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    Home » Estate Planning » Your Estate Plan Depends Upon More Than Net Worth

    Your Estate Plan Depends Upon More Than Net Worth

    September 8, 2010Estate Planning

    If your net worth is large, an estate plan is vital. Net worth is not the only factor in deciding if you need an estate plan. There are several circumstances that may require you to have an estate plan to safely cover your interests and those of your family members.

    Minor Children

    If you have children under the age of eighteen, you need an estate plan to name your children’s guardian after your death. You can also use your plan to make provisions for your children’s education and other financial needs.

    Special Care Beneficiaries

    If you die, what will happen to disabled family members who rely on you for financial support? Unless you leave a plan, such as a Trust in that family member’s name, your loved one may meet uncertain financial times, or your estate could be heavily burdened with paying for that person’s care.

    Problem Beneficiaries

    Do you have an heir that you feel might mismanage his or her inheritance? You can use an estate plan to create a special trust that disperses funds to that person over time. You can use the Trust to dictate an age or a life goal to be met before the beneficiary receives the inheritance.

    Complex Families

    If you or your spouse is in a second marriage, your beneficiary situation may be complicated. When second marriages occur there is the possibility of blended families and children by different spouses. If you want to leave an inheritance to a step child or other person from a complicated family situation, you must use an estate plan. If you do not have a Last Will and Testament, your state intestacy laws will determine your heirs at law, and that may disinherit some valuable members of your blended family.

    Recently Widowed or Divorced

    If you and your spouse had joint property, upon his or her death, all property will pass to you. This is the time to start an estate plan if you did not already have one. Since you are now the sole owner, you must determine who will inherit all estate belongings next.

    Divorce is a similar situation. You must create an estate plan to determine where assets now solely in your name will go. You will also need to update account beneficiaries, since your spouse was likely the previous designated beneficiary.

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    Alan Augulis, Estate Planning Attorney
    Mr. Augulis founded his Warren, New Jersey law firm so that he could focus his practice in the areas of advanced estate planning and tax law. Mr. Augulis has invested considerable time and energy helping to educate others on the topic of estate planning and has become a sought-after speaker in the tax and estate planning arena because of his informative and entertaining seminars.
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    About Alan Augulis, Estate Planning Attorney

    Mr. Augulis founded his Warren, New Jersey law firm so that he could focus his practice in the areas of advanced estate planning and tax law. Mr. Augulis has invested considerable time and energy helping to educate others on the topic of estate planning and has become a sought-after speaker in the tax and estate planning arena because of his informative and entertaining seminars.

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