M01 Journal Best Estate Plan

docx

School

Hillsborough Community College *

*We aren’t endorsed by this school

Course

MISC

Subject

Economics

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by aaspivey

Ponder and Reflect You have read through module one in Skyepack and huddled up in Canvas. Based solely upon the information that you have read, take the time to think about your own assets, inventory, and beneficiaries. Apply and Respond At this time, what do you believe to be the best estate plan for you and your family? Explain why you believe it would be beneficial. I am still somewhat unsure about what would be the best estate plan. I can say that we should start by ensuring that we have sufficient life insurance. We have no minor children and very little debt at this time, but I would like to leave an inheritance for the grandkids. Our family does have life insurance, a home, and land that is paid for along with checking, savings, and an investment account with modest amounts. I believe that our family should begin by discussing the need for a more robust estate plan. I would also like to look at putting the land in a family trust, but it is not income-producing at this time, I would like it to be a place where any family member can live but the land is not sold. What will also be important to my spouse is minimizing their taxes and keeping the land in the family. The same reasons are why I am going to create a better estate plan strategy for my family.

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