Estate Planning

The primary purpose of Estate Planning is to facilitate the distribution of your assets to those whom you wish to receive them while at the same time minimizing taxation.  The initial planning process includes both taking an inventory of your assets and discussing your goals for the future with trusted advisors such as attorneys and accountants.

Below is a brief list of items that should be considered when taking inventory of your assets:

• Real Estate (home or other real estate ventures)
• Savings (bank accounts, CDs, or money market accounts)
• Investments (stocks, bonds, mutual funds)
• 401(k), IRA, pension, and other retirements accounts
• Life insurance policies/annuities
• Ownership in a business or businesses
• Motor vehicles (cars, boats, planes)
• Jewelry
• Other personal property of worth

Many people assume that estate planning is only for the wealthy. However, without proper planning, your loved ones are at risk of losing all that you have built in your lifetime.  Without comprehensive estate planning, the following undesirable outcomes may occur:

• The transferring of your assets will be decided by the laws that govern your state.
• Court appointed administrators will make the decisions regarding where, to whom, and what portion of your assets are distributed. These administrators will receive compensations for their work, paid by your estate.
• When children are involved, a guardian may be appointed by the court.
• A family-owned business could be sold without the family’s consent.
• Unnecessary estate taxes can be assessed, and administrative services can be incurred, with the costs deducted from your assets.