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Planning Your Estate
Posted on August 14th, 2007 No commentsMost people think you have to be really, really rich to care about your estate. But that’s not true. No matter how “average” you feel your income is, you still want the peace of mind of knowing that your family will be okay even if something happens to you.
The estate plan can do that. You will need to draw up a will, a power of attorney, and a medical power of attorney. This will enable you to accurately list your assets (including investments, savings accounts, and policies) and determine who gets what. Your will also give instructions on who will gain guardianship of your kids, and what decisions you would like to be made in case of medical emergencies.
It will also enable you to distribute your assets directly to your kids rather than your spouse, allowing them to avail of estate tax exemption and protect your spouse from a really high taxable estate.
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Be a Responsible Borrower
Borrowing a significant amount of money through a loan entails a certain level of discipline and commitment in order to ensure that your obligations as a borrower are consistently met. There is nothing worse than reneging on your responsibilities to the lending institution or bank that approved your loan application. By not following your responsibilities you will put a negative mark on your credit records. Moreover, the assets that you have declared (if it is a secured loan) may become in danger of being foreclosed. Read More