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
- Savings (bank accounts, CD’s
or money markets
- Investments (stocks, bonds, mutual
- 401(k), IRA, pension and other retirements
- Life insurance policies/annuities
- Ownership in a business(es)
- Motor vehicles (cars, boats, planes)
- 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