American Eagle Auction & Appraisal Company - Learn All About Estate Planning And Why It is Important To Follow The Three A's Rule of Attorney, Accountant, And Auctioneer

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The Three A's - Attorney, Accountant and Auctioneer

By Kenny Lindsay

Certified Auctioneer

Learn the ABCs by following the Three A's rule with estate planning.

You can save a lot of money and potential chaos and hard feelings among those closest to you by preplanning how you want your assets managed when you are incapacitated, and how your property will be divided at your death.

Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. The various goals of estate planning include making sure the greatest amount of the estate passes to the estate owner's intended beneficiaries, often including paying the least amount of taxes and avoiding or minimizing probate court involvement. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity.

Estate planning is something none of us really want to deal with but its importance cannot be under estimated.You can delay the dentist or paying the water bill but delaying the planning of your estate can have devastating consequences for your family.

To get yourself and your family on the right track for the inevitable will require the three A's. An attorney, accountant and auctioneer.

WHY AN ATTORNEY?

Hiring a good attorney is an essential part of the estate planning process. An attorney will ensure that your estate is properly set up and executed to hold up in a court of law.

WHY AN ACCOUNTANT?

It's important to select an accountant (CPA) that specializes in estate planning.

Preparing financial statements on either a regular schedule or when requested.

Ensuring all financial practices are legal and within guidelines as outline in federal or state laws.

Ensuring that all financial paperwork and obligations is processed and filed correctly for your estate.

WHY AN AUCTIONEER?

An auctioneer works hand-in-hand with the attorney and accountant to settle the estate in a timely fashion and proficient manner to maximize top dollar for the estate's assets.

In today's world, families can be separated by unmeasured miles, making it very difficult to meet and settle the estate. In many cases, it can be overwhelming for the family and sometimes just a down right disaster. For many families, estate dispersal is a first-time thing for them. They are not educated in the marketing of assets and have many uncertainties. Through the auction advantage of marketing, we can sell your assets of personal property and real estate for top dollar in just one day. Let the auction experts take care of your every need!

MORE INFORMATION RELATED TO THIS SUBJECT

Powers of Attorney

In Michigan, you can sign a durable power of attorney to appoint someone to handle your assets if you become incapacitated. At a minimum, a power of attorney should include the power to:

Manage and transfer all assets

Deal with the IRS

Make gifts on your behalf

Create and amend any trusts you set up

You don't need to transfer any assets at the time you sign a power of attorney, but it's a good idea to keep the person you've chosen informed about your ongoing financial matters.

You can also appoint a Durable Power of Attorney for Health Care to make health care decisions for you when you're unable to do so yourself. This person can provide informed consent for treatment, or even refuse treatment for you.