Estate Planning Goals

 

In addition to providing clients with peace of mind and protecting their loved ones, good estate planning can: 

 

 

§   Reduce or eliminate estate (death) and gift taxes;

 

§ Reduce income taxes;

 

§        Avoid the cost, delay and publicity associated with probate;

 

§ Ensure assets go to people you choose after death, not people the state chooses;

 

§        Provide for management of assets transferred to minors;

 

§ Nominate legal guardians to care for minor children;

 

§        Provide for children of former marriages;

 

§        Provide for children with special needs;

 

§    Avoid or reduce penalties incurred when transferring assets to grandchildren;

 

§        Provide for management of assets upon incapacitation;

 

§ Make decisions about your health care when you are incapacitated and unable to;

 

§        Provide liquidity after death to pay taxes and debts;

 

§ Make a future gift of your home or vacation home to your children or other heirs in a tax favorable way that will allow you to stay in the home for a period of years; 

 

§        Facilitate and maximize charitable giving; 

 

§        Sell highly appreciated assets, avoid income taxes, earn income on the entire sales price and give to charity;

 

§ Use a life insurance trust for the benefit of your heirs to replace assets that you gave to charity; 

 

§        Take life insurance policies out of your estate and avoid estate (death) taxes on them;

 

§        Maximize gift giving during lifetime in order to give assets to your heirs without incurring gift and estate taxes;

 

§        Transfer an interest in a family business in a manner that eliminates or reduces gift and estate taxes;

 

§        Prevent future appreciation of your assets from being subject to estate taxes by use of various asset freezing devices.

   

 

 

  

 

                     PO Box 1981 § Burlingame, CA 94011 § Telephone (650) 342-4230 § Email info@kevinjsmith.com

 

 

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