Estate Planning
Overview
Estate planning is a comprehensive process undertaken to ensure that loved ones are well cared for after the death of an individual, the transfer of assets to intended beneficiaries takes place according to the deceased wishes, and that income taxes are minimized without compromising the deceased’s intentions.
The concept of estate planning is not just for the wealthy. The definition of significant assets is dependent on your perspective. Strategies used are personal and it is important to all individuals as it provides the opportunity to align the distribution of your estate with your wishes.
Estate planning is not just planning for death; it is also essential to ensure that your affairs are handled in accordance with your wishes while you are alive. Should you become mentally or physically incapacitated and unable to manage your own affairs, tools such as a power of attorney become important life planning tools.
Estate Planning with Living Skies Finance
Many people avoid estate planning because they think it is complicated and expensive, which, for most estates, is not true. While it usually requires the guidance and assistance of an estate planning professional or attorney to execute the legal documents, a lot of time and expense can be saved by organizing your financial information and determining your goals and objectives prior to meeting with one. At the very least, everyone should have a simple will, which for the amount of distress and costs it can prevent, is very inexpensive. Larger estates may require additional layers of estate planning tools, such as trusts. Still the more preparation done in advance, the easier and less expensive the process will be.