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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estate planning

10 Basic Rules For Your Estate Planning Checklist

January 1, 1999

You need an estate plan, and this is the time of year when many people consider finally drawing up or revising their plans. An estate plan should be tailored for the individual. Contrary to what you’ll hear in some estate planning seminars, there aren’t many strategies that should be in every estate plan. But there […]

build-a-legacy

Estate Planning An Installment Plan For Building A Legacy

January 1, 1999

Most of you would like to set up a nice legacy for your grandchildren. You want a nice sum of money to be available when a grandchild really needs it – for college education, a first car, a first house, or even to start a retirement fund. But since you can’t afford to put a […]

estate planning

6 Estate Planning Strategies to Leverage Your Gifts to Charity

December 1, 1998

At year end, many people focus on estate planning and charitable giving. But don’t simply write a check or leave a sum of money to charity in your will. There are better ways to give that can increase your tax deductions or even your income, and they also can give you more control over how […]

how-to-build-a-legacy-trust

Use Estate Planning to Build a Legacy (Trust)

October 1, 1998

Trusts aren’t just for the super wealthy anymore. IRS statistics show that the average trust has about $250,000 in it, not exactly Rockefeller territory. That’s because many people have learned that trusts can be useful for even middle class families. One way to use a trust is to build a legacy that will last for […]

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estate planning

5 Worst Estate Planning Mistakes

August 1, 1998

When I was growing up in suburban northern Virginia, near our home in the midst of the developing sprawl was a large, untouched tract of land in a prime location. Despite the obvious money to be made in developing the land, it sat for a couple of decades. Throughout northern Virginia, similar tracts could be […]

estate planning

7 Simple Estate Planning Strategies To Protect Assets

July 1, 1998

I’ve never been a big fan of offshore trusts and other exotic strategies to protect your assets from lawsuits and creditors. They are expensive, you might have to deal with questionable people, and it is not even clear the strategies really work. Some recent cases show that these strategies don’t exactly build a rock-solid fortress. […]

estate planning

Estate Planning Steps For Saving The Family Business

June 1, 1998

It’s time I had a talk with the business owners out there. The sad fact is that, even if you follow all the Estate Planning advice I give, few of those businesses will survive to benefit your children. And a scant few will benefit your grandchildren. But that doesn’t have to happen. Lack of preparation […]

escape-hatches-for-trusts

Escape Hatches For Estate Planning Trusts

June 1, 1998

It doesn’t take much to ruin a great estate plan. Many great plans, completed with careful work and good intentions, turn to disasters because of one simple decision – the wrong trustee was selected. Instead of being grateful that their parents and grandparents worked hard to provide for them, heirs become bitter and even resentful. […]

October 2020:

Congress Comes for your Retirement Money

A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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