estate planning

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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
References in periodicals archive ?
Sellers, CPA, AEP states "We are honored to admit Randy Zipse as a member of The Estate Planning Hall of Fame Class of 2014.
Your estate planning should also address the coordination of the way you hold title to your various assets, your beneficiary selections and the possible transfer of certain assets while you are alive.
There are multiple variables that can cause estate planning issues to surface and just as many excuses to decide to avoid planning an estate.
The Pikesville, Maryland, couple began to focus on estate planning shortly after they married in June 1999.
In New York and New Jersey in particular, the low threshold for State Estate Taxes makes estate planning critical.
Pre-marriage estate planning documents (including beneficiary designations on retirement accounts and life insurance) usually do not reflect post-marriage intentions.
Sales pitches also are used by promoters of estate planning services, such as living trust seminars, or the ever-growing number of firms and advisers that are pitching a particular estate or other tax planning techniques, such as the private annuity trust, which is a hot trend.
Financial planners should review existing estate planning insurance policies.
Vern Kozlen, executive vice president of City National Investments, said successful estate planning involves the transfer of a person's assets to his or her beneficiaries quickly and with minimal tax consequences.
Nor is estate planning something to do in cookie-cutter fashion and without forethought.
A wide selection of educational offerings for Continuing Professional Education (CPE) credit as well as a special offering of the Institute for Business, Financial and Estate Planning Symposium, will be provided at the National Society of Accountants' 2000 Annual Convention.

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