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Informative Articles

Estate Tax: What It Is And How It Is Filed
According to the Internal Revenue Service (IRS), an Estate Tax is a tax that is imposed on your right to transfer your property and belongings after your death. The individual who is in charge of handing and filing an Estate Tax return is often...
Getting Organized For The New Year - Part 2
In part 1, we discussed a system you could use to organize your office. In this article we will discuss what material is needed to implement that system. You will need the following items for your office system. Calendar/Daily Planner; Accordion...
Tax Secrets For Small Business Owners
Small Business Tax Secrets Many people that start a small business, can use all the help that they can get to make it run successful. The government has over the years provided incentives to more and more businesses in order for them to...
Tax Time Tips
Every year we search for the most effective tax breaks to ensure the highest tax return possible—or lower the taxes we owe, whatever the case may be. While filing your taxes is about as much fun as a root canal, learning a few tips and tricks...
The Credit Repair Business
Despite the massive efforts of the credit reporting agencies to convince you otherwise, there are many credit repair companies that are no different than most other services. Like all industries, less-than-honest companies do exist and are damaging...
 
Last Will And Testament Considerations

Interest in a Last Will and Testament and other end of life planning documents skyrocketed during the coverage of Terri Schiavo's case, but interest didn't always lead to action. It isn't that people laugh at the importance of preparing for the unexpected; they blame procrastination and laziness.

DO YOU HAVE A LAST WILL AND TESTAMENT?

Out of half a dozen randomly selected people interviewed, none had a Living Will, and only one had a Last Will and Testament, though every person said they believed the documents are essential. All said they believed that proper tax planning in Wills can save one's heirs certain estate taxes.

ESTATE PLANNING STARTS WITH A LAST WILL AND TESTAMENT

People believe in the importance of estate planning because of dependents and not wanting to be hooked up on a machine at the end of life. However while some call lawyers or buy a Last Will and Testament kit, not all people get around to signing them.

Only one person interviewed had completed estate planning documents. With a power of attorney, which names a friend or relative to manage your finances if you become incompetent, you may also have a health care proxy. A health care proxy is the same thing as a power of attorney, except it applies to medical conditions instead of financial ones.

People trying to figure out what you would want can lead to some big arguments and family quarrels. There should be no questions about what you wanted.

About the author:
Ivon T. Hughes of The Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. - Get a FREE Copy TODAY!
Email: info@trustco.ca Web: http://www.hughestrustco.com