Estate Planning? Bronchick?? - Posted by Laure

Posted by Dave T on April 09, 2000 at 14:44:38:


I suggest that you start with your Mom. Find out from her exactly what her wishes are, including last rites and burial/cremation intentions. Next, with your Mom, evaluate her financial and medical condition. Does your mother seem to have enough current income to meet her daily living expenses? Is her health good or is a major medical event looming on the horizon? Does you mother expect to need long term health care and does she have LTC insurance?

Does your Mom have a will, living will, and durable health care power of attorney in her estate documents? How is each asset titled/owned? Itemize her assets and liabilities.

Now take the answers to these questions to a good financial planner in your area. Ask your friends and co-workers for references. Check with your insurance company. Often they offer estate planning assistance. Try the trust department at your local bank.

A good financial planner should be able to structure an estate plan that minimizes your exposure to estate taxes and probate costs, while at the same time, maximizes the preservation of your Mom’s assets to meet her quality of life needs.

If you live in the Greater Washington DC metropolitan area, e-mail me if you want the name of the financial planner I use.

Estate Planning? Bronchick?? - Posted by Laure

Posted by Laure on April 09, 2000 at 07:57:56:

My Mom has asked me to take charge of planning her estate. Can anyone direct me to good information? She has 6 houses, plus cash assets.

Laure :slight_smile:

Re: Estate Planning? Bronchick?? - Posted by chris

Posted by chris on April 09, 2000 at 15:30:48:


Check Money magazine as well as their website. They devote a good amount of space monthly covering estate planning as well as how to find a good financial planner. One thing I see mentioned frequently is to narrow down your financial planner choices to one who is independent and will work for a set fee after all of your other criteria is met. For example, if you use American Express Financial Planning you will always be given a choice of American Express products to meet your situation whether or not those are best suited for your case-and the planner is payed on commission by how much of their company’s product is sold.

-Good luck with your search, Chris