CNSR SCI 275 : chapter 15
30 Oct 2014
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Document Summary
Estate planning-the process of developing a plan to administer and distribute your assets after death in a manner consistent with your wishes and the needs of your survivors, while minimizing taxes. Who needs estate planning: everyone, married couples in particular (with children, people planning. Anticipating the psychological and financial needs of those people you love and providing enough income or capital or both to ensure a continuation of their way of life. Custodial accounts, guardianships, or trusts: asset planning. Stabilize and maximize its asset and income producing values, both during the owner"s lifetime and at the owner"s death of disability. Why does an estate break up: numerous forces that can shrink an estate: First level death related costs: medical bills, funeral expenses. Second level death related costs: fees for attorneys, appraisers, federal estate taxes and state death taxes. Money to spouses or minors in an improper manner or incorrect time.
