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Estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes.
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1. Estate Planning 01 - What is Estate Planning ??
Estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes.
2. Estate Planning 02 - Life Insurance and Estate Planning
The proceeds from the insurance can be used to pay off any probate, taxes and fees and leaving the accumulated wealth of your estate for intended beneficiaries.
3. Estate Planning 03 - Universal Life Insurance and Estate Planning
Life insurance normally used to protect the policy insured's family or company in case of sudden death of the insured. It may be used in estate planning because of its tax exempt status. Since it is tax free, it can use to pay for tax and other expenses that might eat away the estate owner wealth upon his or her death.
4. Estate Planning 04 - What is A will ??
A will is a legal document that gives someone the power to act as your financial representative after your death and directs how your assets should be distributed.
5. Estate Planning 05 - Legal Capacity of A Will
Legal capacity of a will is a law of the state and provincial government that helps to make a will valid.
6. Estate Planning 06 - How to Draw Up A Will
You must talk to your accountant, financial adviser and any financial institution that you have investments with them, so you can collect all updated statements of your asset including stock of assets, possessions, and any other money that would form part of your estate.
7. Estate Planning 07- What is an Executor In The Will
Since you have named someone as your will executor, in general, the executor will gather up all your assets and after paying all your debts, she or he will distribute the remaining assets to the beneficiary.
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8. Estate Planning 08 - What is The Estate Setlement in a Will
Estate settlement is also known as estate administration. It is the form of handle the decreased person assets by an appointed executor or executors. If the deceased did not leave any testamentary dispositions or if they are incomplete, then the dispositions can be proceed.
9. Estate Planning 09 - Who can be An Executor ?
As we mentioned in previous article, An Executor is the person named by decreased person before his or her death in the most recent will and have the responsibility to administrate the deceased’s estate.
10. Estate Planning 10 - What Is Administering the Estate in Estate Trustee ?
The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. In case there is no will, upon the death of decreased person then decreased asset will be administrated by estate trustee.
11. Estate Planning 11 - Life Insurance and Estate Planning
In most of the case, life insurance is the cheapest way to protect your family financial security and provide liquidate asset to cover the decreased person administration cost and income tax must be paid for any unpaid gain such as stocks, property appreciation.
12. Estate Planning 12 - Type of Life Insurance In Estate Planning
Term life insurance is a type of insurance that protect the insured, most of the time is the owner of the policy for a certain period of time such as 5, 10 and 20 years. Term insurance is best used in estate planning for people who just marry or plan to start a family soon. It is cheap compare to other types of insurance. Most term life insurances are used to create an estate asset in case of sudden death of policy holder. Other term life insurance such as mortgage insurance is used to protect the home owner family.
13. Estate Planning 13 - Estate Assets Not Distributed by A Will
Life insurance is one of many family protection plan that is paid by the owner of the policy with after tax dollar and consider a tax free pay out to designate beneficiary and not by distribution by a will if the insured die while the policy is in forced.
14. Estate Planning 14 - Tax and Testamentary Trust
Unlike living trust, a testamentary trust is a will in which its indication that certain assets will be help in trust for the decreased person. It creates a legal relationship between the testator of the trust, the trustee and the beneficiaries of the trust. The main purpose of a testamentary trust is to provide income or capital or both to the beneficiaries. Since the trustee is the owner of the trust, It has the duties to allocate the income and capital payment to the beneficiaries according to the will.
15. Estate Planning 15 - Life Insurance and Estate Planning Cycle
Before one can build their wealth through investment vehicles, he or she must know how to save. In this stage, life insurance is always be a first stage of estate planning cycle, so it can guarantee there are fund around for the beneficiaries in case of sudden death. Most of the time, this stage applies to person just starting a family and have little saving. Life insurance used generally is term life insurance, because it provides larger amount of insurance with affordable premium.
16. Estate Planning 16 - The 3 Phases of Estate Planning
After You have created your wealth through years of following your financial plan. now, you have reached the age or time that you would like to preserve your wealth. Here are something you can do.
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17. Estate Planning 17 - What is Creation Phrase in Estate Planning?
Most people think wealth creation is only for people who have a sizable income or just start a family. In fact, wealth creation can start as young as you want. Some parents try to educate their children how to invest by giving them a few shares of some blue chip companies. Some people may start as soon as they have a job. There a lot of different stories that wealth were created. In fact wealth creation has to follow to carefully financial planing that you have worked through them with your financial planner.
18. Estate Planning 18 - What Is Preservation In Estate Planing
The preservation phrase is the length of of time that you try to minimize the risk of your wealth by monitoring your plan closely in response to the change in economy and your life style.
19. Estate Planning 19 - What Is Transferring In Estate Planing
Transferring your wealth to your estate is a final phrase in estate planning. At this phrase, careful planning will minimize the tax paid and avoid any unnecessary conflict among designated beneficiary.
20. Estate Planning 20 - The 5 Steps of Estate Planning
Setting objective is defined as what you want your beneficiaries to have after your death. In estate planning, most people would like to distribute their assets evenly to all beneficiaries, because most assets that the estate owner would like the the living spouse to have already signed into joint tenancy with the right of survivor. Since everybody is difference, please make sure you set your objective clearly, so your executor can ensure to distribute your asset according to your wish.
21. Estate Planning 21 - The importance of Setting Objectives In Estate Planning
Setting objective is always important for people who want to leave some of their asset to their love one. by making your objective clearly, it will ensure that your executor will distribute your asset to your beneficiaries accordin23g to your wish.
22. Estate Planning22 - The Important of Collecting and Analyzing Data In Estate Planning
Conservative people usually stay clear of stock market and putting their saving in to kind of guarantee investment. this cause some risk for your estate, because beside inflation, the return of this kind of investment always pay a highest tax rate, The estate of these people may not be large enough to provide financial security for estate's beneficiaries upon the death of the estate owner
23. Estate Planning 23 - How to Transfer Your Asset While You Alive In Estate Planning
The main objective of transferring your properties while you alive is to make sure that your estate will not take the burden of paying too much upon your death.
24. Estate Planning 24 - What is Transfer of property at Death In Estate Planning
After all necessary transferring of your other asset by using above methods, you can ensure that you estate now only minimum amount of tax and your estate is larger enough to pay for all debts and expenses and provide your beneficiaries with financial security.
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25. Estate Planning 25 - Types of Wills
English form will is one the written will
The most common form of will in US and Canada, it can be written or typed, or a combination and it must be signed at the foot of the document by the testator and by 2 witnesses who are not beneficiaries of the will or spouse of the beneficiary.
26. Estate Planning 26 - What Is Intestacy Laws
Intestacy law is a law that govern the estate of a person who dies owning property greater than the sum of his or her enforceable debts and funeral expenses without having made a valid will.
27. Estate Planning 27 - 6 Reasons to Revoke or Change Your Will
Because laws vary from state to state and from province to province, as well as country to country, please make sure that you know their laws and adjust your will accordingly to ensure your beneficiaries still receive the property or gifts you intend for them
28. Estate Planning 28- How to Implement Your Estate Planning
An executor is the person who will carry out your instructions according to your will, settle outstanding debts, and distribute the remaining assets to your beneficiaries when you die. Your estate can include all kinds of property such as rental properties, equities, bonds, houses, mutual funds cottage, land, furniture.
