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 ?
Clients on the top level of the estate planning hierarchy have significant estates, generally at least $5 million.
Life insurance often represents the single largest asset passing on death, but life insurance is often purchased, and beneficiary designations are often completed without the assistance of an estate planning attorney familiar with the client's goals and likely tax situation.
If you have assets worth $650,000 to $1 million or more, estate planning may benefit your heirs.
Values Centered Estate Planning puts all of your resources--your assets and ideas--behind your most fundamental beliefs about the good of your loved ones and society," explains Mark Weinberg, an estate planning attorney who represents charities and donors in planned giving, and serves as planned giving counsel to the National Academies.
So they're squeezed and they have to do some real estate planning to make sure they don't have to suck up all the liquidity from the business to pay taxes.
For practitioners beginning an estate planning service, there's the Estate Planning Advisor--a fully integrated, "A to Z" service that covers every aspect of estate work.
Financial planning software platform, AstuteWheel, has expanded their software portfolio with an estate planning part.
The Board of Directors administers the Estate Planning Law Specialist (EPLS) certification program.
So say observers who have watched the number of preoretirement boomers engaged in estate planning steadily rise in recent years.
THANKS FOR SHEDDING SOME LIGHT ON THE TOPIC OF estate planning ("You Can't Take it With You," August 2007).
What's more, the application of the rules is a little different when it comes to estate planning.

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