Estate Planning: What It Is and Why You Need It

If you are interested in planning to accumulate wealth and preserve your whole life, and ultimately want wealth distributed to family, friends and favorite charities efficiently and in a way that completing your taxes and related objectives of non-tax, then you are interested in estate planning.

In short, the estate planning is about managing your property both before and after your death. And, the reality of the matter is that if you are not actively plan for the distribution of your estate, the government has set for your plan – a plan that can lead your family spends a lot of time in court and see you real substantive portion shrunk by taxes.

Proper estate planning in Arizona is a systematic method to uncover potential problems and find solutions in major key areas of your life.

 

Image Source: Google

Seven areas are: (1) Liquidity – make sure your estate have liquid funds required to maintain the property, pay taxes, and other costs associated with the settlement of your estate; (2) the appropriate disposition of assets – make sure the right people get the right goods at the right time; (3) Diversification of investment; (4) ensure sufficient income for retirement; (5) to stabilize the value of your business; (6) avoid excessive transfer fees; and (7) address specific problems (children who can not care for himself / herself, etc.).

1) your estate exceeds unified exemption credit equivalent.  

2) state and federal income tax bracket you combined exceed 15%.

3) You need:

– Children who are minors.

– Children or other dependents who are disabled in some way or can not care for themselves.

4) You are a nonresident alien, foreign residents, foreigners will be moved to the US, consider becoming an expatriate, or you have property interests abroad.