Estate Planning
Estate Planning
Anyone who owns property - a home, a car, a bank account, investments,
business interests, a retirement plan account, collectibles, personal
belongings - needs an estate plan.
Many believe that an estate plan only states how and to whom property
will be distributed. This is true, but the important reason to have an estate
plan is to "control" assets, to pass assets to heirs legally and without
family discord.
For a young single person, an estate plan is written in a simple will. A
couple starting out might have wills, plus home and bank accounts in joint
name with right of survivorship. When children arrive, naming a guardian
and arranging to provide for them in the event of unexpected death or
incapacity become major concerns. When an individual starts to achieve
financial goals, when personal net worth becomes significant, asset
preservation and avoiding taxes become important.
Although the Economic Growth and Tax Relief Act of 2001 phases out the
estate tax - with full repeal slated for 2010 - in the interim, the estates of
many people will be subject to tax.
In addition, the repeal and tax reduction provisions of The ACT are set to
expire after 2010 unless Congress takes additional action.
Hence, estate tax planning continues to be important.
We can help you and your attorney. Call us.
Anyone who owns property - a home, a car, a bank account, investments,
business interests, a retirement plan account, collectibles, personal
belongings - needs an estate plan.
Many believe that an estate plan only states how and to whom property
will be distributed. This is true, but the important reason to have an estate
plan is to "control" assets, to pass assets to heirs legally and without
family discord.
For a young single person, an estate plan is written in a simple will. A
couple starting out might have wills, plus home and bank accounts in joint
name with right of survivorship. When children arrive, naming a guardian
and arranging to provide for them in the event of unexpected death or
incapacity become major concerns. When an individual starts to achieve
financial goals, when personal net worth becomes significant, asset
preservation and avoiding taxes become important.
Although the Economic Growth and Tax Relief Act of 2001 phases out the
estate tax - with full repeal slated for 2010 - in the interim, the estates of
many people will be subject to tax.
In addition, the repeal and tax reduction provisions of The ACT are set to
expire after 2010 unless Congress takes additional action.
Hence, estate tax planning continues to be important.
We can help you and your attorney. Call us.
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Wealth Planning & Management, LLC.
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