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Estate Planning
Estate planning is
the process whereby an individual, or a married or unmarried couple, anticipates
and makes arrangements for the transfer of wealth during lifetime and at death.
The primary objectives of estate planning are (1) to secure to the property owner
during his or her lifetime the maximum benefits available from the possession
and use of his or her property, and (2) to enable the property owner to transfer
property to the surviving members of his or her family, or other desired beneficiaries,
with a minimum of shrinkage from inheritance, estate, gift and income taxes.
Estate planning involves
more than writing a simple will. The process requires that detailed information
be collected, compiled, and analyzed. The plan may involve changing beneficiary
designations, removing assets from joint ownership, shifting ownership of assets
between married couples to maximize the use of tax-exemptions, and perhaps transferring
assets to irrevocable trusts.
The planner will
need to obtain from you information concerning objectives concerning the following:
- Who do you wish
to benefit, listing each person?
- What assets is each
beneficiary to receive?
- When is each beneficiary
to receive such assets?
- How is each beneficiary
to receive such assets?
- Why is each beneficiary
to receive such assets?
The planner will
need information about the following:
- Your family members,
including their names, birth dates, marital status, ability to handle money, and
their needs.
- Your financial assets:
what property is owned by you individually, and by you in joint names with your
spouse or others; whether the assets were purchased, inherited or received as
a gift; the date of acquisition; the tax basis for each asset; and the present
fair market value.
- With respect to
life insurance, the company name, policy number, face amount, and beneficiary
designation. The same is true with IRAs.
Click on these links
for additional information on estate planning:
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