Planning ensures that your goals are met.
Risk Management protects your assets.
Portfolios are built with Modern Portfolio Theory.
~ Estate taxes on an individual, surviving spouse and couple?
~ Reducing and/or avoiding Estate taxes?
~ Insurance provides a non-taxable gift to beneficiaries and is exempt from probate?
~ Gifting, if charitably inclined to family, friends and to others?
Estate Planning empowers you with control over the ownership and distribution of your family's assets. Estate Planning directs the decisions regarding your health, wealth, and the guardianship of your minors. Taking action avoids the State and Federal court system throughout your lifetime.
Transfer wealth through planning. Trusts are private Legal documents that address your concerns regarding your Estate. You can choose to use Revocable Trusts and/or Irrevocable Trusts. Trusts are entered into by single individuals, married couples and divorced/remarried couples and cost a fraction of probate.
Who controls the decisions regarding your health and finances if you become incapacitated? Documents regarding your Will, the distribution of your income and/or assets (including your IRAs), and your beneficiaries should all be reviewed.
Gifting is very important to some people. Smart ways to gift income and/or assets are: Annuities, Insurance, Education gifts & Medical gifts. Smart gifting includes you maintaining some control over your Gifts, as well as, your personal needs (income and/or assets) and your choices of beneficiaries.
Estate planning should include protecting both your income and/or your assets against creditors.
If you are Charitably inclined there are some benefits which can accrue to you during your lifetime. You are empowered by gifting to a worthy cause. You may also receive an income tax deduction. You can gift over several generations.
You should be aware of the many potential legal problems regarding Gifts. Other potential legal issues relate to 1) the control, ownership and distribution of your income and/or assets 2) the decisions over your Health and Wealth, 3) and the Guardianship of your minors and older adults.