Best Estate & Asset Planning Tips – Secure the Future Today!

Published on: 21 February 2019 Last Updated on: 09 September 2024

Whether your estate is worth $10,000 or 1 million dollars, you’ll want to have an estate plan in place to make sure your assets go to the right people.

If you die unexpectedly without a will, much of your estate will get eaten up in taxes and lawyer fees to settle the estate and the money may not end up where you intend it to.

Keep reading for five easy estate planning tips to make sure your affairs are in order should anything happen.

5 Estate Planning Tips You Should Take Now

Did you know that more than half of all Americans don’t have a will? As unpleasant as it may be to think about planning for your death, it’s necessary to protect your assets and your family.

Take steps now to make sure your family doesn’t have to stress about dealing with your assets upon your death.

Here are some estate planning tips to make the process easy and painless.

1. Determine What Assets You Have:

Before writing your will, going to an attorney, or planning your estate, you need to know what you have. Take an inventory of all your assets and liabilities to determine your value.

Property, retirement accounts, bank accounts, investments, and life insurance policies.

You’ll need to list all your assets to determine who gets what and how much they get. Some assets, such as a business, will require special consideration in your will or estate plan.

2. Decide Who Gets What and How It’s Distributed:

Now that you know what you have, you’ll need to decide who (or what) your beneficiaries will be.

Spouses, children, other family members, charitable organizations, etc., who get any part of your estate will be designated.

Not only do you need to decide who gets your assets, but you will also need to specify how much or what percentage they get.

If you have life insurance through your employer or another policy or other retirement accounts with designated beneficiaries, make sure you keep those updated.

If you get married, divorced, or have more children, you may want to modify the stated beneficiaries on those policies.

3. Take Steps to Minimize Estate Taxes:

If there might be significant taxes that your beneficiaries will owe, you can take steps to minimize these taxes ahead of time.

You could leave taxable assets to charities or other non-profit organizations, take out life insurance policies to cover any estate taxes, or gift money to your beneficiaries before your death.

4. Choose Who Will Run the Estate:

You’ll need to choose an executor of your will. This could be a family member or an attorney, depending on the complexity of your estate. Choose someone whom you trust.

You also will want to select someone to have the power of attorney if you become incapacitated.

A health care directive is also smart to have, as this will allow your beneficiary to not make major medical decisions on your behalf should you be unable to.

5. Consider Hiring an Estate Planning Expert:

Consider hiring a probate attorney to handle all of this for you. They will walk you through the process, advise you on the best course of action, and then handle any issues with the estate after your passing.

How to Asset Plan for your Business

Sometimes an estate is not all what we earn, and if you are someone with a standing business, keeping it standing once you are long gone is also important.

So, how can you plan for the business well?

Understand the Value of your Business

First, you’ve got to know what your business is worth. And we’re not just talking about how much cash is in your bank account or the equipment you own. It’s everything that makes your business a whole.

What are your total assets?

Do you have intellectual property?

A ton of loyal clients?

These things are all part of the parcel. By knowing this, you’ll be able to make better decisions about where it goes after you.

Decide a Successor

Who will take over when you’re no longer at the helm?

It’s a tough question, but one that needs answering.

A succession plan outlines who will step in to manage your business.

Whether it’s a family member, a trusted employee, or an outside party, having a clear plan ensures a smooth transition.

Start by identifying potential successors and involve them in the business early on. Train them so they understand your vision and can carry it forward.

Set Up a Buy-Sell Agreement

If you have business partners, a buy-sell agreement is essential.

This agreement specifies what happens if one of the partners leaves the business, whether due to retirement, disability, or death.

It ensures that the remaining partners can buy out the departing partner’s share without disrupting the business.

It also sets a fair price for the shares, so there’s no confusion or disputes later.

Consider Life Insurance

Life insurance can be key in business asset planning. Life insurance proceeds can provide the cash needed to buy your interest in a business if you pass away.

Similarly, you can also use these life insurance proceeds to pay off any personal or business debts. Thus, preventing a liquidation of assets that could cost your beneficiaries their livelihood.

Finally, a well-structured life insurance policy will not have an immediate negative impact on your credit rating.

In fact, lenders may be more willing to extend credit to a solvent estate and business.

Reviews are Important

Review and update this plan at least annually as circumstances change over time.

Business planning isn’t a one-time thing. As your business grows and changes, you should update your plan to ensure it always reflects your current direction.

Perhaps you’ve introduced new assets, or your successor has changed. Updating also allows you to identify what’s next on the horizon!

Share Your Plan

Finally, communicate your plan to those who need to know. Your family. Business partners. Key employees.

Only when you put it in writing and communicate it clearly can everyone know what you intend. Finding every opportunity to get rid of misunderstandings is crucial.

The Bottom Line:

Although no one wants to think about their death, making sure your assets are protected and that your beneficiaries are taken care of is a smart move to make. Use these estate planning tips to get yourself started.

For more lifestyle tips and resources, explore some of our other blog posts.

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Your Toronto Real Estate Guide: Trends, Hot Spots And Key Players

Toronto is hot right now. It’s the fourth-largest in North America, trailing only Mexico City, New York and LA, and finally getting the recognition it deserves. It has been name-checked in hit songs (thank you, Drake), won recent pro sports titles (thank you, Raptors), and was dubbed by the New York Times as the “Quietly booming tech town” to rival Silicon Valley. It’s no wonder people are moving to Toronto in droves. In this article, let’s equip you with a few basic details about buying a home in the Six. Key Players If you aren't Toronto-born-and-bred, you may feel at a disadvantage breaking into the challenging real estate market. But shake that feeling aside. While you might feel bombarded with choices for representation, a little research will clear the air. You can check out what's widely regarded as the best real estate company in Toronto at the link provided. Toronto Real Estate: An Overview The first thing to know about Toronto real estate is that, compared to other North American markets, it’s relatively expensive. According to Oxford Economics, the city joins other buzzing markets like Vancouver, LA and NYC as one of the priciest places for housing on the continent. But the trade-off is worth it: Torontonians enjoy low crime rates, clean civic spaces, abundant amenities and a world-class transit system. As you dip your toes into Toronto home hunting, keep a close eye on market fluctuations. After a series of Bank of Canada rate hikes, demand showed signs of slowing early this year. However, by April, local news reported a rebound with a 44% rise in the volume of sales month over month. It’s impossible to tell where the market goes from here (likely up), so work with an experienced real estate company to determine the ideal time to strike. A Lay Of The Land: Hot Spots And Up-And-Coming Neighbourhoods Toronto is a city of neighbourhoods, each with its own flavour, cultural/historical significance and demographic makeup. Hot spots in the western part of the city, like Queen West, Ossington and Parkdale, skew younger – with young professionals rubbing elbows at swanky bars and hip eateries. Meanwhile, hot spots to the east like Leslieville, Beaches and Danforth Village sport more of a family feel –with sprawling parks, good schools and all-ages venues. Dotted throughout downtown Toronto, you’ll also find cultural neighbourhoods and ethnic enclaves: Chinatown, Little Italy, Koreatown, Little Portugal and Little India, among others. If you head a little outside of the dense central areas, you can find up-and-coming neighbourhoods. These include Scarborough Village, Bloordale Village and the Junction Triangle. However, a word of caution: For up-to-date information on smart real estate opportunities, don’t rely on an internet article as trends are liable to change; instead, ask knowledgeable professionals about their choices for the best up-and-coming areas to buy. Toronto is booming – and, by all indications, it will continue to boom in the coming decades. To strike while the iron's hot, connect with expert real estate agents and buy your slice of the big city. Read Also: The 7 Most Common Email Marketing Mistakes Identify Malicious Emailers With Online Tools Types Of Objections In Sales And How To Overcome Them With An Email Delivery Test?

Top 5 Tips in Designing Your Swimming Pool

You might think that designing a swimming pool is an easy feat. After all, all you have to do is to dig out the ground and shape it like a rectangular prism or a cove-like space in your backyard. You can even buy an old shipping container and repurpose it into a perfectly sized lap pool. Take a look at this article for example. Even so, just like any other part of your home, you’ll surely want to give it a careful thought during the design process. First of all, it can be a one-time project only. Pool renovations and remodeling can be pretty expensive. So, you got to nail it right from the get-go. In addition, it will be more interesting if it complements the general design concept of your home. Of course, you wouldn’t want your home details to clash against each other, right? So, take the design process seriously to avoid any regrets in the future. 1. Decide where to build the pool. It doesn’t always have to be in the backyard, folks. So, no pressure at all. It really depends on where the ideal space is—that could be at the front of your main entrance, outside the master’s bedroom, the side of the house where great views are pretty surprising, on the rooftop or even indoors! The possibilities are endless. To help you decide about the ideal location, try to think about some factors like what the weather’s like in your city every year and the ideal size for you. It’s also good to think about what views you’d like to see. Some homeowners don’t like seeing just a plain wall when they lounge by the pool or swim. They want to see the stunning views from afar. And so, they aim to achieve that by placing it in the best location where they can see those views. If it’s necessary, they can also decide whether to elevate it a little. 2. Consider your lifestyle and goals. What’s the biggest reason why you’re wishing for a swimming pool in the first place? Is it for health and fitness reasons? If so, you’d surely prefer lap pools to dip pools so that you can truly practice your swimming skills and be able to do a full-body exercise at the same time. For true swimmers, you’ll also want to increase the depth of your swimming pool so that you can practice your driving skills as well. In addition, economical reasons will also prompt you to plan in advance for the maintenance needs of your pool. Budget-wise homeowners think long-term and talk to expert professionals like the Blue Waters Pool Services to seek for advice. 3. The needs of your family members matter, too. If you have small children, you’ll want your swimming pool to be kid-friendly as well. You can design something with varying depths suitable to their ages. You can even incorporate a kiddie pool in your main swimming area so that there’s also a special place for them while you’re still teaching them how to swim. 4. What’s the general design concept of your home? As mentioned already, you wouldn’t want the details in and out of your home to be clashing with one another. You’d definitely prefer to settle on a general look and feel that’s based on a theme that exudes your lifestyle and personality. 5. Communicate your needs to the contractor who will work on your project. It’s important that you and the contractor who will work on your project will always be on the same page from start to finish. This is why it is important to always openly communicate your plans, needs, and ideas. Check out what else you need to know before building a pool. Encourage them to ask questions in case they need clarifications. Also, it is important to ask them about the specific steps they’ll take to fulfill your expectations. You can test their expertise by asking for suggestions that will best answer your needs. Ready to show your newly constructed pool? We’re excited to see the pictures! Do share with us! Read Also: Renting A Villa In Malta With Private Pool All You Need To Know About Pool Maintenance Services

How Real Estate Factors into Business Decisions

People tend to think of real estate in a very direct, narrow sense. We factor our rent into our monthly budgets and see property taxes as only a small slice of the larger bill we pay every year. We rarely think about the fact that real estate and housing costs have incredible ripple effects that dictate the success and failure of several industries. Consider the housing bubble in the United States and how it eventually prompted the greatest economic setback since the Great Depression. The woes of the housing market permeated into virtually every other facet of the American economy, and they had a gigantic impact on the lives of so many people who felt the pinch in ways that seemingly had little to do with housing. For business owners, real estate is a much bigger piece of the economic pie than they might initially assume. Though there is little we can do to influence the policies of banks who give out loans or the real estate prices in our markets, we can look at how real estate factors into our bottom lines. Factoring Real Estate Costs into Your Budget The first consideration you should make is how property costs will directly impact your budget. A business owner might decide that they are best served to own the property they’re using, or they might find that perhaps their interests are best met by a rental space. Whatever solution you’ve decided is best for your business, don’t forget to factor in the costs of property tax, insurance requirements or legal expenses that you might encounter and how those costs could add to your initial estimates. Remember that buying a property, especially if you’re building or renovating a commercial space, comes with many costs. You will carry the responsibility for repairs and maintenance, for example. You’ll need to determine whether your business can sustain these costs, and you’ll need to leave room in your budget for unforeseen circumstances. Your Location Will Also Affect Employees If you are poised to hire workers, you will also need to consider how your real estate choices might impact them. If you are relocating, will you be able to offer your employees compensation for relocating with you? If you are hiring new employees, will they have to travel to reach your business? The size of your workforce will also dictate the size of your workplace. Remember that if your business will be adding more employees in the near future, you will need to accommodate those workers. Using Real Estate as a Barometer If you’re starting, expanding or relocating a business, you might be able to determine what location is most advantageous by looking at real estate prices in your new location. There are many things to consider. Is the area you’re looking at booming, or is it stagnant? If an area is showing signs of growth, can you afford the costs of a property in a competitive real estate market? How much does your business really depend on being located in a prime area of your community? Being Realistic in Your Expectations Just like any other decision you’ll be making as a business owner, you’ll need a healthy dose of realism when you are factoring in how real estate will impact your bottom line. Is it reasonable to buy a big, plush location in the most booming part of a city, or is your business model best served by renting a space and keeping costs down until you know how much income you will be generating? In the beginning stages in the life of a business, it is best to cut any expenses that are not absolutely essential to the operation of your company. Find out how many expenses you’ll be facing that you might not currently be factored into the equation, and look at all of your options before making a decision. Real estate impacts our lives in many ways, some of which might be out of our control. But so many of the decisions that business owners make can be based on predictable costs that we might fail to overlook in the excitement of beginning or expanding a business. Be cautious, realistic and thorough when determining the role property will play in your operations. Rebekah Damen Lusk a partner at the Maryland law firm Thienel & Lusk, LLC Attorneys at Law. Her practice includes civil litigation, business, employment, landlord/tenant, real estate, family, equine and animal law. Read More: DC Metro Area Real Estate Update What Makes A Strong Foundation For Your Home Buying Your First Home In St. Louis Why You Must Embrace Green Home Technologies?

Best Estate & Asset Planning Tips – Secure the Future Today!