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Estate Planning

Estate planning is something that most people postpone for a variety of reasons,

They don’t believe they have enough assets to qualify.
They view estate planning as a necessity only for the elderly.
They don’t like to think about death.
They claim that they’re just too busy.
Death without estate planning can lead to emotional trauma for family members and considerable dollars in taxes that may be avoidable.

Keep in mind, estate taxes can be as high as 49% (2003) of your taxable estate - that’s nearly half of your taxable estate going to the government all because of poor planning or no planning at all. You can minimize or possibly even eliminate these taxes with proper planning.

But reducing taxes isn’t the only benefit of good estate planning. Consider these issues:

Who gets your money and how much?

With proper planning, you determine who gets your money and property and when your beneficiaries received it.
Without proper planning, the laws in the state where you live will determine who gets your assets. The state's distribution of your assets may or may not match your desires.
Who will care for your minor children and their financial needs?

With proper planning, you nominate the guardian and appoint the trustee who you want to have care for your children in the event of your death or incapacitation.
Without proper planning, the courts will decide who is best suited to care for your children and their inheritance.
Who will manage the affairs and assets of your estate?

With proper planning, you select who you want to administer your estate. While many people select a family member, it may be wise to hire a trustee and/or executor who is also a professional investment manager. Why? Collecting, protecting, managing, and eventually distributing estate assets while complying with intricate probate and tax laws demands expertise. The people who work for organizations are professionals and know the ins and outs of the business. These organizations are impartial in dealing with interested parties and they are required by law to carry out your wishes as specified by you.
Without proper planning, once again, the courts decide who will manage your estate assets. Those appointed may well make decisions directly contrary to your wishes.
Just a little time is required to develop your estate plan. The guidance of a professional organization to assist you will save you time and ensure that you have covered all of the significant issues that need to be addressed.