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Take the Team Approach to Estate PlanningBy Courtesy of ARA Content (ARA) - When it comes to planning a party, most people are sticklers for details. They make sure they have enough food, the right music and the perfect theme; yet when it comes to estate planning, the majority of Americans fail to take the steps necessary to protect their assets.
"There are many reasons people put off estate planning, the primary one being no one wants to think about their own mortality, but if you don’t, your family will suffer the consequences," says Michael W. Halloran, a director with the National Association of Estate Planners and Councils (NAEPC), an organization made up of professional estate planners and affiliated Councils.
The NAEPC’s primary mission is to educate the public about the importance of planning ahead. Halloran recommends the first step you take is putting a planning team together. "Don’t think you can do it all yourself," he says. "There are just too many details to worry about."
Some of those details may include writing a will, setting up a trust, appointing a guardian for young children , naming a beneficiary and dividing up assets. Among the professionals you should consider hiring to help you make decisions, a state certified attorney or specialist (EPLS); a certified public accountant (CPA), practicing in the area; a chartered life underwriter (CLU); a certified financial planner (CFP); a chartered financial consultant (ChFC);
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South East Asian government and business hails arrest of HamadiThe arrest of Riduan bin Isomuddin alias Hamadi in Thailand can only be good news for business in South East Asia. Hamadi was responsible for severe damage to the economies of much of South East Asia, by instilling fear in foreign and local investors, increasing country risk and insecurity, driving away tourism dollars, and slowing down the participation of many South East Asian countries in the global economy.Thailand visa fees to increase substantiallyThailand visa fees for tourism, business and residency purposes will rise by around 100 to 400 percent in late August 2003. While such fees may not represent a significant increase in business travel or tourism costs overall, it makes Thai visa fees in many cases (depending on length of stay) similar or significantly higher than those for neighbouring countries Malaysia, Singapore, Australia, and New Zealand, canceling out a previous competitive advantage for Thailand.Asia Pacific to provide highest economic growth of any global region through 2007The Economist Intelligence Unit predicts 5.9 percent annual economic growth for the Asia Pacific ex Japan through 2007, making the region the fastest-growing globally. However this growth is not evenly spread, with China and India leading the charge, while other Asian economies struggle or show limited growth.
a trust officer; and an accredited estate planner (AEP).
Here are some tips to help you put together a plan that will give you and your family some peace of mind:
Draw up a will. Dying without one increases costs, takes away control of your family's assets and adds stress for your family.
Keep all your valuable papers together such as insurance policies, wills, bonds, investment records, birth certificates, marriage certificates and social insurance numbers. Be sure your family knows where they are; don't leave a game of "hide & seek."
Review your life insurance policy and keep your program up to date. It is the most cost effective way to create the cash to pay bills and provide income.
If you have insurance, consider a named beneficiary if it is appropriate. If you name your estate it could slow down receipt of monies to pay bills and provide income. Having the proceeds paid to the estate increases executor's fees and gives one more opportunity for the proceeds to go to the wrong people.
Explore leaving property and investments as "Joint with rights of survivorship" so ownership can be changed with the least cost, "red tape" and time delay.
Keep some of the assets "liquid" so that there is cash to pay bills upon death. If not, this takes away the flexibility to preserve the value of the estate and to avoid a forced sale of assets.
Suggest to your potential survivors that they seek advice and do postmortem tax planning. If you've done a good job of creating your estate, your family will need competent advisors to help manage the assets.
Annually, fill out a Net Worth Statement showing a detailed list of what your assets are, where they are and their current value. Do an Income Statement showing all current income sources, but also a list of the type of income and amounts which continue after death.
Once you have your plan in place, make sure you discuss with your family or professional advisors how you want your estate to be distributed. Don't keep everybody in the dark until the end. For more information about estate planning, log onto the National Association of Estate Planners and Council’s Web site. The address is www.naepc.org or call NAEPC toll free at (866) 226-2224.
Here are some more estate planning articles...
Is Short Sale The New Buzz Word?
By *** B Ziegler ***
The term “Short Sale” is used as a teaser by real estate professionals (unethical in my opinion) to suggest that a discounted deal is at hand, and that you can score “a good deal” with a distressed Read more...
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Estate Planning Basics
By Mansi Aggarwal
Greek philosopher Heraclitus had remarked that ‘you cannot step into the same river twice’ i.e. time will never be the same" ‘Change’ is the only constant factor and ‘Death’ is the only certain thing Read more...
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Commercial Real Estate Loan Myth Debunked!
By Craig Higdon
Setting The Record Straight There is a metaphorical place in any business when the seeker of inside secrets reaches that signpost that says something like: “Beewair … Theyre bee Dragyns Read more...
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United-states-top-five-real-estate-investment-tips--2006---2007
By Joe-Lane
There are countless tips on real estate investing available and this is by no means intended as a comprehensive list. While every investment has its own intricacies and problems that need to be Read more...
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Lego store to open at Mayfair
<img src='http://assets.bizjournals.com/denver/LegosSizedBlogCar*100.jpg?v=1'>The first Milwaukee-area Lego store is coming to Mayfair in Wauwatosa, the mall said Tuesday in a news release.
The 2,200-square-foot store is starting construction this week and is expected to open in May, the release said. It will be on the second level between Starbucks and Gymboree, formerly the Television Frenzies store.
Lego stores feature more than 4 million Legos in the store at any given time, the release said. The store will have a ?Pick-A-Brick Wall,? offering the option to choose specific Lego bricks and elements in a variety of colors and shapes in bulk...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=6fjQwXcmpP0:7mNMiwuj_Z4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=6fjQwXcmpP0:7mNMiwuj_Z4:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?i=6fjQwXcmpP0:7mNMiwuj_Z4:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=6fjQwXcmpP0:7mNMiwuj_Z4:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?i=6fjQwXcmpP0:7mNMiwuj_Z4:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=6fjQwXcmpP0:7mNMiwuj_Z4:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?d=qj6IDK7rITs" border="0"></img></a>
</div>Duluth Trading Co. appoints new president
Workwear retailer Duluth Trading Co., based in Belleville in Dane and Green counties, has promoted Stephanie Pugliese to president and chief merchandise officer, effective immediately.
Duluth Trading said Tuesday that Pugliese most recently served as senior vice president of product development and marketing, spearheading the evolution and expansion of Duluth Trading?s women?s line. She also was instrumental in the growth of the company as a whole, overseeing the opening of Duluth Trading's flagship store in Mt...<div class="feedflare">
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</div>Building falls for downtown Milwaukee Marriott
<img src='http://assets.bizjournals.com/milwaukee/blog/real_estate/MarriottDemolitionFeb2012-1*100.jpg?v=0'>The interior demolition of buildings for a new downtown Milwaukee Marriott spilled over into the street on Tuesday as crews used a backhoe to tear down a building on North Milwaukee Street.
Developer Jackson Street Management LLC is demolishing some buildings on North Milwaukee and West Wisconsin Avenue to clear a site for a 200-room Marriott that is to open in mid to late 2013. Interior asbestos abatement and demo work began in January. Construction crews Tuesday tore down a three-story brick building facing Milwaukee Street...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=JTB59sg05TU:RabJ8EPDvsI:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=JTB59sg05TU:RabJ8EPDvsI:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?i=JTB59sg05TU:RabJ8EPDvsI:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=JTB59sg05TU:RabJ8EPDvsI:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?i=JTB59sg05TU:RabJ8EPDvsI:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=JTB59sg05TU:RabJ8EPDvsI:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?d=qj6IDK7rITs" border="0"></img></a>
</div>UPAF names Gutekunst as development director
<img src='http://assets.bizjournals.com/milwaukee/news/UPAFPennyGutekunstHeadShot11-5-08*100.jpg?v=1'>The United Performing Arts Fund said Tuesday that it has hired Penny Gutekunst, a development officer for Children's Hospital and Health System Foundation, as its chief development officer.
Gutekunst has served as senior director of development for campaign operations at Children's for the last 10 years. Her previous development roles included a previous stint at UPAF as well as the United Way of Greater Milwaukee.
As chief development officer for UPAF, she oversees, coordinates and implements the annual UPAF campaign by developing and leading fundraising strategies and activities, working closely with the president and board...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=M-xSxtGFShU:WA9djUmSCgY:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=M-xSxtGFShU:WA9djUmSCgY:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?i=M-xSxtGFShU:WA9djUmSCgY:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=M-xSxtGFShU:WA9djUmSCgY:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?i=M-xSxtGFShU:WA9djUmSCgY:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_milwaukee?a=M-xSxtGFShU:WA9djUmSCgY:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_milwaukee?d=qj6IDK7rITs" border="0"></img></a>
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The preparation of a plan of administration and disposition of one's estate using a will, trusts, gifts, power of attorney, etc.
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