ESTATE PLANNING
Estate planning allows an individual to decide exactly who will benefit from their estate, and to what extent. Estate planning also ensures that the estate will not be destroyed by taxes imposed on the transfer of assets at death.
Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life, time of death and beyond, while minimizing gift, estate, generation skipping transfer, and income tax. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can be determined by the specific goals of the client, and may be as simple or complex as the client’s needs dictate. Guardians are often designated for minor children and beneficiaries in incapacity.
Your estate is comprised of everything you own
- Car
- Home
- Real Estate
- Bank Accounts
- Investments
- Life Insurance
- Personal Possessions
No matter how large or how small, everyone has an estate and something in common—you can’t take it with you when you when you die.
What is i don’t have a plan?
If you become disabled: If your name is on the title of your assets and you can’t conduct business due to mental or physical incapacity, only a court appointee can sign for you. The court will control how your assets are used to care for you through a conservatorship or guardianship (depending on the term used in your state). It can become expensive and time consuming, it is open to the public, and it can be difficult to end even if you recover.
If you die: Without an estate plan, your assets will be distributed according to the probate laws in your state. In many states, if you are married and have children, your spouse and children will each receive a share. That means your spouse could receive only a fraction of your estate, which may not be enough to live on. If you have children that are minors, the court will control their inheritance. If both parents die, the court will appoint a guardian without knowing whom you would have chosen.
REQUEST YOUR FREE CONSULTATION
Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life, time of death and beyond, while minimizing gift, estate, generation skipping transfer, and income tax. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can be determined by the specific goals of the client, and may be as simple or complex as the client’s needs dictate. Guardians are often designated for minor children and beneficiaries in incapacity.
Your estate is comprised of everything you own
- Car
- Home
- Real Estate
- Bank Accounts
- Investments
- Life Insurance
- Personal Possessions
No matter how large or how small, everyone has an estate and something in common—you can’t take it with you when you when you die.
What is i don’t have a plan?
If you become disabled: If your name is on the title of your assets and you can’t conduct business due to mental or physical incapacity, only a court appointee can sign for you. The court will control how your assets are used to care for you through a conservatorship or guardianship (depending on the term used in your state). It can become expensive and time consuming, it is open to the public, and it can be difficult to end even if you recover.
If you die: Without an estate plan, your assets will be distributed according to the probate laws in your state. In many states, if you are married and have children, your spouse and children will each receive a share. That means your spouse could receive only a fraction of your estate, which may not be enough to live on. If you have children that are minors, the court will control their inheritance. If both parents die, the court will appoint a guardian without knowing whom you would have chosen.
REQUEST YOUR FREE CONSULTATION
Wills
Wills are a common estate planning tool, and are usually the simplest device for planning the distribution of an estate.
Trust
A trust may be used as an estate planning tool, to direct the distribution of assets after the person who creates the trust passes away.
Advanced Directives
Advanced Directives
Advance directives, documents that direct what will happen to a person’s estate and personal care if the person becomes legally incapacitated.
Local Phone: 561-543-9226 Nationwide: 1-800-241-1559
