Wednesday, August 22, 2012

Take Time to Plan Your Estate

Plot the Best Strategy

If you're like most people, you've probably delegated estate planning to the realm of things to be done "someday." After all, most of us dislike confronting our own mortality.

But proper estate planning accomplishes two major objectives -- it ensures that your wealth is distributed according to your wishes and it can reduce the payment of federal and state taxes.

By formally planning your estate, you will review many different areas, such as:

• Is your will up to date?

• Have you made proper provisions for minor children, including naming guardians and providing for their support?

• Should you consider a living trust to prevent your assets from going through probate?

• Are you distributing your assets in the most tax-efficient way possible? Should all of your assets be distributed to your spouse?

• Are there trusts that are appropriate for your situation?

• Should you have a formal gift-giving program so that you take advantage of the ability to make annual gifts to as many individuals as you want without paying taxes?

Estate planning is a complex subject requiring the advice of your legal expert to ensure that appropriate strategies are used. Please feel free to contact us so we can review your situation.


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