ESTATE PLANNING

We can assist you with wills, trusts, and overall estate planning such as the following:

• Above all, estate planning is a personal matter. If you die, will your assets be applied efficiently and in the way you would prefer?



• Your plan should consider how your assets will be handled if you are incapacitated by an accident or illness.



• The form in which you hold assets can make a big difference for taxes and other matters.



• Most Americans now hold at least some of their assets in a revocable trust.



• Do not think of trusts or other estate planning papers as mere forms. These documents must be tailored to your circumstances and wishes.



• IRA’s, pension or savings plans, and insurance probably make up a large part of your wealth. Each of these items must be given separate attention.



• As of 2000, $675,000 can pass to person’s heirs without estate tax. With careful planning, this is $1,350,000 for a couple.



• Special requirements must be observed if the surviving spouse is not a US citizen.



• Lifetime gifts are an important part of an estate plan.



• Estate taxes can be substantially reduced by charitable gifts.



• There are many kinds of trusts. Irrevocable trusts are effective ways to reduce taxes in larger estates.



• US estate taxes and state probate rules generally apply to US assets owned by foreign persons. These tax rules are different from the domestic rules and affect even small estates.