The Reasons For Estate Planning

The goal of estate planning is to help you distribute your lifetime accumulation of wealth at the least possible cost and in the most efficient manner — to transfer assets to your heirs with a minimum of estate shrinkage. Estate shrinkage is the depletion of assets caused by estate settlement costs, repayment of debt and estate tax liability.

Have You Planned For The Future? The answer lies in each of these questions — if you answer “No or I Don’t Know” to any of these questions, we recommend considering Estate Planning immediately.

  • Do you have a will?
  • Would a trust be far more practical for your particular situation?
  • What other names are currently on the deed or title to your home?
  • Will there be a spouse on the mortgage with you?
  • What are the tax consequences for you while you are alive?
  • What are the tax consequences for your heirs upon your death?
  • When if ever would the loan have to be repaid?
  • If any loan is to be repaid, what amount would be due?

Planning for the distribution of your estate is an important and complex financial planning issue. To keep current with how your estate may shrink due to changing tax laws, it would be wise to periodically review your estate plan with a professional advisor.

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