Estate planning is important for everyone.  You’ve worked hard to build your wealth.  An estate plan will insure that wealth is preserved for your family, should something happen to you.  In addition to giving you peace of mind, a well-designed plan should accomplish all of the following: 

• Help distribute your assets according to your wishes.

• Minimize estate & income taxes.

• Help avoid unnecessary costs, publicity and delays associated with the probate court process.

• Designate someone you trust to make your financial and medical decisions should you become incapacitated. 

• Appoint someone you trust to make personal and financial decisions on behalf of your minor children.

An estate plan lets you choose your beneficiaries.  How your assets are titled will determine how they will be distributed.  Generally, assets that you own solely in your own name (with no beneficiary designations) will pass to your estate.  If you die without a will, state law will control the distribution of those assets, meaning your property may not be distributed as you might have intended. 

Planning can mean more for your heirs – and less for the IRS.  Depending on the size of your estate, taxes can have a significant impact on how much you can leave to your beneficiaries.  In 2000, for estates valued at over $675,000, estate taxes start at 37% and rise to 55%.  You may be surprised by what is included in your taxable estate.  In addition to your house, investment account and other personal property, retirement accounts and insurance policies you own are also included.  A well-prepared estate plan can help minimize, or even eliminate, estate taxes.