National Estate Planning Awareness Week

Thursday, 11 July 2024

Often, this will include a power of attorney, that gives authority to someone you trust to act if you are unable to look after your medical or financial decisions because of an injury or an illness. Thankfully policy and society progressed, and now women and men have an equal right to inheritance and ability to convey assets. Reach out to a member of the 2022 National Estate Planning Awareness Week Media Referral List. Create power of attorney documents that designate your health and financial decision-making representatives who will assist in your decision making should you become ill or incapacitated. Assisted by Rep. Mike Thompson (D-CA) and 49 additional members of the House of Representatives, H. Res. This gives you the flexibility to provide for the important causes in your life in the proportions you desire.

National Estate Planning Awareness Week New

Why do I need an Estate Plan anyway? They didn't know about the week – or seemed puzzled as to how it was of interest to the lively chatter they had been engaged in. Estate planning is often a difficult topic to broach, as it brings the unpleasant topics of aging and death to the forefront of our minds. The National Association of Estate Planners and Councils (NAEPC) started this effort with the help of Congressman Mike Thompson of California in 2008. Additionally, estate planning can potentially enable you to decide which people and charitable organizations will receive your wealth at your death. National Estate Planning Awareness Week is also a perfect time to spread awareness about your council to prospective members.

Associate Director of Education. Spelling out your wishes in a will or trust will also prevent unnecessary confusion, anxiety, and expense for other family members when you are gone. Have you acquired property? If there is one thing that we've learned in the past year or so, it has been that we never know what can happen or when. Be sensitive to your family members' feelings. You should think about how you'd want your savings and assets to be managed for your spouse or your children. Someone needs to be able to step in and a properly drafted Living Trust plan can ensure that the person(s) of your choosing are properly put into place to take over and make decisions when and if that happens. When done well, estate planning aims both to allow you to pass on your assets as you see fit, and to minimize the state and federal taxes that accompany the transfer of significant wealth. ACTEC Fellows took the initiative to develop valuable content related to estate planning and regulatory matters impacted by the ongoing pandemic. October 17-23 is National Estate Planning Awareness Week, a time set aside in the year to plan and protect our loved ones by creating an estate plan.

It was briefly repealed and then re-enacted in 1932 and remained that way until 1976 when the gift and estate tax were consolidated. Join other loyal public media supporters by requesting your FREE organizer, then get your estate plan off the ground. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 meant a return of the estate tax but raised the exclusion to $5 million for 2011 and 2012. Back in 2008, Congress took a look at the following statistics: - It is estimated that more than 120 million Americans lack an up-to-date estate plan. Proper planning is especially important for married parents with children from previous relationships to avoid disinheriting these children. National Estate Planning Awareness Week was established in 2008 to create public awareness of the necessity of estate planning. "Doesn't the government provide for that? Last, but not least, procrastination still remains the #1 silent killer of most estates. DCP Highlights National Estate Planning Awareness Week. About Cramer & Anderson. Create a trust if you have significant assets, young beneficiaries or an unusual family situation. The Legacy Challenge will be active until the full $1 million is released. Each issue spotlights individuals who have included Calvary in their estate plan. Then came the American Taxpayer Relief Act of 2012 which kept the $5 million inflation-adjusted exclusion figure, but increased the maximum rate of the tax to 40 percent from 35 percent.

National Estate Planning Awareness Week 1

Financial Planning Basics, Part II. The first video in the series, "What is Estate Planning? This week of awareness emphasizes the importance of thinking strategically about planning your estate. Each year, this event provides continuing legal education to more than 250 of the tri-state area's top trust and estates attorneys. A few simple steps today will give you peace of mind tomorrow by ensuring you and your loved ones are well protected. Prepare to take care of your assets to ensure you take care of your loved ones in the event the unexpected happens. The startup process, or Phase I, is the most critical and important phase of the planning as it is the mainstay of developing a successful event. The Agricultural Stewardship Association's land conservation efforts last forever. Perhaps the most common misperception about estate planning is that it's only needed by those who earn high incomes, own businesses, or have significant assets, investments, or entrepreneurial holdings. Tip: Many statistics make it sound normal not to have a will or estate plan. Put yourself in their shoes, and keep in mind that few people are eager to dwell on the subject of their own death. These individuals will need to act, possibly quickly, in the event of your death or serious injury.

Most people still haven't gotten around to it or just feel that they don't possess significant assets and, therefore, a will or estate plan isn't necessary. Center for Major Gifts. Business Succession Plan. The conversation can then naturally progress to the importance of having an estate plan that will enable their assets to be transferred in the way that they wish, provide for the care of any dependents or pets, and minimize any taxes, court costs, and legal fees. FreeWill takes less than 20 minutes to complete and is valid in all 50 states. ACTEC Fellows Lawrence Brody and Jonathan W. Michael give a general overview of the opportunities and risks associated with term and permanent life insurance policies and how those factors are related to premiums. Download the donor email templates via the form to help your team secure more of these gifts during NEPAW. A New Trend in Estate Planning.

Insurance and Insurance Trusts. We have daily opportunities to educate our clients and improve their lives and those of their families. Currently, only about half (56%) of all Americans have an up-to-date estate plan in place. 1899 is the same year that the Hospital was founded. 36 to their heirs and IRS won't collect estate tax on it. In the Anglo-Saxon period of England, royalty had to approve land transfers. Please contact our office with any questions you may have. Collaborative planning is a comprehensive approach to estate planning where the individual essentially builds a personalized team to help manage the process. "We saw an increase in estate planning during the height of COVID, but clearly the sense of urgency has abated, " said Cramer & Anderson Partner Dolores "Lorry" Schiesel. This includes those who may have outdated estate plans, which can be as dangerous as having no estate plan at all!

Estate Planning Awareness Month

Partner Josh Weinshank, Resident Partner of Cramer & Anderson's office in Ridgefield, won a prestigious 40 Under 40 award from the Fairfield County Business Journal in 2019, and was named a Super Lawyers Rising Star in both 2018 and 2019. Our partner, Freewill, is offering you free access to an online estate planning platform that lets you complete your plans in under 20 minutes, so that you can protect all that you love and have a plan in place for your pets. "The key to removing some of the anxiety surrounding estate planning is education and awareness. It is estimated that more than half of Americans – 56% – do not have an up-to-date estate plan.

In addition to the items above, there are other complicated matters involved with estate planning. A Will is one estate planning instrument that is used and is more publicly known, but a Will requires the involvement of the court to make decisions and execute. Establishing a frank, open dialogue in which you're crystal clear about your expectations for your estate will solve a lot of headaches later on. We encourage you to allow a local attorney to review your will to ensure it complies with all your wishes and state laws.

These statistics have improved some as a result of the global pandemic, but only slightly. Please join us this special week by reaching out to your friends, family, clients and/or colleagues, etc., and stressing the importance of proper estate planning. Michael Smith, JD, Sr. Share Quick-Hitting Stats. When this happens, assets are distributed according to the state laws where the deceased lived at the time of his or her death. The good news is, you're not alone in your planning efforts. This often results in wasted dollars and emotional hardship that could otherwise be minimized with proper advance planning and action. To bypass this, people would gift parts of their estates to their families to which the lawmakers responded to by passing a gift tax in 1924.

The Community Foundation of Northeast Iowa encourages individuals to work with a professional advisor to create their own estate plan. For example, the late Academy Award-nominated actor Richard Widmark entrusted management of his philanthropic legacy to Attorney Weinshank. Finish Your Living Will. Two common barriers to will planning are the belief that you don't have big assets and procrastinating because the need doesn't seem urgent.