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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Simple Estate Planning Strategies to Shield Assets
Lawsuits, accidents, and other unexpected events can put personal assets at risk of loss. Many people seek ways to protect their assets from lawsuits and creditors. While there are expensive asset protection packages offered by various finance professionals, there are much simpler ways to protect most assets that should be implemented before considering the more […]
Unitrusts and Your Estate Plan
Once upon a time all trusts were annuity trusts or income trusts. As the economy and markets changed, these trusts failed to meet their creators’ goals and often caused problems. To solve the problems, the unitrust was created. Like all financial planning solutions, the unitrust is good but not the tool for all situations. Estate […]
How Markets Affect Estate Planning Strategies
In our visits the last couple of months we discussed how declining asset markets and interest rates affect estate planning. Since then, treasury interest rates appear to have hit a bottom. It is time to look at a few strategies that will produce greater tax benefits when interest rates are higher. Some estate planning strategies […]
How Market Fluctuations Create Estate Planning Gifting Opportunities
Few people realize changes in the markets and economy affect estate plans. The changes create opportunities. Strategies that were not viable or were borderline in the past will preserve more wealth today. When the markets or interest rates change significantly, it is a good idea to meet with an estate planner and take a fresh […]
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Trustee Strategies for the 21st Century
Trusts are part of more and more estate plans. Often trusts are used to hold and manage assets for younger generations. Sometimes the beneficiaries are too young or inexperienced to manage the assets. Other times the older generation is afraid the younger generation might not resist the temptation to spend direct gifts of the property. […]
Housing Slump Can Help Your Estate Planning – The Qualified Personal Resident Trust
A market drop often creates opportunities in Estate Planning. The ongoing decline in housing prices creates such an opportunity. Estate and gift taxes are imposed on the value of property. It follows that a decline in market value means property can be transferred at a lower cost. Those who own estates worth more than $2 […]
Safeguard Your Will and Estate Plan from Legal Challenges
Few events disrupt an estate plan and family harmony more than a will contest or other challenge to the plan. The specific challenges might not be predictable, because they often are triggered more by emotions than finances. But the risk of a contest almost always is present, and estate owners should know that they can […]
March 2008
March 24, 2008 01:00 p.m. Finally, a Bottom? There have been several false bottoms in the markets since the mortgage and credit crises began in August 2007. Last week’s holiday-shortened market action looks more positive than the previous bottom attempts. It was accompanied by several prominent forecasts that we had reached a bottom, including a […]
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Estate Planning Basics
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Estate Planning for Singles
Estate Planning Forms and Documents
Estate Planning Mistakes
Estate Planning Strategies
Estate Tax
Executors and Trustees
Family Limited Partnerships
Gifts and Gift Giving
Grandchildren
Heirs, Beneficiaries, and Children
IRAs & Your Estate
Power of Attorney
Probate
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Wills and Estate Planning
