Actions

  Print Article
  BookMark Article

Categories    Category List

  Advice
  Aging
Arts
  Arts And Crafts
  Ask An Expert
  Automotive
  Banking
  Break-up
  Budgeting
Business
  Business Management
  Cancer Survival
  Career
Cars And Trucks
  Casinos
  Causes And Organizations
  Cell Phones
  Cheating
  College And University
Computers
  Computers And Technology
Cooking
Crafts & Hobbies
  Culture
Culture And Society
Current Affairs
  Dating And Relationships
  Death
Disease & Illness
  Domain Names
  Drop Shipping
  E-Commerce
  Electronics
Entertainment
  Environment
  Etiquette
  Ezines And Newsletters
  Family Concerns
Fashion
  Fiction
Finance
  Finances
  Financial Planning
  Food And Drinks
  Forums
  Gadgets And Gizmos
  Gambling
Gardening
Health & Fitness
Home
Home & Family
  Home Business
  Home Improvement
  Home Management
  Human Resources
  Import Export
  Infants And Toddlers
  Innovation
  Inspirational
  Insurance
  Intellectual Property
Internet
Internet Business
  Jobs
  K-12
  Medical Business
  Medicines And Remedies
Men Only
  Motivational
Motorcycles
  Nature
  Opinions
Our Pets
  Personal Development
  Pets And Animals
  Podcasting
  Pregnancy And Family Pla
  Presentation
Product Reviews
  Quotes
  Recreation
Recreation & Sports
  Recreation And Leisure
Reference & Education
Relationship
  Religion And Spiritualit
  Screenplay
  Search Engines
  Self Help
Self Improvement
  Selling
  Shopping
  Short Stories
  Society
  Speaking
  Sports
  Structured Settlements
  Supplements And Vitamins
  Team Building
  Technology
  Telecommuting
  Telesales
  Television
  Tools & Resources
  Travel
Travel & Leisure
  Video
  Web Development
Weddings
  Wellness, Fitness And Di
  Womens Interest
  Work Life Balance
  World Affairs
Writing & Speaking

Online Now    Online Now

Guests Online (139)

Baiduspider (33)

Bing (4)

Googlebot/2.1 (3)

Baiduspider (1)

Bing (1)

Yandex (Russia) (1)

Author Login    Author Login

Welcome Guest! Please login or create an account.

Username:

Password:



If you do not have an account yet, you can register ( Here ), or you may retrieve a lost user/pass ( Here ).

Navigation    Navigation

   10 newest articles RSS

Author Highlights    Featured Author

Bobbie McKee
Marshallville

View My Bio & Articles


Floyd Bogart
Brandon

View My Bio & Articles


C. Hunter
Birmingham

View My Bio & Articles


DisclosureDisclosure

You should assume that the owner of this website is an affiliate for the provider of goods/services mentioned on this website. Sometimes the owner may get paid a commission if you purchase the product when following a link.

Getting Into The Basics Of Estate Planning

Author : John Arthur Thomas

Submitted : 2012-02-20 13:54:01    Word Count : 572    Popularity:   5

Tags:   Financial Planner, Asset Management, Investment Management

Author RSS Feed   Author RSS Feed

The San Francisco Chronicle recently featured "5 Estate Planning Tips" in their Business News section, which was excerpted from Investopedia US. It reported that a properly and carefully prepared estate plan, regardless of the size of the estate, will ensure that the right parties will inherit your assets. Even if you already have an estate plan in place, you'll find these five tips helpful as you review your wills. These are:

Declare Who Gets What - the laws that govern your domicile determines who inherits your assets if you fail to prepare a will

Choose How It Should be Spent - create a trust that stipulates the allocation of assets to cover specific expenses that the trustee is legally bound to oblige

Minimise Estate and Income Taxes - use tax-efficient strategies to minimise the taxes your beneficiaries will owe when they inherit your assets

Offset Taxes with Insurance - once the estate and income tax is estimated, purchase a life insurance plan that corresponds to the estimated amount and put the affected party as the beneficiary so they can use the insurance proceeds to pay off the taxes

Work with an Estate Planning Team - seek the assistance of experts, such as an attorney, tax professional, and financial advisor, to help you design wills and trusts that meet the state requirements and are customised for your beneficiaries

What is Estate Planning?

Is more than just planning the recipients of your assets. A good estate plan means retaining control of your assets and assigning someone to make decisions on your behalf, when you are incapable to do so in the future. In the document, "Understanding Estate Planning", published in November 2009 by GWM Adviser Services Limited, Sydney, it stated that it's important "to have a considered and comprehensive plan to ensure that all assets are transferred according to your wishes in the most effective and efficient manner".

In estate planning, you have four goals in mind: communicate your wishes, protect your beneficiaries, reduce taxes, and protect your business. But what makes estate planning a complex process is it's a continuous process because life is constantly changing; you either gain more or lose some assets, you may change beneficiaries, etc. That's why you need the help of an expert who is knowledgeable in this field. To help you get started, here is a checklist of the issues you need to assess and discuss with your advisor:

Is your will up-to-date and valid?

o Who will be your beneficiaries?

o How will your estate be divided among them?

o Do you want to give something to charity?

Do you have a life insurance?

Are you setting up a trust?

o Who will be your trustees?

How will tax affect your assets?

Do you need to implement a binding death benefit nomination for your superannuation?

Does your business have a succession plan in place?

Who did you choose as executor?

Ostrava Offers Estate Planning Assistance

Ostrava's asset management and superannuation services can help you set up, administer and execute investment strategies for your funds, including estate planning for your Self Managed Superannuation Fund (SMSF). They have a team of financial management specialists who can provide a personal one-on-one tailored service for your needs.

Author's Resource Box

Ostrava Asset Management and Superannuation was established in 2005 and services a national client base. They have a financial planner who provides you with a tailored service that suits your individual needs.


Article Source:
www.1ArticleWorld.com

 

  Report Article
Badly Written Offensive Content Spam
Bad Author Links Mis-spellings Bad Formatting
Bad Author Photo Good Article!