One important goal of estate planning is easing the financial burden and emotional stress on your family. Proper preparation and foresight can make all the difference for your loved ones in the administration of your estate. Building liquidity into your estate plan can ensure your family will have the resources available to cover estate settlement costs, as well as any tax due. Liquidity refers to the ability to quickly and easily convert assets into cash without incurring a significant loss. Funds in a checking account are considered liquid assets, while real estate is considered relatively illiquid. If your estate must sell illiquid assets to meet immediate cash needs, it may incur a significant loss. In addition to the financial consequences, such forced sales are often difficult for heirs, particularly if it means the loss of a family business, heirlooms, or a home.
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Final medical expenses Funeral costs
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Outstanding bills Existing debts
Income taxes (and any accounting fees)
Appraisal fees
Federal and state estate taxes
Attorney fees
Be sure to consult an estate planning team comprised of an attorney, tax advisor, and financial professional to help you develop the appropriate strategies for your situation. It’s one of the best things you can do for your heirs. You and your family will be prepared for the future, and your legacy will be carried to the next generation.
Anticipating and planning for the following expenses can help ease the estate settlement process.
A deadly twist on the Classic Manhattan, this cocktail is both tempting and uncomplicated.
INGREDIENTS
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2 ounces bourbon (preferably Bulleit)
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½ ounce coffee liqueur 2 dashes orange bitters
DIRECTIONS
1. Combine ingredients in mixing glass. 2. Add ice and stir until chilled. 3. Strain into chilled coupe or cocktail glass. 4. Garnish with flamed orange twist.
Locked and loaded with the tangy twist of orange and the spicy bite of bourbon, the Revolver is a cocktail everyone should try at least once. What are you waiting for? Go ahead and pull the trigger.
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