May 11, 2006:
Congress Reaches an Agreement on Tax Increase Prevention and Reconciliation Act of 2005
Estate Planning
Estate planning is the creation of a plan for managing your wealth while you are alive, and distributing your assets after your death. The process involves inventorying your financial affairs, determining who your assets will be transferred to, how you would like those individuals to receive those assets, and organizing your estate so as to ensure that beneficiaries are in fact benefited. Without an estate plan, state laws and probate courts determine all of these things for you.
Everyone recieves a credit for federal estate and gift taxes up to a certain point. This credit, coupled with a number of common deductions, relieves some estates of any federal estate tax burden. In cases where the burdern is not totally revealed, an estate can be structured so as to take advantage of exclusions, exemptions, and credits to minimize the tax burden.
At Radachi & Company, we will guide you through the everchanging process of setting up a successful estate plan. If you have any questions for would like to further inquire about our estate services, please feel free to contact us here.
