Top 6 Steps in the Estate Planning Process
Estate planning i nvolves designating someone to receive your assets in the event of your incapacitation or death. It’s mostly done with guidance from an attorney, experienced in estate planning in California or elsewhere. The primary objective is to ensure heirs and beneficiaries receive assets in a way t o manage and reduces estate taxes, gift taxes , and other tax impacts. In this article, we’ve identified the s ix steps to basic estate planning 1. Enl ist Y our Assets and B elongings If you look around, you ’ll feel surprised by all the tangible and intangible assets you own . The tangible assets in an estate may b e real estate properties, vehicles, collectibles, and other personal possessions. The intangible assets in an estate may include bank accounts, investments, shares, stocks, bonds, life insurance policies, retirement plans like workplace 401(k) plans, individual retirement accounts, ownership in a busine ss, etc. 2. Review your...