Online Insurance Continuing Education - Estate Planning
Online Insurance Continuing Education - Estate Planning
Estate planning is the process of creating a master plan for the disposition of an individual's assets. This will involve the disposition of such assets at death, and may also involve lifetime transfers of property and certain things must be considered.
Limit administration costs
Limit tax liabilities
Facilitating timely payment of estate obligation and taxes
Satisfying the desires of the estate owner as to property distribution
Many individuals initiate estate plans for the purpose of tax planning. But as the plan develops, a much more comprehensive view emerges with the emphasis on the safe guarding of assets for the benefit of heirs, playing the critical role.
In everyday life, estate planning involves people - spouses, children, grandchildren, favorite family members and close friends. Estate planning is attempting to provide for an individuals security and prosperity without the "bread winner." Estate planning has also been labeled a bundle of (taxes state, federal, income, death and gift) with an army of Lawyers, Accountants, Insurance people, Banks and Financial Planners to help administer the estate. There are four basic characteristics of estate planning:
Estate planning takes time: a little now or a lot later;time to identify and accomplish goals that are personally important.
Estate planning involves money, business, and finance. It involves dollars needed to create and maintain a life style for loved ones after death. It also involves the sacrifice of dollars to purchase life insurance or to invest in a portfolio.
Estate planning is human ambition and the fulfillment of that ambition by acquiring and holding property. It is a life statement of commitment to others.
Estate planning is "living" planning. It is an attempt to use resources to create an environment beyond death. It is the ability to share success with others.
It is apparent that estate planning will have different meanings for different individuals.
WHO NEEDS ESTATE PLANNING?
It is never too early to start thinking about estate planning even if an estate is just a few personal possessions. If an individual dies without leaving any legal instructions for distributions of their property, the state, in which one lives, will make the decision for the individual. Which government bureaucrat should be trusted to assess the value of property and decide when and how it should be distributed, or who will get custody of the children?
Many people procrastinate in preparing an estate plan because just thinking about the subject makes them uncomfortably aware of their own mortality. It may be difficult for individuals to meet with a qualified attorney to get affairs in order. But until this is done there will always be a gap in the best laid financial plans. Of course, the greater the value of the assets, the more complex the plan will be.
As stated above, estate planning is not just for wealthy individuals. It could be just as vital to an individual with a small estate because of the lack of cash necessary to provide for loved ones. The smaller estate individual may require more urgent attention due to the fact that each individual asset and its ultimate disposition has greater impact overall. The waste of any single asset could cause for greater suffering for the heirs of a small estate than the same occurrence in a larger estate. In summary, an estate plan can turn an uncertain distribution of assets into a certainty.
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