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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:

 

Found 731 Articles.
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estate planning

Dealing with Repeal of the Estate Tax

February 1, 2010

The estate tax was repealed, at least temporarily, but the news is not all good. You know the 2001 tax law phased out the estate tax so it would be eliminated for 2010. But in 2011 the old estate tax law is to be reinstated if Congress does not take action. Everyone assumed Congress would […]

estate planning

Avoiding a Major Estate Planning Pitfall

February 1, 2010

Estate Planning mistakes fall into two major categories. Retaining too much control for too long is the first category of major mistakes. Detailed  “incentive trusts” are a sign this mistake may be in the offing. These trusts parcel money over the years only as beneficiaries achieve detailed milestones. Incentive trusts sometimes try to control a […]

Timing is Right for Transferring a Business

January 1, 2010

The economic decline doesn’t have many positive effects, but it can increase the benefits of estate planning strategies, especially for business owners. The current environment allows you to transfer business interests to your loved ones at a low estate and gift tax cost. Business owners should meet with estate planners and consider accelerating plans to […]

Adding Flexibility with a Disclaimer Trust

January 1, 2010

It’s tough to keep your estate plan in tune with the rapid pace of change. The estate tax changes. Your family situation and the value of your assets also change. Any of those factors can trigger a need to change your will or other elements of your estate plan, and the pace of change seems […]

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Avoiding Gift Return Problems with the IRS

January 1, 2010

The IRS recently said it was beginning a program to identify people who do not file required gift tax returns. It believes the program will identify a large amount of unpaid taxes. Gift tax returns must be filed when a gift exceeds the annual gift tax exclusion, currently at $13,000 per recipient per year. Gifts […]

December 2009

December 1, 2009

December 31, 2009 10:45 a.m. Happy New Year, and Some Important Items You Might Have Missed I wish all my readers a Happy New Year. We have great plans for Retirement Watch, and the markets and economy promise to provide another interesting year. There also will be changes in the income tax, estate tax, and […]

estate planning

Choosing the Right Estate Planning Options: The Marital Deduction, Trusts, and Estate Tax

December 1, 2009

The foundation of every family estate plan is formed from the same tools and strategies. No matter the size of your estate and how simple or complex it is, you’ll begin by choosing from this basic menu. You don’t want a cookie-cutter estate plan. There are variations of these tools, and many plans need additional […]

How to Climb the Estate Planning Ladder – An Estate Planning Checklist

November 1, 2009

Estate Planning overwhelms many people. Planners use their own language. As estate owner you have to choose from many strategies. The complications lead to procrastination and unfinished plans. One way to break the procrastination and creates a plan is to use an estate planning ladder. The ladder starts with a basic estate plan. You move […]

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