Estate planning

Estate planning is an ongoing process and should be started as soon as one has any measurable asset base. As life progresses and goals shift, the estate plan should move to be in line with new goals. Lack of adequate estate planning can cause undue financial burdens to loved ones, because estate taxes  could exceed 40%.

Some of the major estate planning tasks include:

• Creating a will or trust(s)
• Limiting estate taxes by setting up trust accounts in the name of  beneficiaries
• Establishing business buy/sell survivorship arrangements
• Setting up pretax retirement programs
• Establishing a guardian for living dependents
• Naming an executor of the estate to oversee the terms of the will
• Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
• Setting up funeral arrangements
• Establishing annual gifting to reduce the taxable estate
• Setting up durable power of attorney (POA) to direct other assets and investments
• Establishing what is known as advanced directives of what you wish done under certain future circumstances

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