Not enough money

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Latest post 12-22-2012 2:34 AM by calgaryimmigration. 8 replies.
  • 12-17-2012 1:49 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,103

    Re: Not enough money

    Do you expect to live forever?

    Seriously --the state government has an estate plan --its called intestacy -- they divide up your pot per thier rules --if you like thier rules you do nothing, If you want to make some of your own decisions you write a will that spells your directives out.

    If you have say more than $500,000 when you add everything up --you might want some 'plans" lest the Feds or your estranged wife get more than you have in mind.

    As an aside --inheritance taxes for non direct family members are quite nasty in my state --so even for smaller bequests to friends --some planning makes sense to sidestep the state pot.

    Planning is not just for those with a lot:

    --- if you don't have much at all then you might want to plan deliberate impoverishment and qualify for need based programs later in life?

     



  • 12-17-2012 3:25 PM In reply to

    Re: Not enough money

    The need for estate planning is not only for wealthy people. Regardless of wether a person has enough assets to be concerned about estate taxes, estate planning still important. Estate planning includes naming a guardian for minor children, succession planning for business, and other matters that are not dependent on wealth.

  • 12-17-2012 6:10 PM In reply to

    Re: Not enough money

    jamesbishop911:

    I don’t have a lot of money. Do I still need to do estate planning?

    Everybody has an estate, even if it's just the clothes on your back.

    Estate planning need not be complicated or expensive. Could be as simple as making sure your accounts have beneficiaries. In states that allow it you can even handwrite a simple will that says everything goes to so-and-so.

     

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  • 12-17-2012 6:30 PM In reply to

    Re: Not enough money

    Well...no.

    If you don't care what becomes of your assets when you die, there's no need to do estate planning.

    If you care what becomes of your assets when you die, then you probably should do estate planning.

    You said you "don't have a lot of money."  What is "a lot of money"?  Your avatar picture suggests that you're not terribly "old."  Do you plan on not acquiring more money over the rest of your life?

  • 12-18-2012 4:04 PM In reply to

    Re: Not enough money

    jamesbishop911:
    What if i dont do estate planning, will still my family gets benefits when i am die ?

    Depends on what sorts of "benefits" you're talking about, who makes up your "family" at the time of your death, the laws of the state in which you live at the time of your death, and the laws governing whatever "benefits" you're talking about.

     

    jamesbishop911:
    What if I dont have a wife and kids, where will be my asset goes?

    If you die without a will, then assets that are part of your estate pass according to the intestate succession laws of the state in which you live at the time of your death.  While intestate laws vary a bit from state to state, they all tend to follow a similar general pattern.  If we assume that you die with no surviving spouse, no surviving children, and no assets that pass outside of your estate (e.g., because of a pay-on-death beneficiary designation on a bank account or 401k or things like that), then your assets would pass to your parents (if either are still living).  If neither of your parents survive you, then your siblings and children of any deceased siblings would be next in line.  If no siblings or children of deceased siblings survive you, then your grandparents would be next in line, followed by lineal descendants of your grandparents (other than your parents and their lineal descendants).  In other words, your estate typically goes to group of relatives that is closest to you and which has at least one surviving member.  Again, it varies from state to state.

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