Estate Planning 2017-05-25T10:04:18-04:00

ESTATE PLANNING

Did You Name the IRS or a Probate Attorney as the Beneficiary of your Estate?

If you don’t intend to leave your estate to the IRS or an attorney, then you should know that without proper planning, a huge share of your estate could wind up in the hands of the tax collector or probate attorney – which may be more than you leave your family. While large estates can lose as much as 50% to taxes, legal fees and other expenses, small estates get eaten by unnecessary probate.

The solution? Estate Planning!

Don’t put off planning your estate! Death and taxes are certain, as the saying goes. Our estate planning experts can help you avoid problems that have serious consequences, such as:

Probate
Potentially expensive, time consuming and totally public. Average costs are approximately 5% of the GROSS estate with a value that exceeds $3,000 to $100,000 (depending on the state) in personal property and real property. If you own property in another state or country, probate will occur in each of those states or countries. With a will or no will, probate will occur.

Death Taxes
Heirs face hefty tax bills of 31% to 47% of a net estate’s value over $5.5 million. The bill is due in 9 months, in cash.

Other Taxes
You may not know about, but can greatly impact your estate.

Business continuation concerns
Disruption of the business, including a possible forced sale or liquidation due to the death or disability of a key business owner or employee.

Disabled Heirs
Concerns of minor or disabled children and other heirs.

Guardianship
In the event of the parent’s death.

Common Errors
Common errors leave the rights of children unprotected; for example, accidentally disinheriting stepchildren, children from a previous marriage or your children if you or your spouse dies and the surviving spouse remarries.

Conservatorship (also known as guardianship in some states)
Common errors leave the rights of children unprotected; for example, accidentally disinheriting stepchildren, children from a previous marriage or your children if you or your spouse dies and the surviving spouse remarries.

Pensions
With incorrect planning, large private pensions can face income taxes and estate taxes.

Taking care of your affairs now can save your family thousands of dollars in the future and hours of exhaustion dealing with government agencies.  This is an extra layer of protection, providing security for your family and business.

For more information on estate planning,
contact us at 1-866-411-2002