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Most individuals work diligently
accumulating assets for their
family’s welfare. But not planning
how to preserve those assets
can be costly.
If your assets are sizeable or modest,
you can choose how to leave your
property and how to minimize estate
tax or, in some states, inheritance tax.
These goals, along with providing for the
care and guardianship of your minor children,
are also the primary objectives of estate
planning. Careful estate planning can
help ensure that your property will go
to those you choose in an orderly fashion
and that your children can be cared for by
those whom you trust.
This article will help you understand
your choices for developing an estate
plan to help manage your assets. It
will guide you through techniques for
providing for your heirs, minimizing
taxes and easing the administrative
burden on your survivors.
You will become familiar with the
documents that are essential for a
comprehensive estate plan: a valid
and current will, a durable power of
attorney, a living will (sometimes
known as a directive to physicians),
durable health care power of attorney
and a letter of instructions.
You will also find information on
estate planning tools such as trusts
and life insurance. Once you understand
the basics, we encourage you to seek
professional advice from financial experts
and, because this is a complex area of the
law, legal experts who specialize in
estate planning. Depending upon the
applicable laws of your state, your estate
may be subject to state taxes in
addition to a federal estate tax.
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Basic Money Management
Basic Money Management