Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. Anyone who owns property - a home, a car, a bank account, investments, business interests, a retirement plan account, collectibles, personal belongings, etc. needs an estate plan. An estate plan allows you to direct how and to whom your property will be distributed after your death. If you have no estate plan, your property could be dispersed according to your state's intestacy laws without regard to family needs or your desires. Estate planning is an ongoing process. For a young single person, an estate plan may consist of simply a will. A couple just starting out might have wills and own a modest home and bank accounts in their joint names. When children arrive, whom to name as the children's guardian and how to provide for them and your spouse in the event of unexpected death or incapacity become estate planning concerns. Once an individual starts to realize his or her financial goals, asset preservation and how to minimize estate taxes become important factors in estate planning. Many people who carefully plan for income taxes don't give any thought to estate taxes. They assume that estate taxes, unlike income taxes, affect only people with large estates. However, with so many dual-income families and the high value of real estate in many areas of the country, coupled with the value of life insurance policies, people who consider themselves of moderate means may have an estate that will be subject to federal estate tax at their deaths. Currently, federal estate-tax rates range as high as 55%, significantly higher than federal income-tax rates. Regardless of the size of your estate, every person should review their estate situation with a CPA experienced in Estate Services. Robert Newton of Suttle & Stalnaker, PLLC leads our Estate Planning service. Please contact Robert or any of our other members to arrange for an appointment to review your estate plan needs.
