Estate planning services refer to the process of managing and distributing one’s assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.
A primary goal of most married couples when contemplating basic estate planning documents is to ensure that the surviving spouse, and commonly, the couple's children and grandchildren, are supported financially.
The family vacation home is often a point of pride, a place for reconnecting and making memories. A vacation home, whether it’s in the mountains, near the sea, on a lake, or on a farm, can have sentimental as much as economic value.
If you haven’t properly accounted for these things, your heirs may not be able to access these assets when you’re gone.
The heirs of an estate can be liable to pay the estate or income taxes (and perhaps other obligations) of the estate.
When was the last time you updated, or even thought about, the beneficiary designations listed on your retirement accounts, life insurance, or annuity contracts? If you don’t remember, it’s time for a review!
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
The term ‘estate planning’ conjures specific ideas about leaving assets to heirs, fighting over Mom’s jewelry and lengthy entanglements with the probate court.
In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year.
Elvis’ estate planning failures certainly adversely affected the life of his daughter, Lisa Marie, and have carried over into issues with her estate.
Unless you’re a member of the Addams family, thinking about death probably isn’t your favorite afternoon activity. However, not thinking about it can cause even more pain when death ultimately does come knocking.