Depending on your individual situation, estate planning may entail naming guardians for your children, creating trusts, special titling of assets, and other activities. This process can involve in-depth financial projections and estate tax calculations. Additionally, you must consider the probate process and the possible tax liabilities of your estate. The most critical component of an effective estate plan is a properly prepared will one that transfers your assets in accordance with your wishes. Provide for the special needs of family members.Įnsure the continued operation of a family business.Įnsure the availability of cash to pay necessary taxes and administrative expenses.īypass probate administration for your estate.Ĭlick here to return to the menu or simply continue reading Minimize the taxes on your estate and maximize the inheritance for your beneficiaries. Provide for an orderly transfer of your property in accordance with your wishes. A carefully developed estate plan can help you to accomplish many estate planning goals, such as the following: A carefully developed estate plan can help make the transition to a life without you easier for your family.Įstate planning involves the development of strategies for protecting your assets, distributing them according to your wishes, and otherwise providing for your family.

The fact is that if you haven't done the necessary planning, you don't have much control over what will happen to your estate after your death. Have you ever stopped to think about what will become of all that when you're gone? Don't assume it will be distributed according to your wishes. It is important that you consult us to advise you on the latest developments in this field or if you have specific questions or need advice on estate planning strategies.Įverything you own at the time of your death may be considered part of your estate, including your home, bank accounts, insurance policies, and any of your other assets. Everyone's personal and financial situation is unique. This report provides a broad general overview of the relatively complex issues in estate planning and is not intended to provide you with specific advice.

Estate planning checklist for cpas