Alright so you are asking, what is an estate plan? The legal mumbo jumbo – it is an arrangement for using, conserving, and transferring your wealth and assets. So ok that is all fine and dandy, but why do you need that? Estate planning is more than just doing your will. When your lawyer does their job, an estate plan will first create the estate where there is not one and it preserve and protect your estate from unnecessary taxes and costs.
There are some things that your estate plan should take into consideration. It should provide for lifetime objectives, such as using your assets during your life and your kid’s lives. Your estate plan should anticipate lifetime needs; children’s education, retirement, and incapacity. Your estate plan will also cover death transfer objectives. The estate plan should take care of your assets on death in a way that the estate is maximized and is left in accordance to your wishes.
There are some methods in order to achieve a well thought out estate plan. Tax planning is used a lot to achieve many estate planning objectives. By minimizing the taxes, you will have more of an estate to enjoy during your lifetime and your family will have more to satisfy their needs after you are gone. Trusts, gifts, life insurance, annuities, business interests and benefits, and charitable gifts are other methods in order to create an effective estate plan.
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