Financial Planning

Estate Planning
It is not unusual for estate costs to equal anywhere from 10% to 60% of the gross value of your estate. While some costs go toward expenditures related to burial, probate and administrative expenses, a large percentage will likely be consumed by state and federal taxes.

To minimize the impact death taxes have on your estate and to enable you to shift a greater portion of your assets to the next generation you must develop an Estate Plan. Through the advice of a qualified professional who knows the most recent tax law changes, you may be able to preserve a larger portion of your assets by pursuing one or more of the following:

• Revocable Trusts
• Irrevocable Trusts
• Gifting
• Life Insurance
• Grantor Retained Interests
• Charitable Transfers
• Private Annuities
• Self-Canceling Installment Notes
• Family Partnerships

Although estate taxes are the primary reason to develop a plan, other issues exist that are equally important:

• Spousal Support
• Equalization Among Children
• Early Inheritance
• Guardianship
• Asset management

 

Developing an estate plan is an intricate process that evolves as your life progresses. It is important that you work with a qualified planner who can fully explain the various estate tax reduction strategies and how they may benefit you.