| Estate planning is largely done based on the | | | | you have a complicated financial situation |
| tax exemptions and taxes payable. The federal | | | | then you cannot use such simple methods to |
| tax exemption that is granted at present is | | | | plan your estate. |
| set at $ 2 million. This means that those who | | | | |
| have assets below this amount are safe and | | | | A large estate or one that does not qualify |
| can do as they please. A complicated estate | | | | for the tax exemption may require legal or |
| with many heirs, different assets etc will | | | | professional help. Many estate planners help |
| require one to get professional help to | | | | with proper plans, but ensure that these |
| develop a good plan. Nevertheless, there are | | | | planners are certified if not, then a lawyer |
| ways in which you can identify your estate | | | | is the better option. You can use title |
| beneficiaries and at the same time reduce | | | | assets to simplify the financial transfer of |
| expenses, and increase the inheritance. | | | | your life and retirement insurance in the |
| | | | case of your death. For your other |
| The first step towards planning is to find | | | | investments you can initiate a living trust |
| out what the tax exemption is set to in your | | | | to stockpile the assets. |
| state. You can do this easily by logging on | | | | |
| to the appropriate website. On finding this | | | | You may also have property or other assets |
| limit, you can start with the other legal | | | | that you own in another state or country. |
| requirements that you need to get done. There | | | | This may get difficult to handle when you |
| are websites that give you information and | | | | wish to transfer the ownership upon death. To |
| provide you with a will, power of attorney | | | | simplify matters it is best that a lawyer who |
| agreements and other legal documents that you | | | | is an expert in international law and also |
| may need. These power of attorney agreement | | | | one who has had experience in real estate |
| contracts may be priced about $20 or so. | | | | planning be appointed. In this way, you will |
| | | | be able to have the best of both worlds by |
| You must review your life insurance policies | | | | ensuring the lawyer takes care of the legal |
| and retirement policies. The insurance | | | | matters and at the same time provides you |
| accounts can easily be transferred to the | | | | with a good plan. |
| beneficiaries or whoever you may choose. You | | | | |
| can do the same with the other taxable | | | | You also have the option of sharing your |
| accounts in your possession. This includes | | | | wealth with the beneficiaries now, so that |
| savings accounts, mutual funds and other | | | | you avoid paying exorbitant taxes in case of |
| investment accounts. To make these transfers | | | | death. In this way you save not only yourself |
| valid, the benefactor needs to entitle the | | | | the trouble of estate planning and the |
| accounts as 'transfer on death' or 'pay on | | | | expense you incur in getting expert advice, |
| death' to the respective heirs. Only then | | | | but you also save the heirs a lot of money |
| will the proceeds of these accounts be | | | | that they would be paying in taxes. |
| transferred to the beneficiaries. However, if | | | | |