Sunday, March 18, 2012

Philatelic Estate and Financial Planning

Columnist Kristi Ellington writes on California's Gilroy Dispatch website, "Your estate could wind up paying substantial and unnecessary taxes and administrative costs – further, your wishes may not be met – the ring from your grandmother that you want to leave to your granddaughter, the stamp collection you worked so hard on that you want to leave to your son and so on."

According to Ellington,"We tend to associate estate planning with significant wealth, and while those who are fortunate enough to fall into that category are generally motivated to perform more formal and complex estate planning – it is not just for the very rich. Every one of us has an estate; as I mentioned last month, no matter your financial situation, you have an estate."

She goes on to say, "...I have witnessed on too many occasions the results of lack of planning. Beyond the financial costs there are emotional ramifications – both of which can be reduced significantly with a little advanced effort. This may be the last gift you leave to your loved ones - I urge you to take the time to put your affairs in order sooner rather than later – an added benefit is that you will have a greater peace of mind knowing you have planned for the well being of your loved ones in the event of an unexpected ability to continue to provide for them yourself. Unless you are confident that all is in order, I urge you to seek professional legal advice to alleviate potential problems down the road."

To read more and get some good planning tips, click here.
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posted by Don Schilling at 12:01 AM