COMMERCE 4FL3 Lecture : Chapter 13.docx
4 Dec 2013
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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 costs. Provide for family members in event of death of head of household. Provide for yourself and your family in the event of long-term disability. Having plans in place to manage your affairs. If you are unable to make medical decisions for yourself. Have a spouse who cannot or does not want to handle finances. Have loved ones of any age with special needs. Have property you would like to keep in the family. Have debts or own your own business. Have assets worth more than exclusion amount. Inadequate income for family at estate owner"s death. A family member with a serious illness or physical or emotion problems. Beneficiaries with extraordinary needs or who can"t be trusted to hand estate matters. There are two main areas of estate planning:
