Working with an attorney or tax advisor
by Admin
Posted on 02-03-2024 11:57 AM
Talk with a financial advisor about your
estate planning
goals. He or she can provide referrals to local estate planning attorneys. Trust services available through banking and trust affiliates in addition to non-affiliated companies of wells fargo advisors.
Wells fargo advisors and its affiliates do not provide tax or legal advice. Please consult with your tax and/or legal advisors before taking any action that may have tax and/or legal consequences.
Many people hire an attorney or tax advisor for assistance with this process. This is something that can really help ensure everything is done correctly and in line with the laws in your state, but if you aren’t ready for that yet, don’t worry, you can still get started. And if you already have legal documents in place, the suggestions below can help you add to that and ensure that you have covered absolutely everything in an efficient way. When you are ready for professional guidance, an attorney or tax advisor can help you make completely informed decisions in regards to your estate to meet your personal needs and goals.
Estate, inheritance, and gift taxes
Now that you’re familiar with the basics of estate planning, let’s explore the process of creating a plan. This step-by-step guide will aid you in your journey of establishing your own estate plan. 1.
Inventory your assets
assigning a monetary value to your possessions is important for many reasons, primarily for establishing your net worth (total assets minus total liabilities). For accuracy, you should list your tangible assets, such as your home, vehicles, gold bars, jewelry, artwork, and other valuables. Then, list your intangible assets, such as stocks, life insurance policies, savings accounts, and business ownership. 2. Factor in estate taxes
often referred to as inheritance (or death) taxes, the government typically imposes estate taxes on the total value of your estate upon your death.
A basic goal of estate tax planning is to transfer as much of your property with as little taxation as possible. One way to do this is to give money away during your lifetime. Gifting can give your planning a purpose, and ensure that assets are no longer in your estate and vulnerable to federal or state transfer taxes. Examples of gifting would be tuition or medical expenses for children or loved ones or donations to charities. All of these that involve gifting remove assets from your estate and can lower the taxable portion of the estate to the extent you use the lifetime gifting exemption during your life that will lower the amount you have left at death.
Depending on the size of your estate, your assets may be subject to taxes upon your death. In 2023, estates valued at $12. 92 million or more are subject to federal estate taxes. 1 to help lessen the estate tax burden, you may want to consider the following strategies: gifting: gifting assets while you’re alive may reduce the size of your eventual estate and alleviate future estate taxes. Philanthropy: donating assets to charities or foundations allows you to contribute to organizations that you care about while also reducing the size of your estate thereby reducing any future estate tax. Such donations may also lessen your income tax burden.
durable power of attorney
For more than 50 years, nolo has published books, software, articles, and forms that help people make informed choices about estate planning. Below is a list of nolo products that address different aspects of estate planning and related matters. Plan your estate, by denis clifford, offers in-depth coverage of all significant elements of estate planning, from simple wills to complex tax-saving trusts, from funerals to family businesses. Quicken willmaker & trust helps you to prepare a comprehensive will, which includes naming a personal guardian for your young children, naming property managers for young beneficiaries, and naming a caretaker for your pet.
Estate planning, in plain english get the need-to-know basics about wills, trusts, avoiding probate, and planning for incapacity with estate planning basics. This book lays out your options in plain english, guiding you to the right estate plan for you and your family. Learn how to: - make a will or living trust - name a guardian for your children - avoid probate - use durable powers of attorney, and - prepare a health care directive. The 12th edition is completely updated to reflect the latest information about estate planning. Product details.
An estate plan consists of many different estate documents, each of which will serve a slightly different purpose. An example of estate planning documents you can expect to need are: durable power of attorney (dpoa) health care proxy (hcp) beneficiary designation or joint property will/revocable trust.
Learn everything you need to know about estate planning including what it is, getting started & the basics of estate planning in this guide by trust & will!.
In the context of estate planning basics, it’s important to understand what an estate is. Simply put, an estate refers to all of your assets and liabilities, both tangible and intangible, at the time of your death. This includes everything from real estate, personal property, bank accounts, investments, and other financial assets, to any debts or liabilities you owe. When you pass away, your estate will be settled according to your wishes, which involves paying off any outstanding debts and distributing your assets to your beneficiaries. The process of settling your estate can be complex and time-consuming. That is why it’s important to have a comprehensive estate plan in place to ensure that your wishes are carried out and your loved ones are provided for.
Do you have an estate plan? if you live in california, do you know the basics of estate planning in the golden state? if your answer is “no,” it’s time for estate planning 101. An estate plan is a must for every adult, but before planning your estate, you need to understand the estate planning basics. As a californian, there are some state-specific issues that you need to keep in mind. We created our estate planning 101 for californians for informational purposes to familiarize you with estate planning terms, protocol, and more. Start my estate plan.