What are the best estate planning tools for a newly married couple?

Answer 1

I used to work for an estate planner. The best thing you can do is to write your wills and name a health care proxy - the health care proxy is the person who will make medical decisions if you can't. Once you get married, usually this is the spouse but if your family disagrees with the spouse, then there could be disastrous consequences (e.g. the Terri Shiavo case). Also, make sure to update your payroll info with new marital status and make sure to update the beneficiary designations on pensions, life insurance, etc.

Answer 2

Risa, I'm at the other end of this question so my answer is based on what I wish I had done. First, pay yourselves first out of every paycheck(s). That is, take 10% of every paycheck and put it in a savings account (money market is good, certificates of deposit also good). Then pay your bills. Then spend and enjoy whatever is left. Now with your savings, you have limited choices. If you put it in stocks, they go up and down. Not many people make a lot of money in stocks. In real estate, there's my choice. I suggest purchasing single family residences in poor condition, in neighborhoods close to where you live (or want to live) and fixing them up and renting them out. You might fix-up and then sell but I personally think the best idea is to NEVER SELL real estate. Rent/lease it to others. The ideal is to make a large enough down payment that the rent/lease payments pay the mortgage and taxes. Sooner or later all real estate goes up. As it goes up your property taxes may rise (in some states) but you don't get taxed on the increased equity as property values rise. Also, your rent climbs, slowly, but it climbs. Each year you can get anywhere from 2% to %5 increase. So you get increased rental income plus increased equity value. Much better and more certain and safe than stocks. That's my personal beliefs, based on 70 years of looking at what's been happening and what I wish I had done earlier. Good luck.

Answer 3

Good for you! There is so much information on the internet. You can search for any question you have like "how much will my savings be worth" "savings calculator" "retirement planner" and many more. Bankrate.com has some great calculators, also look at MSN Money & Yahoo Finance-lots of help out there.

Save early-saving for 10 years early on beats 25 years just before retirement!

Answer 4

Another good joke, everyone is on top form today. Here is a star for sharing it with us and 30 out of 10 for that one.

Answer 5

Try the sites below, make sure to change the state/location in which you reside. Hope this helps.

Answer 6

Condoms.