Frequently Asked Questions about Estate Planning
I don't earn a large salary, why would I need an estate plan?
No matter what your net worth or how much you earn, you should have at least a basic estate plan to help ensure your family and financial obligations are met after your death.
What is an estate plan?
Estate plans can include a will, assignment of power of attorney and a living will or healthcare proxy (medical power of attorney). Depending on your financial and family situation, a trust may also be included.
Where do I start?
Take an inventory of your assets including any investments, retirement savings accounts, insurance policies and real estate or business interests. Then identify whom you want to inherit those assets. Next, identify whom you would want managing your financial affairs in the event you become incapacitated or die. Lastly, identify whom you would want making medical decisions on your behalf in the event you are unable to make them for yourself. Schedule a time to meet with your J.P. Turner financial advisor to review your asset inventory and discuss your choice of beneficiaries.
Why do I need a will?
Dying without a will or dying "intestate" can be costly for your heirs and leaves no outline of what should happen to your assets. A will formally outlines how you want your assets distributed when you die and also identifies who you want to serve as guardians of your children. A will is necessary even if you have established a trust as it identifies what is to be done with any holdings outside of the trust. Your J.P. Turner advisor can work with your legal advisor in setting up a will.
What is a trust?
Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They can also help you to reduce your estate and gift taxes. Your assets are distributed without the cost, delay and public nature of a probate court hearing. Some trusts also offer greater protection of your assets from creditors and lawsuits. Your J.P. Turner financial advisor can work with your tax and legal advisors in helping you set up trusts.
Should I discuss my plans with my heirs?
Family members deal with death in many ways and the added issue of an unknown or anticipated inheritance can add increased emotions. By being clear about your intentions up front, you set the expectation for what happens to your assets after you're gone.
Is leaving all my assets to my spouse the best tactic?
When you leave all your assets to your spouse, your estate tax exemption isn't used and your surviving spouse's taxable estate actually increases. Your children are likely to pay more in estate taxes if your spouse leaves them the money when he or she dies because, in theory, they will also be inheriting any monies your spouse inherited from you. It also defers the tough decisions about the distribution of your assets until your spouse's death.
Are there ways I can reduce my estate taxes?
There are two tax-free ways you can gift your money and reduce the amount of your estate. You may give up to $12,000 a year to an individual (or $24,000 if you're married and giving the gift with your spouse). You may also pay an unlimited amount of medical and education bills for someone if you pay the expenses directly to the institutions where they were incurred.
How will donating a portion of my assets to a charity affect my estate?
Donating to a charitable gift fund or community foundation may allow your investment to grow tax-free. You are also able to select the charities to which contributions are given both before and after you die. Your J.P. Turner financial advisor can work with your tax advisor to help you develop gifting strategies.
Contact a J.P. Turner financial advisor to learn more 
Note: J.P. Turner & Company does not provide legal, accounting or tax-preparation advice. You should consult your tax and legal advisors for your specific situation.
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