Farm Estate and Succession Planning
This blog focuses on making complex and difficult topics in estate and business planning understandable and applicable to the reader.
Estate Planning - General Explanation and Overview
Sep 07, 2011
Estate planning is the process of anticipating and arranging for a person's death. This is a very "flexible" area of planning, as none of us know when we are going to pass away, what our assets will consist of, or what our government will impose on us for taxes at that time. Estate plans are often changed as the years go by to ensure that they accurately depict our goals and circumstances and changes in the law. Accordingly, my work with people focuses on building a plan that meets their current goals and issues but that is also flexible and can change with the coming years and the changes that occur in your family and in the tax law.
Estate planning typically involves attempts to eliminate uncertainties over the administration of an estate at death and maximize the value of the estate by reducing taxes and other expenses. This can take many forms. In the next posts, I will examine a "last will and testament" and a "revocable living trust."
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Required Disclosure Pursuant to IRS Circular 230: Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code; or (2) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.