Estate planning is the preparing of legal documents to carry out your testamentary intent. Estate planning does not just take into account the high net worth individual who is primarily concerned about estate taxes, but rather planning for everyone’s testamentary intent. Testamentary intent is what you want to happen when you die. Notwithstanding, the general definition estate planning can include sophisticated gifting options to reduce one’s taxable estate and avoid or diminish federal and state estate taxes.
No one wants to think about death and dying. They are morbid subjects to be sure but they are something every smart business person needs to think about. This means having a business plan in place in case something should happen to you and also making sure your will and estate planning is up to date. The question is, what kind of assets are we talking about? Depending on your area of expertise and interests, this can be anything from stocks and bonds to real estate to rare coins and precious metals. Here are some things you might want to consider passing [...]