BUS 215 WEEK 5 DISCUSSION 2, ESTATE PLANNING

BUS 215 WEEK 5 DISCUSSION 2, ESTATE PLANNING   BUS 215 WEEK 5 DISCUSSION 2, ESTATE PLANNING What is estate planning and why do I need it (or not)? What elements are contained in an estate plan? Do I need an attorney tohelp me prepare an estate plan? What is a trust and how is it used? Can I use life insurance tohelp me fund a trust? Do I need a will? What could happen tomy estate if I die without a will? Why is it that so few people do estate planning? Post tothe discussion board your 200 word answer tothese questions. Respond toat least two of your classmates' postings. At the moment my husband and I do not have an estate plan established. We have come torealize that we will have tohave one in the near future since we do have children and would like toensure that they receive what we have saved for them and toensure that they are taken care of in the event that something was tohappen tous. We would like tomake sure that the family members that are named in our will receive what is intended and there is no arguing. By establishing an estate we can ensure that we will be able toobtain our goal tomake it possible for your children tobe able tofurther their education and have a place toreside without having topay a landlord on a monthly basis. It is not necessary toutilize an attorney, but, the use of an attorney will allow you tomake changes toyour estate as different events take place. A trust is a legal arrangement where one’s assets are held or controlled by a trustee. “The purpose of having a trust is toprotect your assets from creditors, manage property for elders, children, and pets as well.” (Kapoor, 2012, Pg. 649) life insurance companies are not common but do provide trustee services as well as banks who areknown for providing them. There are 5 different kinds of trusts. They are: credit shelter, disclaimer, living, testamentary and life insurance trust. A lot of people do not have a trust, instead they get life insurance and make out a will todelegate who gets what and where certainthings are togo. If you do not have a will in place at the time of your death the state that youreside in will take control of your possessions and distribute them as the state feels appropriate. Kapoor, J.R., Dlaby, L.R., & Hughes, R.J. (212) Personal Finance (10th), New York: McGraw-Hill