Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 08-30-2008, 08:57 PM
Junior Member
 
Join Date: Jan 2007
Posts: 19
What exactly is Estate Planning?

I have heard from many sources the term Estate Planning being used frequently but what is meant exactly by the term Estate Planning?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 08-31-2008, 12:42 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
What exactly is Estate Planning?

Estate Planning is generally considered to be "the process whereby the assets that have been accumulated during a persons lifetime will be passed onto family members or charitable institutions that a person has specified, in the most tax efficient and equitable way possible."

Estate Planning will ensure that the Estate that needs to be passed on to the desired people or institution will be accomplished with the least amount of time, cost and potential grief.

It is imperative that every person should have an Estate Plan so that his Estate will be passed on to his heirs or survivors according to his or her wishes.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 09-21-2008, 03:05 PM
Junior Member
 
Join Date: Sep 2008
Posts: 3
Estate planning essentially means controlling the property that you have or will have. Property means everything of value, including real estate, financial, life insurance, and beneficiary controlled assets (e.g. retirement plans and annuities). Estate planning is accomplished via proper beneficiary designations, owning property the "right" way, and executing a will or a living trust.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
11 Most Common Mistakes in Retirement Planning TaxGuru Retirement Planning 5 04-11-2015 02:27 AM
tax planning sushilkumar428 Income 1 02-03-2008 06:42 PM
10 Most Common Mistakes of Estate Planning! TaxGuru Estate Planning 0 09-13-2007 12:09 PM
Do you have any advise on the Retirement Planning process? JimiGood Retirement Planning 2 06-05-2007 10:59 AM
Can provide me with help in retirement planning? Wayne Retirement Planning 1 02-16-2007 10:36 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning