|
| Estate Planning |
The goal of estate planning is to preserve assets and maximize property passed to beneficiaries
while minimizing federal and state taxes. Our principals and staff have the education and experience
to assist you in the areas of trust development, trust taxation and reporting, and family estate and gift
tax planning. An estate plan allows you to direct how and to whom your property will be distributed after
your death. If you have no estate plan, your property could be distributed according
to your state's intestacy laws without regard to family needs or desires.
What Exactly is Estate Planning?
Estate planning is an organizing process. For a young single person,
an estate plan may consist of simply a will. A couple just starting out might have wills
and own a modest home and bank accounts in their joint names. When children arrive, whom to
name as the children's guardian and how to provide for them and your spouse in the event
of unexpected death or incapacity become estate planning concerns.
Once a person starts to realize his or her financial goals, asset preservation and how to avoid
estate taxes become important factors in estate planning. Many people who carefully plan for
income taxes don't give any thought to estate taxes. They assume that estate taxes, unlike
income taxes, affect only people with large estates. However, with so many dual income families
and the high value of real estate in many areas of the country, people who consider themselves of
moderate means may have estates that will be subject to federal estate tax at their deaths.
Estate planning strategy options are varied and the subject matter is broad. Following are a few
options to consider:
- Credit or By-Pass Trusts
- Disability Planning
- Gift Tax Annual Deduction
- Gift Tax Unified Credit
- Life Insurance
- QTIP Trusts
- Two Trust Estate Plan
- Unlimited Marital Deduction
- Wills
- Will Substitutes
The best way to keep your estate plan up-to-date is to review it on a regular basis.
Contact us for additional information. We can tell you more about the estate planning
strategies we use and how you can use them to help ensure your loved one's future
financial security.
|
|
|
