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 ?
For a legal perspective on trust and estate planning, we turned to Graham S.
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.
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.
The list of possibilities for CPA services where there exists a long-term participation in estate planning varies greatly from case to case.
If the client is excluding a natural heir, mention that heir in the estate planning documents.
With little or no need for estate or death tax planning, most middle class and working people's estate planning today involves wills, advance directives and living trusts.
* 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?
Sellers, CPA, AEP states "We are honored to admit Randy Zipse as a member of The Estate Planning Hall of Fame Class of 2014.
Distinctions in how federal and state laws treat couples based on their marital status are one reason estate planning for non-traditional families "may require a lot of work-around strategies," says Stuart H.
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.
"Although the implementation of sophisticated wealth transfer strategies is mostly in the domain of estate planning attorneys," he says, "the financial advisor can be the driving force to get the plan started."
He attended seminars covering the following topics: Keeping it in the Family: Business Succession Planning; Recent Developments in Federal Taxation; Passing on Digital assets; Income Tax Planning for Trusts; Asset Protection; Washington Probate and Trust Law Update; Life Insurance Planning; and Estate Planning with Residential Real Property.

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