The first step is to add up all of your assets:

  • Residence
  • Other real estate
  • Investments (stocks, bonds, mutual funds)
  • Savings accounts (bank accounts, money markets, CDs)
  • 401(k), pension, IRA
  • Ownership in business
  • Motor vehicles (automobiles, boats, planes)
  • Jewelry
  • Life insurance and annuities
  • Other personal property


Are your assets worth more than $ 1,000,000?

If your assets are worth more than $ 1,000,000 or more, estate planning may benefit your heirs. Plan ahead so that your assets go to your loved ones not the IRS. Estate taxes can claim as much as 55% of your estate. Successful estate tax planning transfers your assets to your beneficiaries quickly and usually with minimal taxes.

One technique is to use the leverage of life insurance with a properly designed irrevocable trust. With proper planning, the proceeds from life insurance held by the trust may pass to the trust beneficiaries without income or estate taxes. This will give your loved ones the cash that may be used to pay estate taxes or other expenses, such as debts or funeral costs.

Estate tax planning is a dynamic process. Just as people, assets and laws change, it may be necessary to adjust your estate plan periodically to reflect these changes. If you are looking to implement an estate tax plan or review an existing one, Corporate Financial has the experts to help.