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APPLY NOWWhat is an "Estate"?
Your "estate" consists of all property owned by you at the time of your death, including:
- Real estate
- Bank accounts
- Stocks and other securities
- Life insurance policies
- Personal property such as automobiles, jewelry, and artwork
Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of one or all of the following professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker.
Most commonly associated with an estate plan is the term "estate tax". This is usually the focus of an estate plan. The goal is to limit or take away the 40%-55% estate tax that is put on all hard working people.
For Example if you had $100,000 in the bank and wanted to leave $50,000 to your two sons they would then pay 40%-55% tax. Which turns the $100,000 down to $50,000, thus only leaving $25,000 to each son.
(Note: these figures are examples)
Since no one knows when there time will come, it is never to early to start planning your estate!
Click here to learn more about estate planning from a Financial Service Professional.
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