Estate Planning
Estate planning will enable you to:
· Minimize taxes and administrative costs in settlement of your estate.
· Distribute your property as you wish.
· Provide for future management of investments of family business.
· Select the person distributing your estate rather than an expensive court appointed administrator.
· Designate guardians for your minor children.
· Provide for special desires such as charitable contributions.
What does estate planning entail? Firstly, you must plan to have a competent attorney draw up a will or your estate will be distributed according to state law. Secondly, you must accumulate a balance sheet of all your assets and liabilities along with those of your spouse. Then projections are made for on-target estate calculations. Then the plan requires planning for personal changes such as net worth increases, marriages, divorce, or new children. A plan is devised that may include gifting during lifetime, renaming ownership of investments or other assets, purchase of life insurance that may either benefit heirs directly or pay future estate taxes. Then a proper will is drawn to carry out the plan.