Estates and Estate Planning: Planning for Your Heirs and Legacy
Estate Planning is a particular action taken by an attorney the client to make certain determinations for individuals seeking to take advantage of state and federal laws which govern disposition of assets, and particularly taxation during life and death situations.
Estate planning looks to the limitations on disposition of property to the extent that they may be so involved with taxation that the client chooses to exam alternative means of disposition of property or alternative planning in order to avoid heavy tax consequences, to gain what they would liked to accomplish in terms of disposition of their property and to provide for flexibility in some cases so that persons who are chosen to benefit do in fact benefit from the assets of the estate or the creator or grantor or testator.
Estate planning therefore will accomplish the following: gifting, re-titling, especially as between husband and wife, the use of revocable and irrevocable trust, to the extent that irrevocable trust takes property out of the hands of the grantor places in settlor or in some other person’s hands in order to accomplish the intention of the grantor but yet to minimize taxation. So, for example – estate planning may consider certain exclusions exemptions in determination of valuations and determining what is or is not included in ones estate at death.
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