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Why do I need Estate Planning?

• Estate planning. It sounds like something only the very wealthy need to worry about. But in reality, it’s important for all of us. Like it or not, you need to plan for the inevitable. Estate planning makes sure your children, elderly relatives, and even yourself will be taken care of the way you want when you die. From passing your estate to your heirs to leaving a legacy to charity, the articles in this section provide many tips on the basics of estate planning.

• Estate planning—what does it have to do with me? It’s a common enough question. A lot of ordinary people assume they don’t have an “estate” and therefore don’t need an estate plan. But if you own a car, furniture, a house, or some money in a retirement fund, you have assets you need to protect and plan for. And estate planning is doubly important if you have minor children or other dependents. Though planning for the disposition of your assets after your death isn’t the most pleasant task, it’s a necessary one. Plus, you’ll feel better knowing that your family or other heirs will be taken care of when you’re gone. Here’s a few basics you should know about estate planning
• Why you need a plan? Without an estate plan, there is no guarantee that your assets will go to your heirs in a timely and orderly manner. What’s more, your estate may be subject to heavy estate taxes, probate costs, and other expenses that will diminish the amount your heirs eventually receive. Here are a few other situations for which you should prepare:
• Federal estate taxes
  Federal estate taxes are due nine months following a death, and many heirs are unprepared to pay them. To raise the necessary cash, heirs may have to sell assets such as a home at “fire-sale” prices. Or if they can’t find a buyer, heirs may have to borrow from a bank or possibly pay the IRS in installments. None of these is an ideal solution.
• Guardianship of your children. If you have not arranged for custody of your children and made financial provisions for them, they could face an uncertain future. It may be up to the courts to name their guardian and executor of your estate.
• Continuation of your business. Business owners who don’t plan for their succession can jeopardize the future of the business and create family strife. Business owners who don’t arrange for cash to be available to their successor risk the stability of the business during the transition period.

• Minimize the estate taxes and administrative expenses required to settle your estate   
• Avoid the expensive and time-consuming probate process   
• Provide liquidity (or ready cash) so your heirs can afford to pay remaining estate taxes and expenses   
• Make provisions for the guardianship and financial support of your children   
• Communicate your healthcare and life-support wishes should you become incapacitated.
• Make arrangements for the future of your busines

• A will names the heirs of your estate — family members, friends, and charities — and stipulates how your property is to be distributed.
• Trusts may serve several purposes. Some trusts are established to reduce future estate-tax burdens and avoid probate. Others are designed to provide for minor children.
• You can use a power-of-attorney document to communicate your wishes about health care and property should you become unable to communicate them.
• You may be able to take one or several tax deductions depending on 1) the size of your estate, 2) whether you are leaving the entire amount to your spouse, 3) whether you are leaving money to charity, and 4) whether you have a family owned business.
• The death benefit from a life insurance policy can help your heirs pay estate taxes and other expenses arising from your death.
• Talk to a financial professional