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.
A Confusing But Common Estate and Life Insurance Decision
I participate in a lot of financial and estate plans, and there is a common distribution technique I never understood. The worst part, is that it almost always unintentional. I think most people would would agree that a child who has lost both of his or her parents should not receive money outright, and as such, his or her inheritance should be held in a trust. The terms of that trust may will vary depending on the age of the parents, age of the children, responsibility of the children, other family dynamics, experiences of the parents, etc., however, most people do not have their [...]