Source: | Proquest LLC |
Many people give away financial gifts during their life but pay little attention to how their assets will be divided after they die. A well-conceived estate plan will help ensure that you and your heirs will enjoy the security of your assets. Yet many people fail to plan because they believe mistakenly that estate planning is reserved for the wealthy.
It is true that husbands and wives may pass any amount of assets to the surviving spouse without being subject to federal taxes. This simply defers taxes until the death of the second spouse. However, maximizing the marital deduction can actually result in increased estate taxes.
Don't count on a repeal of the estate tax. Regardless of the estate tax's future, you need to plan a smooth and efficient method to transfer wealth to the next generation or charities you wish to benefit.
And for single people and married parents who have children from a former marriage, there are particular issues to consider. Your wishes most likely won't happen unless you have legal documents in place that clearly state your intentions for how your heirs will be treated.
If you've been putting off getting your estate in order because it seems like an overwhelming task, you should know that planning to leave your assets in an orderly fashion is often easier than you anticipate.
It is important to think about whether you have the essential legal documents in place to direct your assets to those you love after you die. Take a close look at how your beneficiaries are named on important assets such as retirement plans and insurance policies. Many assets transfer to the beneficiaries named in the documents concerning those assets, regardless of what your will says. Most people named their beneficiaries when they first established a retirement account. It may be time for you to review this information in view of changes in your family situation.
Trusts can be an effective way to avoid probate, to pass your assets on as you intend and to keep matters private. Various kinds of trusts can help you to avoid probate, provide for continued investment management in the event of your incapacity, ensure an orderly distribution of assets when you die, plan for minor or incapacitated children, and fulfill your charitable goals.
It's important to work with your financial adviser, accountant and attorney to guide you through the estate planning process, both to minimize estate taxes and to ensure that your goals and wishes are reflected in your legal documents. In addition, you can ensure you have up-to-date living wills to express your wishes for end-of- life care as well as last wills and testaments.
Reach
tuesday
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
wednesday
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
thursday
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
friday
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
upcoming
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without a first-line indent. This is brief type. Ctl 7 or Ctl-Shift 7 to get a paragraph without
To contribute, send items to listings@pilotonline.com or Calendar,
Copyright: | (c) 2011 ProQuest Information and Learning Company; All Rights Reserved. |
Wordcount: | 1240 |
More Articles