It's that time of year and you can smell taxes in the air. I am seeing and hearing all sorts of news right now about how everyone is getting smaller tax refunds. This isn't necessarily a bad thing. While taxes are on everyone's mind, I'd like to explore how taxes affect estate plans.
Considering your healthcare decisions in advance is an important part of creating an Estate Plan. The three healthcare documents that most people are concerned with are the POLST, Advanced Directive, and Healthcare Power of Attorney.
Not everyone is ready to handle inheriting a lump sum of money. This is especially true of young people that don't have the life experience to appreciate the value of money and haven't acquired the skills to manage money. Many inheritances disappear in the matter of a couple of years or even in a matter of months.
Whether you know it or not...whether you want it or not...you have an estate plan even if you've never signed one. In Oregon, (really in every state) our legislature created and the governor signed an "estate plan for all." Unless you do something to change it, that estate plan created by the State will decide who gets your stuff when you are gone.
As they say..."there is more than one way to skin..." The same is true with leaving assets to your children. There are good ways, traditional ways, ugly ways and everything in between. Here are four of the most common ways to leave assets to your children.