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February 7, 2020 / Newsletters

Insight on Estate Planning, February/March 2020

Weinstock Manion is pleased to present the February/March 2020 issue of Insight on Estate Planning, our bi-monthly newsletter. We encourage you to read it for ways to implement your estate plan more effectively, including ways to minimize taxes on your estate so as to maximize its value for your loved ones. We realize that we cannot fully address these complex issues in a few short articles, so we invite you to contact us to discuss your specific needs.

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In this issue:

Executors and Trustees: The Name Game
It’s important to name executors and trustees who can provide the necessary expertise in handling assets and duties. This article details the duties of an executor and a trustee. A sidebar explains the need to name successors in the event one’s first choice can’t meet obligations.

Durable Power of Attorney: What Are the Benefits?
No one likes to think about being incapacitated, but the threat is real. This raises some troubling thoughts about how one’s personal and financial affairs will be handled in the event they’re incapacitated. This article notes that a common solution to this problem is to create a power of attorney, and explains why the optimal protection is afforded by a durable power of attorney.

Digital Assets and Your Estate Plan
The digital revolution has touched virtually every aspect of our lives. The result is that one likely has at least a handful of “digital assets.” These assets may include personal assets, such as online bank and brokerage accounts, and business assets, such as a company’s website, domain name, client databases and electronic invoices. This article explains that, as with all assets, a person needs to account for them in their estate plan.

Estate Planning Pitfall: You’re Hiding Assets Without Telling Anyone
People sometimes keep assets hidden without letting their family know about their existence or location. Similarly, they may have life insurance policies no one knows about. This brief article explains, through a fictional example, why full disclosure to loved ones is recommended.

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