Estate Planning, Wills, Trusts, Probate and Tax
Estate planning is important for all of us, regardless of age or the size of our estates. A well-structured estate plan can assist in the creation and conservation of wealth during the person’s lifetime and in the transfer of that wealth upon death. It can assure that those needing assistance, such as young children, are protected both in their personal and financial lives.
Creating a well-thought-out estate plan will facilitate making one’s life decisions regarding the creation of wealth. The estate plan will also address the conservation of that wealth through its protection from unnecessary risk and taxes.
The estate plan will address the transfer of wealth at death in order to reduce the transfer costs and to assure that those assets are distributed in a manner which accomplishes the intent of the transferor.
Tax planning is an important component of the wealth building and wealth transfer process. Reducing income taxes and other taxes during life will make wealth building easier and more effective, and reducing taxes at death will increase the amount left to be transferred to the person’s beneficiaries.