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Estate Planning
Estate Planning is an ongoing process that involves the creation, conservation, and distribution of property.

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What is Estate Planning?

The "plan" could be as simple as having a will or could require the use of life insurance, trusts, business continuation plans, or charitable arrangements.

On June 7, 2001, the Economic Growth and Tax Relief Reconciliation Act was signed by President Bush, bringing many changes over the next decade. Effective January 1, 2002, federal estate taxes will be steadily reduced and eventually abolished in 2010. Without further congressional action, however, the law as it existed in 2001 comes back into effect for 2011 and thereafter. Proceeds from life insurance provide immediate cash for paying estate taxes without depleting the estate itself.

On June 7, 2001, the Economic Growth and Tax Relief Reconciliation Act was signed by President Bush, bringing many changes over the next decade. Effective January 1, 2002, federal estate taxes will be steadily reduced and eventually abolished in 2010. Without further congressional action, however, the law as it existed in 2001 comes back into effect for 2011 and thereafter.

Estate Planning involves developing a "plan" that will accomplish the goals and objectives of an estate owner while living and at death. These goals and objectives could include:

  • Providing cash payment of estate expenses including federal estate taxes
  • Providing income to family members after the estate owner’s death
  • Providing for disposition of a business at death
  • Distributing assets to family members and other heirs with the least amount of shrinking possible
     

    It is an ongoing process that involves the creation, conservation, and distribution of property. The "plan" could be as simple as having a will or could require the use of life insurance, trusts, business continuation plans, or charitable arrangements.

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