Everybody has an estate. For that reason, a basic estate plan is an important financial document for everyone to have.
If you have something of value that you want to pass on to someone else upon your death, you have an estate.
And you have an estate plan. It is just that if you don’t get around to writing one up, the state will have one for you. Better to have your own.
A story on finance.yahoo.com says the will is the cornerstone of any estate plan and trusts serve as a complement to wills.
And you should also be familiar with how the estate tax system works, current laws, gift taxes and state death taxes, the story says.
Estate planning is your personal opportunity to make decisions concerning your assets, finances and health care, according to the story. While some people see estate planning as simply a way to assign assets to heirs, others see it as a way to perpetuate their legacies.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
