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:

• What is Estate Planning – A Comprehensive Overview

Home Equity & Senior Housing, Trusts

The Qualified Personal Residence Trust: A Classic Estate Planning Tool

January 28, 2020

Publication: Retirement Watch Weekly

One of the most difficult problems in an estate plan often is the family home or vacation home. It is an especially significant problem for estates that are likely to be taxable. A principal residence or vacation home is likely to have significant value. The key to reducing estate taxes is to remove property from […]

Estate Planning Basics

Estate Planning Basics – The Importance of Updating Your Estate Plan in 2020

January 7, 2020

Publication: Retirement Watch Weekly

It’s now 2020, and many people still have their estate plans on the backburner. They know the estate tax has changed a lot in recent years, and probably will change again. Many believe that since today’s generous estate tax exemption exceeds the value of their estate, they don’t need to worry about an estate plan. That’s a big mistake, and needs to be emphasized. […]

Estate Planning Basics

Free Estate Planning Basics Course – What to Know and Why

December 20, 2019

Publication: Retirement Watch Weekly

Estate planning can be challenging, but this free course on the basics of estate planning makes the process easier to understand. This free estate planning course is designed to educate people on the basics of estate planning. This free estate planning course breaks down the complex process of estate planning into smaller, more understandable parts. […]

Probate

What Is the Probate Process and Why Is It Important for Estate Planning?

December 20, 2019

Publication: Retirement Watch Weekly

A critical part of your estate plan should include probate. Probate can be an expensive and time-consuming process, depending on the state and other factors. The largest expenses some estates face are probate and its related costs. Fail to account for this in your estate plan and 3% to 5% or more of your estate […]

Estate Planning Forms and Documents, Wills and Estate Planning

What Will and Estate Planning Documents and Estate Planning Forms Do You Need and Why Are They Important?

December 19, 2019

Publication: Retirement Watch Weekly

Estate planning is more important than ever. Estate planning is about seeing that your hard-earned wealth goes to those you want to have it, and in the most efficient way possible. Many people left their loved ones in difficult straits because they didn’t realize that, and many more are likely to do so in the […]