Who needs an estate plan? Chances are, you do. You may think that estate planning is just for the wealthy, but it’s not. In fact, an estate plan may actually be more important if you have a smaller estate, because your final expenses will have a much greater impact on your estate and there’s a much greater possibility that your loved ones could suffer from a lack of financial resources. The fact is, without an estate plan, you can’t control what happens to your property if you die or become incapacitated.
In this estate planning presentation, we’ll take a look at some general estate planning concepts and strategies. We will also give a general overview of some sophisticated planning strategies that may be appropriate for individuals who are concerned about minimizing gift and estate taxes, and individuals who have specific goals such as transferring a business interest, providing for a favorite charity, or protecting assets from future creditors.
While there’s no such thing as a “one size fits all” estate plan, this overview may assist you in thinking about your own estate planning needs, and may help you in determining whether you might benefit from working with a financial planning professional.