April '98
It’s been said the only certainty in life is death and taxes. Well, how about taxes after death? Starting at 37% and going up to 55%. I’ve often said the only reason we have estate taxes is because dead people don’t vote.
Like it or not, you have an estate plan. Either you have taken the time and effort to determine your own estate distribution desires or the state has it done for you in its estate settlement statutes.
Obviously, most people would rather do there own; however, if you’re like most people, this issue doesn’t surface until somewhere around middle age. Even then I find that most people don’t know where to begin and just thinking about the process is intimidating.
Although you will ultimately deal with an estate planning attorney and perhaps a CPA, as a financial planner and a frontline professional, my role is to facilitate and coordinate the estate planning process. Some of my tasks before meeting with the attorney are to:
Look at the big picture
Discuss the players and the fees
Help gather the facts
Isolate the tough valuation issues
Assess liquidity needs
Find out if pre-death transfers are in order
Raise the spouse issues
Talk about kids and grandkids
Describe the tools, i.e. trusts, wills, POA’s, FLP’s, CRT’s, etc
Focus on the basic estate planning questions
In order for you to get started we have available a copy of, Estate Planning: 16 Points to Ponder
To insure your financial legacy for your family and to begin this vital process, request your free copy, jpw@financial-architects.com.
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