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CHAPTER 13 -ESTATE PLANNING STRATEGIES

No one wants to pay a cent more for estate taxes than is absolutely necessary. No one wants ungrateful relatives to receive all or part of his or her estate. However, most people are needlessly paying estate taxes and leaving their estates to ungrateful relatives because they neglected to utilize basic estate planning techniques.

With proper planning, you can avoid or reduce estate taxes and probate costs. Most people, for example, do not have a will and therefore are not taking advantage of their right to designate who will receive their personal and business property when they die.

HOT SITE

Estate Planning/Elder Legal Survival

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Whether you are 22 or 92, president of a multimillion-dollar corporation or president of a home-based corporation, now is the time to start your estate planning. A carefully constructed estate plan is important for everyone, especially the small business owner, because it permits you to distribute your property to whom and in what amounts you wish. Equally important, an estate plan permits you to take advantage of a variety of tax-minimizing techniques that can increase your family's security.

Careful planning can (1) ensure distribution of property to intended beneficiaries, (2) minimize the burden of federal and state estate taxes, (3) allocate the tax burden in the manner most consistent with your wishes, and (4) ensure the orderly continuation of your business.

Because of frequent changes in the estate and gift tax laws, it is especially important for you to review any existing estate plans.

Estate Planning Checklist
Estate and Gift Taxes
Is a Living Trust Right for You?
Why You Need a Will
How to Choose an Executor or Trustee
Powers of Attorney
How to Restrict the Transfer of Stock
Perils and Pitfalls of Joint Ownership
How and When to Use the Forms in This Chapter

Reprinted with permission from the Upstart Small Business Legal Guide by Robert Friedman