FINA 458 Lecture Notes - Lecture 3: Procrastination, Real Estate Transfer Tax
Document Summary
**estate planning: the process of accumulation, management, conservation, and transfer of wealth ; considering legal, tax, economic and personal objectives. Effective transfers: assets are transferred based on the owner"s wishes, during life or at death. Efficient transfers: transfer costs/taxes and expenses are minimized in evaluating transfer options. Fulfill the client"s transfer wishes as closely as possible. Provide liquidity (cash) at death, which may be needed to pay for transfer taxes, transfer costs, last medical expenses, burial, etc. Fulfill client"s health care wishes and/or plan for incapacity. Unwillingness of people to face end of life decisions. Lack of knowledge regarding benefits to ep. Owner"s property transfer objectives may go unfulfilled. Client"s family may not be properly provided for financially. There may be insufficient liquidity to cover client"s debts, taxes, and costs at death. There are many tools for protecting wealth and income during transfer, including: legal documents for estate planning. Life, health, disability, long-term care, property, and.
