Username: ForexGuy Rating: Asked to: Apinya Kamon Date Created: 13 Jun 2016 |
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Category | 28 |
Tag | Financial |
Question | What is 'Estate Planning'? |
Hello ForexGuy, Estate planning is the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Some of the major estate planning tasks include: - Creating a will - Limiting estate taxes by setting up trust accounts in the name of beneficiaries - Establishing a guardian for living dependents - Naming an executor of the estate to oversee the terms of the will - Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s - Setting up funeral arrangements - Establishing annual gifting to reduce the taxable estate - Setting up durable power of attorney (POA) to direct other assets and investments |
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