Estate Planning at a Glance:
Estate planning is the process of arranging ownership and use of assets to help meet lifetime financial objectives in a tax efficient manner, and simultaneously help provide for survivors' needs and the disposition of property at death.
A carefully implemented Estate Plan may help with the following:
Create and conserve assets during life
Minimize death taxes and estate settlement costs
Assure that cash is available to pay unavoidable taxes and costs
Provide a distribution of assets that meets the estate owner's objectives & intentions
Provide peace of mind and family harmony
The Estate Planning covers a host of topics:
Wills and intestacy
Forms of property ownership
Federal gift tax
Federal estate tax
Qualified terminable interest property (QTIP)
Generation-skipping transfer tax (GSTT)
Irrevocable life insurance trust
Spousal limited access trust
Intentionally defective grantor trust
Revocable living trust
QPRTs, GRATs, and GRUTs
Family limited partnerships (FLPs)
Section 2503(c) trust
UGMA and UTMA
Qualified domestic trust
Advance medical directives
Durable power of attorney
Income in respect of a decedent
Please click on the links below for additional information:
Estate Liquidity - http://www.pgih02.biz/asota/s06oa145/pdf/estate_liquidity_sum.pdf
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