From the very beginning, careful planning is important to the success of your business. The business form you choose can make a huge difference in your personal liability, your tax profile, and your business activities.
Bizcoach hopes to assist owners with Solid Business Advice, to resolve problems, increase productivity and improve profitability.
Making a Will
Legal documents are part of an estate plan, but they are not the estate plan itself. Parents need to make certain all documents and relevant items are in one, accessible, appointed place or headaches for all involved can follow.
many parents have a plan about what should happen in the event of their deaths, there rarely consider of the consequences of disability or mentally incapacitation. Effective estate plans are drafted to account for these kinds of contingencies.
For real estate planning, parents should have made a will and signed a durable power of attorney and health care proxy. Additionally, they should have at hand an original marriage certificate, military discharge paperwork, health and life insurance information, beneficiary designation forms, deeds, and appraisals. Another necessity is a listing of important contacts with telephone numbers.
Beneficiaries need to know how to find all this. Whatever personal and unique filing system that works is fine, however, there must be a way to unlock that personal filing system. Beneficiaries might not even know about a safe deposit box, much less what bank it is housed in or where the key might be. If anything happens, beneficiaries need all the information that pertains to them.
It is important to safeguard such personal and confidential documents, but essential to make them available, under specific circumstances, to a select group of individuals, permitting protection of privacy, for an effective estate plan.
Estate plans should address not only your financial assets, but also dreams, wishes, and values. Parents should designate a person who can capture all these characteristics of their life, someone with whom they have shared their personal thoughts. Beneficiaries should know who to call.
Experts advise remind parents not to confuse proper estate planning with simply drafting the needed documents or purchasing an insurance policy or special investment product. An effective estate plan can only be accomplished with a well thought out approach that is designed to protect finances and important information and guide heirs.