What does the phrase “estate planning” mean to you?
Communicating and explaining is am important as actually doing in my business. To be able to explain better, I need to understand what people are thinking and how they are viewing things. To assist in this process, I asked people the question on Linkedin (login required): When you hear the phrase “estate planning” what comes to your mind? Check out the answers to the question below.
To me estate planning means determining where, how & to whom my stuff & money are distributed to. but i’m typically wrong when it comes to legal jargon.
Planning for retirement, planning for death, trusts, wills, taxes and probate. 🙂
Paperwork. Tons and tons of paperwork.
Preparing your physical, financial, and emotional assets and liabilities to be distributed and dismissed according to your wishes after your imminent demise in a manner that distracts and burdens your loved ones as little as possible.
The overall planning of a person’s wealth is estate planning. All of the assets owned or controlled by a decedent and the debts that were the responsibility of the decedent at the time of deceased’s death are included in estate planning. Estate planning includes the preparation of a will and the planning for taxes after the individual’s death. In order to meet a person’s goals with respect to preparing for incapacity and death, numerous factors such as financial, estate law, insurance, investment, and tax implications must be taken into consideration.
Usually, estate planning includes;
1. creation of a will;
2. limiting estate taxes by setting up trust accounts in the name of beneficiaries;
3. appointing a guardian for living dependents;
4. appointing an executor of the estate to oversee the terms of the will;
5. making funeral arrangements; and
6. establishment of annual gifting to reduce the taxable estate.
Fully and seamlessly providing for my family when I become incapable to do so in the future.
Preparing for the future…