It's not rocket science... but a qualified estate
planning professional does make the process more sure...and legal.
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Estate planning distributes the real and personal property to an individual's heirs.
An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries(families and loved ones) and flexibility for the individual prior to death.
A major concern for drafters of estate plans is Federal and state tax law.
Estate planning is a process by which an individual or family arranges the transfer of assets in anticipation of death.
Estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will.
Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts.
Wills and trusts are common ways in which individuals dispose of their wealth. (See Estates and Trusts)
Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets.
Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes.
The Federal Gift Tax exempts certain levels of lifetime gifts. (See Estate and Gift Tax)