Estate Planning

People spend a lifetime accumulating assets and building an estate with the intention of passing it on to their heirs or charitable beneficiaries. Without proper planning, a person’s death can create significant hardships on the people for which the estate was created.

For an estate to be passed on to the heirs, there could be settlement costs, such as probate fees and death taxes. In some cases, where the death taxes are substantial, assets may have to be liquidated in order to pay them. Also, the actual transfer of assets could be delayed by probate proceedings that are bogged down if there are any contestable assets.

A sound estate plan can eliminate many of these problems that arise during the settlement of an estate and help you accomplish the following:

1. Ensure that your wishes are honored when you are unable to manage your own affairs.
   
2. Communicate your wishes and expectations precisely to your family and heirs
   
3. Provide for your family’s financial independence.
   
4. Provide capital to meet immediate liquidity needs for settlement costs
   
5. Facilitate the timely distribution of assets by avoiding probate proceedings
   
6. Maximize the estate for transfer by minimizing taxes and expenses
   
7. Ensure that all beneficiaries are named in accordance with the most recent will or Avoid publicity by keeping the proceedings out of the public record.
   
8. Conserve the estate so later generations can benefit.
   
9. Leave a charitable legacy with a gift of assets or a trust.
   

*The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

*This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.