Estate planning basics essential concepts, individual needs
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Transcript of Estate planning basics essential concepts, individual needs
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ESTATE PLANNING BASICSEssential Concepts, Individual Needs
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INHERITANCES
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HOW DO I LEAVE INHERITANCES?
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There are several possible ways, but your estate plan will likely use
two primary tools
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A last will and testament
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and a revocable living trust
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BOTH OF THESE TOOLS give you the chance to make almost any inheritance choice
you want
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TAXES
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HOW MUCH WILL MY ESTATE HAVE TO PAY IN ESTATE TAXES?
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It’s very likely that your estate won’t have to pay anything in estate taxes
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Though estate taxes were a considerable concern 10 or more years ago, they are significantly
less important today because the exemption limits are so high
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Even if your estate is large enough to be taxed, there are ways to
reduce or eliminate your exposure
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PROBATE
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WHAT IS PROBATE AND WHY SHOULD I WORRY ABOUT IT?
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Probate is a legal process that applies to your estate property
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Though it’s not as bad as you might have heard, it can be costly
and time consuming
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It’s also something you can mostly avoid if you take the proper action
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TIME IS RUNNING OUT
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OK, I KNOW I NEED TO BEGIN ESTATE PLANNING. WHEN SHOULD I DO IT?
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IMMEDIATELY
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You never know what the future holds, and not having a plan in place could mean some serious problems for you or your family
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A good plan is one you create as soon as possible, and one that you update as
your needs and desires change
LEARN MORE ABOUT ESTATE PLANNING IN MINNESOTA
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A good plan is one you create as soon as possible, and one that you update as
your needs and desires change
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