Estate Planning

Text Box: Estate Planning Work with a qualified attorney that specializes in your particular situation. By understanding what our tax liabilities are in settling our estates after passing, we can, reduce, pay for them, eliminate them, or pass them on to someone else, through the use of tax planning and insurance strategies in estate planning. It is important to work with an Advanced Estate Attorney, a CPA and a Financial Advisor preferably that will work together as a team. Famous Estate Settlements Here’s some information from the Internet from Public Probate Records. You may be familiar with the following celebrities, you may not. However, you may be interested in what happened with their estates after they passed away and they were settled. Source: http://www.legacyalive.com/pages/estateb.html This website shows a lot more estates - check them out. Wow, 30% to 73% of the assets went to pay all the related fees and cost of settling their estates. How much of YOUR estate do you want to go to those cost? Without a Trust or will, did you know in most states, that if your spouse dies 100% of all assets go to the surviving spouse (you) without probate or taxable consequences, unless the surviving spouse (you) is NOT a U.S. citizen? Then only about $125,000 is exempt (each state sets this amount). You have to check with an Estate Attorney in your state for the amount and rules as they apply to you. I’m NOT an Attorney! Here’s the gotcha, if the surviving spouse (you) re-marries and then dies, even if you have children from your first marriage, 100% of all assets go to “your” surviving spouse without probate or taxable consequences, unless your surviving spouse is NOT a U.S. citizen? When they pass away, the assets go to “their” beneficiaries, not yours! Either way, this means that YOUR children get NOTHING! Unless you have a trust with something like a QTIP in it to protect the assets for your children. Trust’s are very good tools for taking care of your “special-needs” children or loved ones and keeping your assets in tact if you should have “irresponsible” children that would squander your estate that you spent a lifetime building. If by whom, and if how, your children are raised, and what faith they are brought up to believe in, is important to you, then a trust is a must! Of course, if you don’t care about anybody or what happens when you’re gone, then you don’t have to take care of any of this. Other Web Sites – Reference or links to other websites is not a recommendation, approval of, or support of the material there. I referenced information from a lot of websites I used for illustrations, these are not recommendations, these are just what I found when I did a “Google” search. You can go to them and decide for yourself if the information is appropriate for you. These pages are for illustration and educational purposes ONLY. BBC Financial Group, Inc. does not render estate planning advice, we recommend all clients and prospects to utilize an attorney for all of their legal and estate planning advice for their specific circumstances and State of residence. If you have property and assets outside the United States, it is important to utilize the expertise of an International Estate Attorney. These pages are for informational purposes ONLY. The material discussed is meant for general illustration and /or informational purposes only and is not to be construed as investment, tax or legal advice to YOU the reader specifically. You need to see a professional to discuss YOUR personal situation. While every reasonable effort has been made to ensure the most accurate and up-to-date information, BBC Financial Group, makes no guarantee of accuracy of any of the information contained herein. The information may not always accurately reflect current specific items, features, or options. Additionally, BBC Financial Group cannot be held responsible for errors (human or electronic). If there is any doubt as to the accuracy of any information, the reader is responsible to verifying same against an alternative source. In no event shall BBC Financial Group be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such information in website or links to other websites from here. Any links provided here are for your convenience ONLY and not a recommendation or referral for the site or any of its content from BBC Financial Group. See a professional for YOUR specific situation before you act on any information found here or on any links to any sites from here. BBC Financial Group, Inc., does not engaged in rendering legal or estate planning advice. Neither QA³ Financial Corp nor its Registered Representatives are engaged in rendering legal, accounting or tax advice. Copyright © 2009 BBC Financial Group, Inc., All rights reserved. You can contact us at info@bbcfg.com

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