It’s a well-known fact that there are two aspects of life that all people must ultimately deal with – death and taxes. It is unfortunate that most people have heard this saying repeatedly, yet still don’t take appropriate steps to ensure that their loved ones’ interests are properly protected upon their passing.
Estate Planning is the process of planning for the orderly administration of one’s affairs upon incapacity or death, such as:
It is a common misconception that estate planning is important for only those who are older or affluent. This is not accurate; everyone needs some degree of estate planning. If you do not have a formal written will or trust, decisions will be made on your behalf by default – by your state government.
- Powers of Attorney – permitting others to make decisions on your behalf when you are unable to do so
- Guardianship issues – who will care for your minor children
- The appropriate disposition of assets – how will your property be divided
- Mitigation of undue taxes – how can assets pass to your heirs with little or no estate tax imposed
Estate planning can be very complex in nature; Advisors should have a good understanding of estate planning to be able to properly advise their clients who have done little planning.
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