate Planning: What is a Revocable Living Trust?

Submitted by Mission Financial Planning on January 12th, 2021

There are many types of trusts, and just as many ways to use them.  Most commonly, they are used to control (or allow for someone to control) assets after a person dies. They can also be used to shelter money from estate taxes, avoid probate, segregate money for special uses and needs, and to protect money from creditors, lawsuits and divorce.

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How Should I Title my Accounts?

Submitted by Mission Financial Planning on August 17th, 2020

How you title an account, asset or business can affect current income and taxes, disposition in a divorce or incapacity, and ultimately directs how and to whom an asset can pass upon your death.  Titling can also affect whether the asset is protected from creditors. 

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  • 101
  • Estate Planning
  • Investing
  • Personal Financial Planning
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14 Questions for Interviewing Estate Attorneys

Submitted by Mission Financial Planning on June 16th, 2020

Most people have some preferences about how they would like their life’s work and accumulations distributed or cared for, but many have avoided facing the sobering task of putting their preferences on paper. Whether you are updating an existing plan or creating a new estate plan, one roadblock to moving forward can be the process of finding an estate attorney. 

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  • Estate Planning
  • Interviewing Professionals
  • Personal Financial Planning
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What Kind of Legacy Would You Like to Leave Your Family?

Submitted by Mission Financial Planning on February 21st, 2020

As I discuss estate planning with my clients, I inevitably think about my personal estate plan.  My kids will inherit what will seem like a lot of money to them, considering how frugally they were raised (downside of being brought up by a financial planner!).  I want them to manage it well, understand why I made the estate planning decisions I did, and I have some ideas about ways the

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  • Estate Planning
  • Personal Financial Planning
  • Retiring
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Estate Plan for your Digital Life

Submitted by Mission Financial Planning on September 4th, 2013

laptopsmall.jpgMission Financial Planning helps clients plan ahead, so their heirs avoid the overwhelming and frustrating circumstances of  inheriting an unorganized estate. 

Services include recommending features and strategies to be included in estate plan documents as well as compiling necessary papers and contact information for various accounts and the professionals that you work with.

 

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The Need for Estate Planning

Submitted by Mission Financial Planning on February 27th, 2013

estate_planning-213x213.jpgAn important part of financial planning is determining a plan for distributing one’s estate and getting it in writing.  Without a plan in place, an estate is divided based on state law, and every state has different laws for “intestate succession”.  While succession starts with close family members, percentages and priorities are not always what you might have assumed or preferred.

Without estate documents in place, the person in charge of administering and distributing your estate would also be determined by state law, or chosen by the courts.

Most people have some preferences about how they would like their life’s work and accumulations distributed or cared for, but many have avoided facing the sobering task of putting their preferences on paper.

Tags:
  • Estate Planning
  • Interviewing Professionals
  • Personal Financial Planning
  • Read more

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