Estate Planning

Many people die without leaving even a simple will. When this happens, it will be left up to the state to determine how and when your family will receive your assets. A strategy needs to be developed to protect your family and provide for their future in the event you pass on. The simplest form of estate planning is a will, a legal document that transfers what you own to your beneficiaries. Most wills go through probate, which is the legal process that validates your will. Correspondingly, probate can be expensive, time consuming and should be avoided. Estate planning can involve gifts, trusts, and other advanced strategies. Working together, the attorney, CPA and financial planner can help clarify and guide you through the entire process.

Estate taxes can significantly reduce the value of what your family receives. Some of the ways you can lessen their impact are:

• Utilization of the unified tax credit

• Proper structure of the unlimited marital deduction

• Annual gifting programs

• Leveraged dollars through the use of life insurance

• Charitable trusts/family limited partnerships

"Money is plentiful for those who understand the simple laws which govern its acquisition."
- Anonymous

"There are three faithful friends - an old dog, an old wife, and ready money."
-Benjamin Franklin