Protecting What Matters
Estate Planning
You may be wondering why there is an Estate Planning section on a tax website. Taxes can become one of the largest expenses involved in settling an estate. Fortunately, advance planning may help reduce unnecessary taxes, expenses, delays and complications for the people you care about.
Explore the different aspects of estate planning below. When you are finished, contact our office to learn more about the available resources and next steps.
An Essential First Step
Do You Have a Will?
Although many Americans understand that they need some form of will or estate plan, a substantial number of people continue to put the process off.
Estate planning—regardless of the size of your estate—does not necessarily have to be complicated. Once an appropriate plan is completed, you may have greater peace of mind knowing that your wishes have been documented for the future.
Planning Ahead
You Can’t Take It With You—but You Can Plan What Happens Next
Settling an Estate
When a person dies, someone must finalize that person’s affairs. Bills must be paid, property must be accounted for and assets must be transferred to the intended heirs or beneficiaries.
Without appropriate advance arrangements, state law may require some or all of these matters to be handled through court proceedings. The process can take time and may create additional expense and administrative work for surviving family members.
Preparing Important Documents
Thinking and talking about death or incapacity can be uncomfortable. However, preparing the appropriate legal documents with qualified professionals can help preserve the property you worked hard to build.
An organized plan can help answer estate-planning questions, reduce uncertainty and create a personalized direction for you and your family. The best time to begin is before the documents are urgently needed.
Your Planning Foundation
Getting Started
For many individuals and families, foundational estate planning may include a will, financial and healthcare powers of attorney, a living will and, when appropriate, a living trust.
ARP Tax Pro’s alliance partners have more than 25 years of experience assisting clients with estate-planning needs and have participated in the development of thousands of estate plans.
Their experience contributed to the development of the Dynamic Trust Portfolio, which can provide a coordinated collection of essential estate-planning documents. Other options may be available for people who need more or less, depending on their circumstances.
Essential Planning Tools
Wills & Trusts
Wills
A will provides written instructions for administering your estate after death. It may address the distribution of property, the appointment of a personal representative and guardianship considerations for minor children.
A will should be professionally prepared and periodically reviewed as your family, finances, assets or state of residence change.
Trusts
A trust is a legal arrangement through which property may be held and managed for designated beneficiaries. Depending on its design and applicable law, a trust may assist with asset management, privacy, continuity and the transfer of property.
Trusts are not appropriate for every person or every asset. Professional legal and tax guidance is important when deciding whether a trust belongs in your estate plan.
Don’t Put This Important Decision Off
Contact our office to learn more about estate-planning resources and the next steps for creating a plan designed around you and your family.