Estate Planning 1012011 – Articles Practical Advice
Estate planning is a method by which an individual’s objectives for the disposition and management of their affairs and property are accomplished. A typical estate planning client must weigh the needs of their spouse/partner and/or children, the obligations for support of those individuals, as well as their desires with respect to distribution of property and wealth among family, friends and others. Some individuals may have charitable inclinations that provide tax saving advantages. Business owners must prepare for business succession planning and the control over and continuity of their business. Additionally, end-of-life planning should be addressed at the same time, including the nomination of someone to handle financial and medical decisions on your behalf should you be unable to make those decisions for yourself. If you prepare and organize your affairs during your lifetime, you ensure a smoother transition and administration of your estate for your loved ones with the possibility of tax savings and increasing their inheritance. The following steps will help you to focus on what should be considered when embarking on an estate plan to accomplish your goals and objectives.
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