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Top 5 Reasons to Update Your Estate Plan Today

By W. Bailey Smith

1. ARE YOU LEAVING YOUR ASSETS TO YOUR CHILDREN UNPROTECTED, OUTRIGHT, AND FREE OF TRUST? Leaving assets to children is not the same thing as leaving “protected” assets to them. Only you can protect your assets passing to your children in your plan. Your children cannot get this protection for themselves after you are gone unless you include this protection in your trust.

2. IF YOUR FINANCIAL POWER OF ATTORNEY IS OVER 5 YEARS OLD, IT IS POWERLESS! Your power of attorney won’t be accepted by your bank or stock broker because it is “stale.” If your power of attorney is powerless, you are facing a potential conservatorship, aka a “living probate.”

3. DO YOU HAVE A WALLET CARD FOR YOUR HEALTH CARE DIRECTIVE SO YOU HAVE IMMEDIATE ACCESS TO IT WHEN YOU NEED IT? It doesn’t make sense to put your health care directive in your safe deposit box. According to the American Medical Association, 74% of the public don’t have access to their medical directives in an emergency. Avoid the Terri Schiavo problem now!

4. ARE YOU ELIMINATING THE INCOME TAX ON ASSETS PASSING TO YOUR CHILDREN OR ARE YOU FORCING THEM TO PAY UNNECESSARY TAXES ON THEIR INHERITANCE?

5. DO YOU HAVE A LIVING TRUST OR A LIVING NIGHTMARE? Do you even know what you have? If you have not reviewed your estate plan in the last 3 years, you need to update your plan now.

UPDATE YOUR ESTATE PLAN TODAY!

CALL W. BAILEY SMITH, THE “TRUST DOCTOR” AT 949-833-8891

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