People who have absorbed in-depth information about any particular subject are going to make better decisions than those who are not fully informed. This certainly extends into the realm of estate planning.
On the most basic level people think about estate planning as the act of drawing up a last will that divides a pie of sorts among family members. In fact there is a bigger picture to consider.
A last will may not be your best choice for transferring assets. If you direct future asset transfers with a last will alone the estate must be probated. This process can take a good bit of time to run its course, and considerable expenses can accumulate.
Many people opt for a revocable living trust as an alternative that enables probate avoidance.
The estate tax is a factor for some people. There are some advanced estate planning strategies that can be implemented to gain estate tax efficiency.
People with special needs are often reliant on government benefits to pay for costly treatment and care. A direct inheritance could disqualify a benefit recipient from eligibility. There are ways that you can make resources available to someone with special needs without jeopardizing eligibility.
These are just a few things to think about. To provide our readers with access to sound information about virtually every aspect of estate planning we have assembled a library of free special reports.
These reports cover topics like special needs planning, probate, living trusts, asset protection, pet planning, and a number of others.
To access the reports simply click this link: Free Estate Planning Reports.
If you have further questions after looking through the reports contact our firm to schedule a free consultation.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.