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Estate Planning |
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Many people feel that estate planning is for
the wealthy or just to avoid paying taxes;
however, organizing your estate to provide
maximum benefits to your dependents and to
minimize tax is simply prudent planning. Estate
planning allows your assets i.e. home, business,
and stock and bonds, to be distributed according
to your wishes.
For most people, estate planning begins with
the birth of their first child because parents
feel the need to provide for their growing
family. Life insurance is often the first
step in estate planning because it creates
a means to provide funds for the surviving
family members. This is particularly important
later in life as assets accumulate.
Five important steps for estate planning
are:
- Setting the objectives of your estate
plan.
- Collecting and analyzing data.
- Selecting strategies for distributing
your estate before and after your death.
- Implementing the before-death strategies.
- Monitoring the plan and updating as
required.
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