Interactive guides, calculators, and expert insights to help you make informed decisions about your family's future.
A will is a legal document that specifies how your assets will be distributed after your death.
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Estate planning laws vary significantly by state. Understanding your state's requirements is crucial for creating valid documents. Key considerations include witness requirements (most states require 2-3 witnesses), notarization rules, and community property laws in states like California, Texas, and Arizona.
Some states recognize holographic (handwritten) wills, while others require typed documents. Estate tax exemptions also differ - while federal exemption is over $13 million, some states have lower thresholds. Always verify your state's specific requirements before finalizing your estate plan.
Creating a comprehensive asset inventory is the foundation of estate planning. Start by listing all real estate properties, bank accounts, investment accounts, retirement funds (401k, IRA), life insurance policies, and valuable personal property like jewelry, art, or collectibles.
Don't forget digital assets including cryptocurrency, online accounts, and intellectual property. Document account numbers, locations, and approximate values. Update this inventory annually and store it securely with your estate planning documents. This makes the executor's job much easier.
Choosing guardians for minor children is one of the most important decisions in estate planning. Consider the guardian's age, health, parenting philosophy, financial stability, and relationship with your children. Location matters too - will your children need to relocate?
Always name backup guardians in case your first choice cannot serve. Discuss your decision with potential guardians before naming them. Consider separating guardian duties (who raises the children) from trustee duties (who manages their inheritance) if appropriate for your situation.
Federal estate tax applies to estates exceeding $13.61 million (2024), but this exemption may change. Married couples can combine exemptions for over $27 million. However, 12 states and DC impose their own estate taxes with lower thresholds, some as low as $1 million.
Tax-saving strategies include gifting during your lifetime (up to $18,000 per person annually tax-free), establishing irrevocable trusts, charitable donations, and life insurance trusts. For estates over $5 million, professional tax planning can save hundreds of thousands in taxes.
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