Understanding and Navigating the Basics of Estate Planning

Many don’t view planning for what happens to their assets when they have passed away with the same importance as retirement, investment, or tax planning. And therefore, planning for it
gets delayed or pushed off indefinitely, often until it is too late. Why is it that important to plan ahead of time? If you die without a valid will or trust in place, you die intestate. This means the court decides who inherits your assets, and in order for them to make these decisions, they, too, will take a bigger portion of your assets through court costs and legal fees.  If you don’t want someone else to decide who will end up with your house or unspent investments, being proactive in planning is a beneficial move to make now. Understanding the basics of estate/incapacity planning will help pass on your legacy tax efficiently and effectively to your heirs and ensure that if your health declines quickly, you have the safeguards in place for your wishes to be carried out even if you are no longer capable of strategic decision making.

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