Estate Planning
Estate Planning is the process of determining how your wealth and assets should be transferred to the heirs of your choice: your children, grandchildren, friends, families, charitable causes, etc. and then deciding which legal tools and structures to use to best meet your estate planning goals.
Estate planning is not simply reducing or eliminating taxes and avoiding probate. Only after establishing how you want your estate’s assets to be distributed should you consider ways to reduce taxes and avoid probate. From there, good estate plans deal with a host of other issues. Now, with all but a few estates exempt from the federal estate tax, those other issues are, or should be, at the forefront of estate planning.
An estate plan is to ensure that you are taken care of the rest of your life and that your wealth is transferred to the people you want to have it. A good estate plan ensures these goals are accomplished with as much efficiency and as little cost as possible. An estate plan addresses the management and distribution of an individual’s property and financial obligations after he or she dies with financial tools such as wills, revocable living trusts and power of attorney.
For a comprehensive overview of Estate Planning, please start with our article:
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Understanding and Using Estate Planning Trusts
Trusts are an essential part of Estate Planning, not only for the rich and famous. They’re also simpler than many lawyers and estate planning professionals make them seem. Almost every-one needs a working knowledge of trusts to ensure estate planning is effective. It’s easy to obtain that knowledge. A trust is simply a contract between […]
10 Basic Estate Planning Rules for Every Plan
The estate and gift tax law has been shifting and uncertain for more than 10 years, and what it will be after 2012 is uncertain. You know the deal reached at the end of 2010 is scheduled to expire Dec. 31, 2012. If Congress does nothing, we’ll revert to the 2001 law, which includes only […]
Reconsidering Living Wills
A good estate plan includes a lot more than will. Among the documents to be included are medical care documents. The traditional document is a living will. But I’ve downplayed the importance of living wills for years. A better document is the medical care proxy or power of attorney. There are a number of problems […]
Estate Planning Smart Transitions for Small Businesses
Including the exit strategy from your small business in your Estate Planning strategy is critical, but most business owners do it horribly wrong. You need to get this right, because most of your wealth, and perhaps your family legacy, are tied up in the business. Your net worth can drop substantially when the planning and […]
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More Estate Planning Time to Elect Estate Tax Exemption Portability
The estate tax exclusions of married people who pass away in 2011 and 2012 can be portable. For Estate Planning, their spouses can add the unused exemptions of the first spouse to die to their own exemptions. But to make the exemption portable, the estate must file the estate tax return, Form 706, even if […]
Taking a New Look at Family Limited Partnerships for Estate Planning
Family limited partnerships deserve fresh consideration for inclusion in many Estate Planning strategies that don’t already have them. This is an especially good time to consider an FLP because of the potential tax changes scheduled at the start of 2013. FLP also offer substantial non-tax benefits. Another reason to take a fresh look at FLPs […]
Low-Cost Estate Planning Strategies to Help the Family
You don’t need a lot of wealth to develop a simple Estate Planning Strategy that helps your loved ones. You also don’t need large gifts or other transfers as part of good estate planning. Estate planning strategies aren’t only for the very wealthy, and your loved ones don’t have to wait to benefit from your […]
Beware of State Estate and Inheritance Taxes
Many people are resting easy about estate taxes because of the $5 million federal estate tax exemption. They shouldn’t. Only 27 states have no estate or inheritance taxes. Of the 23 states with the taxes, most impose them at lower levels then the federal tax. Also, because of budget problems, a number of states imposed […]
