Comments on: Financial Friday- Estate Planning 101

By: RatnaG

RatnaG — Sat, 14 Jan 2012 08:16:43 +0000

Thanks, Susan… yes, believe it or not, we have a lot to do as well. While we have a will, and it accounts for our “future children”, our Future Children (child) is now almost 3. It is time!

By: Susan

Susan — Sat, 14 Jan 2012 00:09:01 +0000

Ratna – thank you for all of the great info. My DH and I were discussing this today. We (shhhhh) don’t have one and need to do it. Our hang up has been who to leave our children to. That’s a tough one. Thanks again. This is REALLY helpful.

By: Ratna G.

Ratna G. — Fri, 13 Jan 2012 18:10:47 +0000

THanks for the comments, guys. Yes, JoAnn, it is heart wrenching esp. regarding the guardianship and who to appoint to take care of the kids’ money. It is tough. But yes, worth it.

Steve- to answer your question, I think we will get more in depth when we address wills and trusts but yes, they changed recently – for the most part I think the average middle class couple will be fine but higher income levels and if you have an estate over $1M all passing through the probate (instead of through contracts) will see higher taxes. Keep in mind spouses can receive more than children tax-free AND I will also address that giving certain items NOW is better than waiting- ie. jewelry, bonds or doing a gift INTER VIVOS (ie. while living). Hope that helps. But stay tuned….

By: Steve

Steve — Fri, 13 Jan 2012 16:05:15 +0000

Do you know anything about estate tax planning? I know that the tax free limits have changed recently.

By: JoAnn

JoAnn — Fri, 13 Jan 2012 15:35:27 +0000

This is a great reminder! Personally, it was a heart-wrenching discussion to have, but when my husband and I were finished with the process, a HUGE weight was lifted. HUGE. It’s so worth it.