What will my estate plan accomplish?

Estate planning is a process to choose and create legally effective arrangements to meet your specific wishes if something happens to you or those you care about. Proper estate planning accomplishes many of your personal and financial objectives: 

• Financial
  • Minimizes potential taxes and fees
  • Preserves assets for your loved ones 
  • Coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property
    
• Personal
  • Includes directions to carry out your wishes regarding health care matters, and to give directions to the person you select to act on your behalf
  • Allows you to control the guardianship of your minor children and provide for their personal needs

   

What exactly is an “estate”?

The term “estate” consists of all the property you own or control.  Upon your death the term “estate,” for tax purposes, encompasses all assets owned or controlled by you (whether those assets pass under your will or not), including:  

• real property
• all personal property
• all businesses and business interests
• powers of appointment, life insurance and annuity contracts, pension benefits, IRAs, 403(b)s, etc.
• all debts and obligations owed to others
• all claims you have against others

<< back >>