A CHRISTMAS GIFT SUGGESTION ...

  It is the time of the year when almost all of us make gifts --- and often are at a loss to know just what to give. Consider giving your family a gift that only you can give --- one that ultimately is guaranteed to be of immeasurable value to them. Get your personal and business affairs in order, so that at your death, particularly if it occurs unexpectedly, your family's grief will not be needlessly magnified by frustrations, surprises, red tape, expenses, and taxes which could have been lessened and sometimes eliminated with proper planning.

  Start by preparing an inventory of your assets and liabilities --- and, most important, verify the ownership of your assets. My experience has been that most individuals do not know accurately how each of their assets is owned --- that is, whether their assets are owned jointly (with a spouse or other family member) or individually. I also have found that many individuals do not know accurately the designated primary and contingent beneficiaries of their life insurance policies, annuities, IRAs, and 401(k) plan benefits.

  Next, review your will (and any revocable living trust agreement you may have made) to make certain that your current wishes are reflected --- and, remember, that a will only controls the disposition of assets that you own in your own name at the time of your death and have not disposed of in some other manner. A will, for example, does not affect the disposition of property which you have disposed of by joint ownership or by beneficiary designation. Remember, also, that your trust agreement will not control the disposition of assets that you fail to transfer to the trust during your life or by your will at death. You might be surprised how often individuals incur the expense of a revocable living trust for probate avoidance and then fail to retitle their assets to their trust. A properly prepared and regularly updated estate plan can easily save your family thousands, and sometimes tens of thousands, of dollars, not to mention a lot of worry and stress.

  Last, but by no means least, be sure to have a general power of attorney which authorizes one or more individuals of your choice to handle your affairs in the event of your temporary or permanent incapacity prior to your death.

HAVE A BLESSED HOLIDAY SEASON.

David C. Dale

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