Do you need estate planning? Unfortunately death can be more complex and costly than living. If not planned for your children and grandchildren may find that they have little left of your estate and, even worse, may be left with large financial responsibilities to federal and state governments and other creditors. If you own property and are employed chances are you need a well structured plan for passing your estate on to your heirs.
Small estates do not have the complexity of large estates but the details of passing are mostly the same for every individual. Some of the key issues that arise are;
- Funeral – What type of ceremony will it be? How will the costs be covered?
- Executor – Who will be in charge of administering your estate? How will they be compensated and how will the incidental costs of disbursing the estate be covered?
- Debt – Do you have a reserve to settle outsanding debt at your passing? Have assets been structured that can easily be liquidated to cover these expenses?
- Taxes – Estate taxes can be devastating to the value of an estate. Structuring your estate for minimum taxation may help to ensure that your heirs receive your estate and not the government.
These are just the tip if the iceberg where estate planning is concerned. There are many details that need to be addressed to help ensure that your heirs are well taken care of.
Your best approach is to have a team of professionals that can help you structure your estate. This team should include;
- You – Your involvement is crucial to creating a solid plan. Your participation should not be delegated.
- Insurance – Life and medical insurance is key in any financial strategy.
- Attorney – This professional will help you navigate the complex issues of planning an estate
- Trust Officer – This is a professional administrator who acts in a fiduciary manner to execute the provisions in your trust.
- Accountant – Important team member to help you navigate complex taxation issues.
- Financial Advisor – Key player in helping to create and preserve your wealth.
DuHamel & Associates vast network of financial and estate professionals, let us create a team that can guide you through the process of securing your estate.
Taking time now to plan your estate will help ensure that your assets are properly distributed with minimal estate tax cost. Click here to arrange an appointment today.