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What Is Estate Planning?

You don't have to be wealthy to have an estate. Your estate consists of your most valuable assets, which could be your home, car, jewelry or other precious heirlooms. And, if you're like most people, you want to pass your estate to your loved ones when you pass away. Estate planning will help ensure that you take the necessary precautions now to be certain your estate remains intact for your heirs.

The following are some common obstacles your heirs may encounter if you have not planned ahead:

1. Estate settlement costs that include probate fees (paid to the executor of the estate and assisting attorneys) and death taxes.
2. Estate assets that are improperly arranged, resulting in a lack of liquidity to pay settlement costs or generate enough income for those left behind.
3. Probate and other expenses may delay transfer of your assets.
4. Assets could be distributed outright to your children at age 18 0r 21 - which many do not realize - after being held in complex guardianship accounts.
5. Assets left to your minor children could be mismanaged, if left to the wrong person, leaving less for their future.

Most important, estate planning is the key to accomplishing the following objectives:

1. Transferring your assets the way you intend.
2. Paying the least possible amount of federal estate taxes and other settlement costs.
3. Maximizing the amount your family receives at your death.

Since estate taxes are generally due and payable within nine months after death, you can't afford to leave your estate exposed to a significant tax liability. Financial services professionals, knowledgeable in estate planning can inform you about valuable tax credits or deductions, or help you prevent paying future unnecessary interest and penalties from your estate. Plus, nothing can replace the peace of mind you'll have knowing that your loved ones will be protected when you're gone. There are many avenues you can explore when it comes to estate planning, the most important thing is to plan ahead!

To learn more about your estate planning, please complete the information request in our Guestbook.