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What is it? 

Although estate planning is a practice often associated with those in the upper echelons of society, it is actually something that everyone can benefit from, and is a much more secure option than a simple will. Wills are purely legal documents that itemize intentions for burial and disposition of assets, and a judge still has to permit the transference of assets to other accounts after the death—which can result in a long negotiation process (not to mention extortionate fees and taxes). Estate planning, on the other hand, is the process of organizing the distribution of current and anticipated assets, and there is no question of where the funds go. Essentially, it’s a requirement for anyone who wants to ensure that their families and loved ones are sufficiently provided for.

How can you do it?

Categorize your assets: What types of property do you own? List all of your vacation homes, business property, real estate, or anywhere else you own a full or partial share, to begin itemizing your assets.

Picking trustees: Who will see to it that your assets are carried out in the way that you wish?

Deciding on beneficiaries: Which family members and/or loved ones will receive, or benefit from, your assets?

Set up a trust: Establishing a trust will allow for property to be transferred from the decedent to the beneficiary. A trust will also lessen some, if not all, of the estate taxes that will be under obligation to pay once you die.

Contact Corporate Financial: At Corporate Financial we provide expertise in Executive and Estate Tax Planning, and we will help develop a strategy to attain the goals and objectives of an estate owner while living and at death.