Estate planning

The preparation of a plan to carry out an individual's wishes as to the administration and disposition of his/her property before or after his/her death.

Estate Planning

The process of preparing one's assets for one's death. Estate planning involves matters such as writing a will in order to designate beneficiaries, or who will receive one's assets following death. It may also involve setting up trusts in such a way as to reduce estate tax liability. Estate planning is especially important if one is wealthy and has a large number of assets of which to dispose or if one has minor children who will need tending in the event of the parent's untimely death. Estate planning is an ongoing process. See also: ChFC, CFP, Life Insurance.

estate planning

The preparation for the orderly administration and disbursement of a person's estate. The preparation includes taking actions that will minimize taxes and distribute assets to the appropriate heirs.

Why is estate planning important?

A well-drafted estate plan is your assurance that the taxes and costs associated with your death will be minimized. A good estate plan also keeps the process of settling your estate as simple and efficient as possible. Most importantly, your estate plan will ensure that your assets will be used to benefit the people or institutions that you choose, in the amounts that you choose.

Gloria Cole, Attorney, private practice, Weston, MA

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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References in periodicals archive

For a legal perspective on trust and estate planning, we turned to Graham S.

To avoid pitfalls, trust and estate planning can go a long way

Avoiding or reducing estate taxes has long been a driver and goal of estate planning. With the threshold for federal estate taxation now at $11.2 million for individuals and $22.4 million for married couples, federal estate taxation now only applies to less than 0.1 percent of the population.

The future of estate planning: a reason for optimism

A second question is the extend of control and the enjoyment of the estate owner of his property in case the property that is made subject to estate planning is distributed while the estate owner is alive.

Estate Planning 101

The list of possibilities for CPA services where there exists a long-term participation in estate planning varies greatly from case to case.

CPAs & Estate Planning

* Demographic changes are reshaping estate planning. It is common knowledge that the population is aging, but what does that mean with respect to estate planning services that CPAs have traditionally offered, as well as new or expanded services they might offer in the future?

CPAs Growing role in estate planning: how to Meet the Needs of the Next Generation

Echoing similar sentiments, her husband, James, says hearing about families torn apart over property after a loved one passes away inspired him to join his wife in estate planning.

Passing on the wealth