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The primary reason of Estate Planning is to accomplish
the distribution of assests, to whom you wish minimizing taxation.
Having a successful estate plan assures your wishes for your heirs.
The initial planning process includes taking an inventory of your assests,
discussing with trusted advisors, such as attorneys and accountants,
your goals for the future.
Below is a brief list of items that should be considered
to when taking inventory of your assests:
- Real Estate (home or other real estate ventures)
- Savings (bank accounts, CD’s or
money markets
- Investments (stocks, bonds, mutual funds)
- 401(k), IRA, pension and other retirements
accounts
- Life insurance policies/annuities
- Ownership in a business(es)
- Motor vehicles (cars, boats, planes)
- Jewelry
- Other personal property of worth
The planning process is one that takes time
and is ever changing. However, most people assume that estate planning
is for the wealthy. Your loved ones are at risk of losing all that
you have built in your lifetime, without proper planning, you are in
danger of the following:
- The transferring of your assests will be decided
by the laws that govern your state.
- Court appointed administrators make the decision;
where, who and how much of your assests are distributed. As well
as receiving expenses for their work and a deduction to the total
amount that could be given to your loved ones.
- When children are involved, it could result
in a court appointed guardian.
- A family owned business could be sold without
the families consent.
- Unneccesary estate taxes can be relinquished
and administrative services can be incurred and deducted from your
assests.
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