Accounting Blog

Estate Planning For The Wealthy and Not-So-Wealthy

Posted on Tue, May 02, 2017

Estate planning is important for both the wealthy and not-so-wealthy.  Even if your estate is not large enough to require payment of estate taxes at your death (for 2017, the estate tax lifetime exemption amount is $5,490,000), having the proper documents in place at your death can minimize the burden placed on your loved ones.  Consider the following items when devising an estate plan:

Create A Will

This is an important first step in the estate planning process.  Wills help you make sure your wishes are carried out with respect to distribution of property, and if you have minor children, a will can be used to designate a guardian or guardians.

Avoid Probate

Documents can be put into place that will eliminate the need for the costly and time-consuming probate process.  In preparing an estate plan, all assets should be examined to determine the best way to title the property so the assets will be distributed according to your wishes and to minimize the expense of the final distribution of your assets.

Where To Start

Your attorney and wealth management advisors (brokers, bankers, CPA, etc) can assist you in the estate planning process to ensure you have a plan in place that is optimal for you.

Whether you need to devise a new estate plan or update an existing plan, having the proper documents in place is the key to providing peace of mind for you and your family.  Click the button below to learn more!

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Tags: CPA, Estate Tax, Estate planning