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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How to Save Your Estate Plan
Too often what seems like a great estate plan fails to achieve its goals. Sometimes the execution is wrong. Other times the owner failed to take one or more key steps. One often-overlooked step is to ensure that the estate prevails in any audit by the IRS or state tax authorities. Estate tax returns are […]
7 Safe Ways to Give Wealth
Gift giving is the surest way to reduce estate taxes, help loved ones of all ages, and establish a legacy. Yet, many people are hesitant to make significant gifts to loved ones, because of the potential pitfalls. Those pitfalls, however, can be avoided with some shrewd and creative strategies to give wealth. Potential givers see […]
What is Your Estate Plan Missing? The Importance of the Proper Forms and Documents
Many people believe that a will and a trust or two is an estate plan. Others think that a living trust or joint title with a spouse is all they need. That is why most estate plans are woefully incomplete. There is much more to an estate plan. Heirs and loved ones often suffer from […]
Estate Planning to Avoid Rags to Riches to Rags: Inheritance Planning for Heirs and Beneficiaries
The pattern for family wealth seems fixed. Different times and different cultures display the same pattern. The first generation builds wealth, and the second generation shepherds or preserves it. The third and succeeding generations spend until it is dissipated. There are a few examples of families in which wealth lasted many generations but many more […]
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Simple Estate Planning Strategies to Shield Assets
Lawsuits, accidents, and other unexpected events can put personal assets at risk of loss. Many people seek ways to protect their assets from lawsuits and creditors. While there are expensive asset protection packages offered by various finance professionals, there are much simpler ways to protect most assets that should be implemented before considering the more […]
How Markets Affect Estate Planning Strategies
In our visits the last couple of months we discussed how declining asset markets and interest rates affect estate planning. Since then, treasury interest rates appear to have hit a bottom. It is time to look at a few strategies that will produce greater tax benefits when interest rates are higher. Some estate planning strategies […]
Unitrusts and Your Estate Plan
Once upon a time all trusts were annuity trusts or income trusts. As the economy and markets changed, these trusts failed to meet their creators’ goals and often caused problems. To solve the problems, the unitrust was created. Like all financial planning solutions, the unitrust is good but not the tool for all situations. Estate […]
How Market Fluctuations Create Estate Planning Gifting Opportunities
Few people realize changes in the markets and economy affect estate plans. The changes create opportunities. Strategies that were not viable or were borderline in the past will preserve more wealth today. When the markets or interest rates change significantly, it is a good idea to meet with an estate planner and take a fresh […]
