24 Estate Planning - Prentice-Hall, Inc. 1 Chapter 17...

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Unformatted text preview: Prentice-Hall, Inc. 1 Chapter 17 Estate Planning: Saving Your Heirs Money and Headaches Funeral Planning ¡ Funerals cost more than you think. ¡ Average funeral is $10,000 ¡ Burial Plots….where? ¡ Cremation or embalmed? ¡ Cremation or embalmed? ¡ Last words? Last song? ¡ Taking that last walk? With who? ¡ What to do with your estate? Objectives of Estate Planning ¡ Distribute ____________ ¡ Provide for dependents ¡ Select guardians for minors ¡ Minimize estate and inheritance taxes ¡ Minimize estate and inheritance taxes ¡ Minimize settlement costs, including legal and accounting fees ¡ Appoint power of attorney in case of physical or mental impairment The Estate Planning Process ¡ Step 1: Determine what your estate is worth. ¢ Estate net worth = value of estate ’ s assets – value of estate liabilities ¡ Step 2: Choose your heirs and decide what they receive. The Estate Planning Process (cont ’ d) ¡ Step 3: Determine the cash needs of the estate. ¢ Liquid assets are needed to pay estate taxes ¢ Funeral expenses ¡ Step 4: Select and implement your estate planning techniques. Understanding and Avoiding Estate Taxes (review these in book) ¡ Estate taxes ¡ Gift taxes ¡ Unlimited marital deduction ¡ The generation- skipping tax Prentice-Hall, Inc....
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This note was uploaded on 06/06/2011 for the course HACE 3200 taught by Professor B during the Spring '09 term at University of Georgia Athens.

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24 Estate Planning - Prentice-Hall, Inc. 1 Chapter 17...

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