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Chapter 13.docx

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Tony Belsito

What is Estate Planning Developing plans and taking actions during your lifetime to accumulate preserve and distribute your wealth upon your death according to your wishes while minimizing taxes and transfer costsEstate Planning Includes Accumulating enough capital toMeet education and special family needsProvide for family members in event of death of head of householdProvide for yourself and your family in the event of longterm disabilityHaving plans in place to manage your affairsIf you become disabledIf you are unable to make medical decisions for yourself Who Needs Estate PlanningIf youHave dependentsHave a spouse who cannot or does not want to handle financesHave loved ones of any age with special needsHave property you would like to keep in the familyHave debts or own your own businessHave assets worth more than exclusion amount How Can An Estate Plan Break DownExcessive transfer costsLack of liquidityImproper disposition of assetsInadequate income at retirementInadequate income if disabledInadequate income for family at estate owners deathInsufficient capitalSpecial problemsA family member with a serious illness or physical or emotion problemsChildren of a prior marriageBeneficiaries with extraordinary needs or who cant be trusted to hand estate mattersPrinciples of Estate Planning People planning and asset planningThere are two main areas of estate planningPeople planningAnticipating the psychological and financial needs of those people you loveProviding enough capital or income to ensure continuation of their way of lifeAsset planningInventorying assets both financial and tangible and anticipating the costs of winding up the estate and whether the structure of the estate is efficient from a tax perspective as well as from a liquidity perspectiveWhat is Your Estate Probate Estate Your property whatever you own when you dieYour Estate Probate estateconsists of the real and personal property you own in your own name that can be transferred at death according to the terms of a will or according to intestate laws if you have no valid will
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