Estate Planning

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Protect your Estate from Taxes and Probate

One goal that many people share is the desire to pass along to their loved ones as much of their estate as possible. Often, however, they do not make adequate preparations to preserve and protect their assets. As a result, many estates are settled in ways people did not intend, and their heirs receive a diminished inheritance.

Consider these facts:

• Your estate may be subject to federal estate taxes as high as 55%.
• Probate, the court proceeding that concludes all legal and financial matters upon death, can consume another 10% of your estate.
• Probate can tie up your estate for several years, whether or not you have a will.
• Heirs may be forced to use their inheritance to pay estate taxes.
• Unless you prepare, the court may decide guardianship of your minor children.

Fortunately, good estate planning can help you avoid these problems. Estate planning is not just for the wealthy. Everyone, especially those with children, needs sound estate planning to protect loved ones who depend on them financially.