Insight on Estate Planning, February/March 2021
Weinstock Manion is pleased to present the February/March 2021 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:
Attention Business Owners: It’s Time to Talk About Estate Planning
For many small business owners, estate planning may be the last thing on their minds, especially if they’re struggling to recover after a turbulent 2020. However, not only can estate planning help ensure that one’s objectives are met should you die unexpectedly or become disabled, it may protect the business. Also, an estate plan may provide a smooth transition to the next generation. This article details specific estate planning strategies for business owners.
Understanding the Terms of Healthcare Directives
Estate planning experts usually cite the need to include advance healthcare directives in a comprehensive estate plan. But there’s often disagreement about the legal names given to those directives and their optimal use, depending on one’s jurisdiction. In any event, regardless of what they’re called in the state where you reside, it’s important to create these documents and keep one’s family in the loop. This article defines several health care directive terms.
The Art of Estate Planning
An art collection is a special asset to account for in an estate plan
It goes without saying that an art collection, including paintings, sculptures and other pieces of art, can represent a significant portion of a person’s estate. Thus, it’s critical to account for these assets in their estate plan. This article stresses the importance of having one’s art collection valued by a professional valuator and lists three options available for incorporating art into an estate plan.
Estate Planning Pitfall:
Your Elderly Relative Won’t Commit to Estate Planning
There are many obstacles on the path to estate planning. One of the more difficult to overcome is when an elderly parent or family member refuses to cooperate or even acknowledge the need for estate planning measures. This brief article discusses steps to take to encourage a parent or other family member to create an estate plan.