Adulting 101. The five “W” of basic Estate Planning.

Everyone, regardless of income or net worth, has an estate. It may include minor children, assets like a home, car, computers, websites, business, bank accounts, retirement accounts, life insurance, collections and of course your online presence (Digital Property). The best way to get your Estate Plan started is to answer four simple questions: Where, Who, What and When. 1. Where will your children live if something happens to you and your spouse? 2. Who do you want to receive your things (either cash, tangible personal or virtual property)? 3: What things are your family going to receive and 4: When would you like your family to receive those things? Do you want your children receiving everything at 18 years of age? And once you have answered those questions it might be a good idea to think about a fifth W. Wondering… I wonder what would happen if you or your spouse suffers a temporary incapacity. What types of legal document can be drafted now so you can stand in each other’s shoes to make medical or financial decisions. A new W that just happened Jan 1 2020. Will the Secure Act Impact Your Retirement Plan? Several provisions of the Act are worth highlighting, as they could have an impact on your ability to grow assets, manage taxes and protect retirement assets for your children. [e-mail] [phone] www.Krusslaw.com