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Brycast Financial Planning, LLC
    Registered Investment Advisor Firm
Estate Planning      

In a way, estate planning is morbid. After all, you are planning for your own inevitable death. Unfortunately, it's going to happen whether you have a plan or not. Wouldn't you like to have a say in how and to whom your assets are transferred after your death?

A will is a very important part of an estate plan. In it, you can lay out to whom you want your possessions given to, as well as how they are to be transferred. As important as a will is, do you know that there are some assets that can transfer to someone whom you did not intend?

Here is a simple example. Suppose you are married to Jane, and like a good husband you buy an insurance policy to provide for Jane in the unlikely event that you should die prematurely.  When you buy the insurance policy, you set the beneficiary to Jane. Many years later you divorce, and eventually remarry to Cheryl.  You list your new wife, Cheryl, as your beneficiary for your life insurance policy in your will. When you die, Jane gets the money from your insurance policy, not Cheryl. That's right, the beneficiary listed on the insurance policy "trumps" what's shown in your will.

This is just one of the many potential "gotchas" that can occur. Unfortunately, you won't be around to correct them, since your dead. So, it's a good idea to work with a good financial planner and estate attorney before it's too late.      

By the way, if you don't have a will, your State probably has one prepared for you. It may not be what you want, but it's there in case you have not taken the time to prepare one. If you are a Texas resident, you may find a copy of the State provided will here.

The laws for estate tax have been dramatically changing within the last few years. If you already have an estate plan, you may want to have a financial planner or estate attorney review it to help ensure that your asset transfers still take advantage of the current estate tax laws.