Estate planning seems like a huge undertaking, but it's quite manageable if you seek the help of professionals who have experience in the area. When we provide individuals with estate planning strategies, we first talk about their existing plans, their desires for how they want their assets distributed, and any other concerns they have about putting their estate in order. Then we work through their financial situation to estimate what their estate will be worth and what will be owed in taxes and probate fees. We then discuss specifics about how they want their estate distributed and ways to ensure that heirs pay the least amount of estate tax possible.
Not only is estate planning a very important thing to do, it's also practical. You want to make sure your hard-earned assets go where you want them to, so you need to plan for that.
Copyright: Thomas Reuters, Inc.