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Estate planners arrange assets to benefit beneficiaries and minimize taxes. They assess assets, consult with the benefactor, and structure the estate to follow tax laws and achieve goals.
Estate planners are professionals who help arrange all the assets associated with an individual’s estate so that the beneficiaries of the estate get the most benefit from the estate. Often this includes arranging estate affairs in a way that helps legally minimize taxes owed while providing a legacy for loved ones. There are several key issues that an estate planner will address in order to create the most effective estate plan and meet the wishes of the benefactor.
One of the first tasks any estate planner will tackle is a thorough assessment of the assets currently in place. The goal is essentially to understand everything that is currently included in equity and in what form each asset currently exists. This provides the estate planner with a starting point to begin shaping the estate structure in a way that is ultimately in the best interest of the benefactor and all beneficiaries who inherit a portion of the estate.
After evaluating the current state of the estate, an estate planner will typically consult with the benefactor to determine what their goals are, in terms of how the assets will be shared among the beneficiaries. Knowing what the benefactor wants to provide their loved ones in terms of inheritance can help the estate planner make constructive suggestions on how to achieve those goals. For example, if the benefactor wants to create a legacy that provides some type of ongoing financial support to the benefactor’s children, the estate planner may suggest creating a family corporation. This type of estate planning creates a structure that manages property and investments in a way that ensures a stable monthly or annual income for all individuals named as beneficiaries.
One of the primary goals of any estate planner is to advise clients on ways to structure the estate so that all tax laws are followed, but still keep taxes to a minimum. Doing so helps place more of the available assets in the hands of the beneficiaries and thus makes it easier to achieve the benefactor’s goals. From this perspective, the estate planner must be familiar with applicable tax laws and how they affect the assets that currently make up the estate. The estate planner can help the benefactor convert some assets into other forms that are less taxable as part of the overall planning strategy.
Smart Asset.
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