Estate planners help organize assets to benefit beneficiaries, reduce taxes, and meet the wishes of the benefactor. They appraise assets, confer with the benefactor, and structure property to minimize taxes.
Estate planners are professionals who assist in ordering all of the assets associated with an individual’s estate so that the beneficiaries of the estate realize the maximum benefit from the inheritance. Often, this includes arranging the affairs of the estate in a way that helps reduce legally owed taxes while providing an inheritance for loved ones. There are several key issues that an estate planner will address in order to create the most effective estate plan and still meet the wishes of the well-wisher.
One of the first tasks any estate planner will tackle is a thorough appraisal of the assets currently in existence. The goal is essentially to understand everything that is currently comprised in assets and in what form each asset currently exists. This provides a point of origin for the estate planner to begin shaping the structure of the estate in ways that will ultimately be in the best interests of the benefactor and any beneficiaries who inherit a portion of the estate.
After assessing the current state of the estate, an estate planner will usually confer with the benefactor to determine what his or her goals are, in terms of how the assets are to be shared among the beneficiaries. Knowing what the benefactor wants to provide their loved ones in terms of inheritance can help the probate organizer make constructive suggestions on how to achieve these goals. For example, if the benefactor wishes to create an inheritance that provides some type of ongoing financial support for the benefactor’s children, the estate planner may suggest the creation of a family corporation. This type of estate planning creates a structure that manages property and investments in a way that ensures a consistent monthly or annual income for all those named as beneficiaries.
One of the primary goals of any estate planner is to advise clients on ways to structure the property so that all tax laws are met, but that taxation is kept to a minimum. This helps to put more available resources into the hands of the beneficiaries and thus makes it easier to achieve the benefactor’s objectives. From this point of view, the estate planner must know the applicable tax laws and how they affect the assets that currently make up the property. The estate planner may assist the benefactor in converting some assets into other less taxable forms as part of the overall planning strategy.
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