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Monday, 16 July, 2007 1:05 AM
Who Gets Your Money When You
Die?
Nationally
Acclaimed Estate Planner Reveals How To Avoid Critical Mistakes
Most of us don’t
like to think about our own death. But if we don’t plan ahead,
death can place our families under even greater duress and anxiety
while they’re grieving. After all, if you think the concept
of probate is confusing under normal circumstances, imagine your
loved ones trying to navigate the system in the midst of emotional
despair. Equally troubling is the uncertainty your family faces
while financial assets that are supposed to support them are tied
up in probate for months-- and possibly years. That’s why
estate planning is crucial to give your family a sense of security.
Yet a whopping 70% of Americans have not planned for their families’
future.
David Phillips, nationally acclaimed estate planner and author of
the new book, “Estate Planning Made Easy” (Kaplan
Publishing 2007) believes that once more people understand the harsh
reality of what can happen without an estate plan, they’ll
realize why it’s critical to make sure their families are
taken care of when they die. “Listen, no one likes to think
about their own death,” says Phillips. “But the fact
is that we all unfortunately will die and we can’t take it
with us. If you plan ahead, you ensure that the bulk of your wealth
is given to people of your choosing and not the government.”
Truly, would you actually write a will leaving all of your earthly
belongings to the IRS, or would you leave them to your family? The
estate tax codes are confusing and that’s one reason why many
people balk at the mention of estate planning. Estate Planning
Made Easy walks people step-by-step through the process and
explains clearly what the laws mean.
“Confusion over recent tax codes is a key reason why you should
develop a strong estate plan,” says Phillips. “After
a loved one has died, everyone is emotional and in some cases, people
are truly shell shocked. So understandably, they simply don’t
have the ability to grapple with complicated issues--who wants to
deal with tax laws and guessing what a loved one’s intents
were? But the truth is without proper planning the IRS can wind
up with a dramatically bigger chunk of what you’ve worked
so hard to earn.”
Many people operate under the delusion that estate planning is only
for the super rich. It’s not. Or they believe that simply
picking up a ‘fill-in-the-blanks will’ at an office
supply store will suffice. “While that’s a step in the
right direction, estate planning involves some complicated strategies,”
says Phillips. “The most valuable piece of information I can
give anyone is to seek qualified professional help. Deciding how
to distribute your assets is not a good time to dabble in do-it
yourself ventures.”
Phillips points out that by not planning ahead, you risk the chance
of significantly reducing the size of your estate and causing emotional
chaos for the family members left behind. With his 35 years of experience,
he’s seen first-hand the impact a solid estate plan can have
for a family. He also knows the most common pitfalls people make.
In addition to estate planning strategies, interpretation of the
new estate tax laws and a wealth of other helpful information, Estate
Planning Made Easy outlines those common mistakes and how to avoid
them:
- Failure to have a
plan/or having an improper plan
- Misunderstanding
the 2001 Tax Act (EGTRRA)/the impact it has on your estate
- Improper use of jointly
held property
- Blindly leaving everything
to your spouse
- Not properly using
the IRS-approved annual gift allowances
- Failure to properly
plan the distribution of your pension/retirement accounts
- Lacking liquidity
to cover estate settlement expenses
- Improperly arranged
and owned life insurance
- Not properly preparing
for exorbitant cost of long-term medical care
- Not leaving your
life story for your family to enjoy forever
Estate
Planning Made Easy
by David T. Phillips and Bill S. Wolfkiel
239 pp., Hardback $21.95 US
Publisher: Kaplan, 2007
Available at www.amazon.com
www.epmez.com,
Borders, Walden’s Books
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About the author:
David T. Phillips is
a best-selling author and nationally recognized consumer advocate
for insurance, annuities and estate planning. He has been recommended
by many respected high profile investment advisors and financial
editors including Suze Orman, Terry Savage and Andrew Tobias. He
is a frequent guest on national TV including Money Talks, The Financial
Advisors, Bloomberg and CNBC. His best-selling books include Estate
Planning Made Easy and Profiting From the Insurance Revolution.
His special reports and articles have been published in hundreds
of periodicals.
He is the CEO of Phillips Financial Services LLC and CEO and founder
of Estate Planning Specialists LLC. With clients and Select Estate
Planners in every state, his companies have helped thousands of
Americans in properly planning their estates. He is a featured speaker
at investment conferences nationwide.
Phillips is the coach of the Arizona State University Water Ski
Team. He and his wife Jane have four children. Todd, their oldest,
is the President of Estate Planning Specialists, LLC.
Source: Event Management
Services, Inc.
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