Smart Guide to Estate Planning

"As embarrassingly ostrichlike as it may seem, many people would rather not know the full truth of their financial situation."

"The size of your estate may mean that your loved ones will be hit by a hefty estate-tax levy, unless you take advantage of certain trusts and other tax-avoidance techniques. But you have no idea how to go about implementing these plans."

"If one spouse's personal estate far outweighs the other's, it can be a good idea to give your spouse some extra cash or property to bring your estate under the tax-exempt cap."

"Sometimes, when wills are not clearly written, an executor can wield great power."

"Charitable trusts do more than help the homeless, or the arts, or wildlife. They can help you, too, by reducing your federal income-tax rate and eventual estate taxes."

"To understand how much life insurance you should buy, you first need to determine the cash needs your family will have after your death."

"In case you should get hit by lightning while the kids are still small?you need to appoint a personal guardian to watch out for them on a daily basis. You will also need to appoint someone to handle the monetary bequests you leave to the child. "

"An ethical will?a written statement to your loved ones about the moral code you have developed?is your last opportunity to pass on to future generations your beliefs, and whatever knowledge you've gleaned from your time on this earth. "