Estate Planning - Part One

1. Estate Planning - Part One Estate planning can be one of the single most important things you do whether you are young or old, rich or poor and married or single. There is one guarantee in life and that is everyone will one day take their last breath. What happens to all of your belongings, cash and investments? Who will end up with car and clothes? You may think that these details will magically work themselves out when you pass away, but it can leave a real mess of arguments, court battles or the state can take possession. Please note that following article is the expressed opinion of David Eghbali. David is not an attorney or recommending the reader to take any action without first consulting their tax attorney or other professionals specializing in estate planning. #DavidEghbali What Is an Estate? #EstatePlanning To put it simply, an estate is everything in total that you own. It can be: Houses Cars Motorcycles Businesses Furniture and appliances Clothing Tools

2. Exercise equipment Airplanes Boats Tractors Stocks Bonds Precious metals Jewelry Bank accounts The list can be nearly endless. It can include pets or even have arrangements set up ahead of time to place your children into the proper care should anything happen to you. This is something that you do not want to leave to chance. David Eghbali urges all parents, at any age to consider the options carefully and make wishes known through an estate plan to avoid added trauma to your kids. Tallying Up the Estate #EstateInventory Taking an accurate count of everything you own will take anywhere from an hour to all day, depending on the size of your actual estate. This can be quite the chore for the super wealthy, but it is just as important for those in lower income brackets to plan an estate as well. There is no bias when it comes to probate court. Rich and poor estates end up tied up if there is no designated plan. David Eghbali also suggests keeping a running list if you are young and plan to acquire more assets in the future. It is reasonable to assume that you will still live out a few more years, which means you will be buying and earning more as you go. Read more at: http://www.davideghbali.com/david-eghbali-estate-planning-part-one