 What is Estate Planning? The ultimate goal of Estate Planning is to provide for the orderly transfer of your assets in the event of your death or incapacity - at the smallest financial and emotional cost to you and your family. A properly structured Estate Plan allows you to choose or exclude beneficiaries, maximize the retention of your assets, and minimize your taxes and settlement costs. Most importantly - it relieves you of the stress of uncertainty. Without careful planning, your property may pass to unintended beneficiaries. Or it may be reduced in value by unexpected taxes and costs, crippling litigation, and unnecessary delays. These potential problems may cause financial insecurity or bitterness after your death. In the larger estate, these risks are often more frequent and more devastating. Estate planning addresses such issues as who should own property - and how? Whether it should be owned jointly, separately, in a trust, or in a corporation. Whether new legal agreements or life insurance are needed. Whether an estate freeze should be done - or undone. And whether your assets can be protected from future marital breakdowns (yours, or your heirs') - or from spendthrift family members. Creative Estate Planning should also focus on maximizing Net After Tax Returns - both while living - and in the settlement of your Estate. It is also important to simplify and rationalize the process of Estate Settlement. This can greatly enhance the Net, realized value of your estate. The result is that Your Assets go To Whom You Intend - with less going to litigation and taxes. |
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