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Estate Planning
We understand that estate planning is not just about taxes -- or even primarily about taxes. A comprehensive estate plan ensures that, at your death, the right assets get to the right people at the right time and at the right cost. Over our 50-year history, we have worked with a variety of clients and their attorneys/CPAs to define objectives and review appropriate estate planning strategies.
An important step is to define your objectives in detail including:
1) Retirement income;
2) Survivorship income for your spouse;
3) Inheritance by future generations and controls, if any;
4) Business succession planning and
5) Future management of real estate holdings.
Our process would attempt to answer the following questions:
- Should the assets of the estate be distributed equally or should one beneficiary have control over a larger percentage of the assets? If so, what are the implications for the other family members? Are all beneficiaries equal in terms of future medical/disability needs?
- Are there charities that you would like to consider?
- Would a trust to protect assets from mismanagement be necessary or helpful?
- What current strategies are available to minimize gift and estate taxes?
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