What Does Estate Planning Entail?
Estate planning involves the development of strategies for protecting your assets, distributing them according to your wishes, and otherwise providing for your family. A carefully developed estate plan can help you to accomplish many estate planning goals, such as the following: · Provide for an orderly transfer of your property in accordance with your wishes. · Minimizing the taxes on your estate and maximize the inheritance for your beneficiaries. · Provide for the special needs of family members. · Ensure the continued operation of a family business. · Appoint a guardian for minor children. · Ensure the availability of cash to pay necessary taxes and administrative expenses. · Bypass probate administration for your estate. The most critical component of an effective estate plan is a properly prepared will—one that transfers your assets in accordance with your wishes. Additionally, you must consider the probate process and the possible tax liabilities of your estate. This process can
