Do You Have an Estate Plan?

Only 58% of Americans have a simple living will and only 21% have added a trust to their estate plan.  These statistics are remarkable when the relatively negligible time and cost associated with developing a plan is compared to the havoc that can occur upon death.  The lack of an estate plan can cause many undesirable consequences such as having assets go to people chosen by the state, the unnecessary payment of estate (death) taxes, the forced sale of assets or a business to raise money to pay taxes and long delays and fees incurred to windup your estate in court, to name just a few.  Such circumstances will exacerbate an already difficult and stressful environment for your loved ones.

A carefully devised estate plan will take into consideration your personal wishes, needs and lifestyle and balance those against tax and cost savings considerations.  The tools of a good plan may include a will, trust, durable power of attorney, health care directive, life insurance, pension and profit-sharing plan, gifts and/or co-ownership arrangements (e.g., property joint tenancies, partnerships and joint bank or brokerage accounts).

        [Read more about estate planning goals]          [Read more about estate planning tools]

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