How Many Languages Does The U.S Use For Government Documents Why Every American Needs a Will

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Why Every American Needs a Will

While the nation is still debating health care reform, a bigger problem is facing Americans. Seventy-eight percent of Americans own a home and fifty-five percent of Americans have minor children living at home, but less than half of the country has even executed a will, much less other documents which constitute a comprehensive estate plan. Some of us may need long-term health care and some of us may not, but the only two certainties in this life are death and taxes. While we at Wild Felice & Pardo can’t help you live forever, we are very good at limiting the amount of taxes your family will have to pay after you’re gone.

Did you know that the estate tax threshold could be as low as $1 million in 2011 and the estate tax could be as high as 55%? $1 million seems like a lot of money, but when you consider that the amount of life insurance you have is added to your estate immediately after death, $1 million can sneak up on you quickly. You work all your life earning a salary. The government imposes a wage of between 20 and 35 percent. Then, after you’re gone, the government takes an additional 45 to 55 percent of what you have left. Almost 80 percent of what you earn in your lifetime will go directly to taxes unless you take the time to sit down with an attorney and draft your estate plan.

There are five components to a basic estate plan:

Will: Legal declaration by which a person, the testator, appoints one or more people to manage his estate and provides for the transfer of his assets upon death.

Living will: A written document that states a person’s wishes regarding life support or other medical treatment under certain circumstances, usually when death is imminent.

Procuring: Written authorization to an agent to perform specific acts on behalf of his principal. This can be granted as a general or limited power.

Health care surrogates: An adult who is appointed to make health decisions for you when you cannot make them for yourself.

HIPAA designation: A written document that allows certain designated people to have access to your medical records.

In addition, there are also many trusts and other products for more control and reduction of the estate tax. If you have a spouse, a child, own a home, or want to leave behind a legacy of any kind, you need to talk to a lawyer to get your will and other estate planning documents in order. It is crucially important that you don’t give up anymore. None of us can control how much time we have left, but we can control how we care for our loved ones when that time comes.

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