Estate planning is the process undertaken to ensure that loved ones are well cared for after the death of an individual, the transfer of assets to intended beneficiaries takes place according to the deceased`s wishes and that income taxes are minimized without compromising the deceased`s intentions.
Actions an individual undertakes while alive have a direct impact on the smooth transition of his or her estate. This includes the structuring of asset ownership, creation of trusts, the writing of a will, establishing buy-out arrangements where appropriate and even the establishment of charitable arrangements.
The concept of estate planning is not just for the wealthy or those with significant assets. After all the definition of significant assets is highly dependent upon an individual’s personal perspective. For some individuals, 500K may represent significant assets, while others may feel that significant assets really only begin at some much larger number, such as $5,000,000 or more.
The dollar amount of an individual’s estate is not the deciding factor relative to whether estate planning is a valued strategy.
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