Estate Planning

Consider this - unless you plan your estate carefully, more than 50% of your assets can be confiscated by the IRS and state taxing authorities. Even if you don't expect your estate’s value (including death benefits from insurance policies) to total more than $1 million, you may need an estate plan. Proper estate planning can use lifetime gifts and trusts to minimize your estate-tax liability.

What exactly is an estate plan? Basically, it's a written explanation of how to distribute your assets consistent with your objectives. Carefully considering and integrating three factors determine it: Who do you want to benefit from your assets? What is the best way to pass those assets to your beneficiaries? And, of considerable importance, what are the tax consequences of your actions?

The concept seems easy enough to understand. These days, however, the many laws and legal documents that make an estate plan function effectively are much more complex. A will is almost always necessary -- however many other estate-preservation tools and techniques exist -- living trusts, charitable remainder trusts, family limited partnerships, family foundations, survivorship life insurance to name a few -- that can coordinate assets to accomplish your objectives. Our knowledgeable professionals can play an important role in your estate planning team.