Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes.
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I. Why you need estate planing
While you are young, you are try to accumulate your wealth through various investment planning . At some points in your life, your are getting marry and having children. You need estate planning to ensure that your wealth are passed through your family while you are alive. You need to draw up a will and your family is named as beneficiaries because you don't want the court decide who will get your wealth. You also want to ensure that the wealth are passed your beneficiaries with least amount of taxes. Life insurance plays an important role in any estate planning, because life insurance is not taxable and it usually used to pay taxes for your beneficiaries.
II. Estate planning purpose
1. Setting objective
The main goals if setting of objective is maximize amount for your wealth accumulation through financial planning and distribute your wealth with least tax to the beneficiaries as you wish.
2. Collecting and analyzing your financial data
The lists of liquidate asset to ensure that your estate have enough cash on hand to meet its obligation.
3. Strategies for transferring assets to your estate while your alive
4. Strategies for transferring assets to your estate at death
5. Implement your plan to ensure your will will be carried according to your instruction, including choosing your executors, guardians as well as power of attorney for a living will.
6. Monitor your plan every year to ensure that will work upon your death.
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
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