Five Needed Estate Planning Tools

          It’s amazing, but there are millions of Americans who do not have their estate plans in order. Some think that a simple will is an estate plan. That is not the case. If you have any amount of wealth (especially if you have a spouse and/or children), you really need to have each of the following estate planning tools. The center column is the average number of people out of ten who do not have each tool. 

Estate Planning Tool: People WITHOUT Why you want this…
Will 1-2

Without it…

     • The state decides who gets your assets at death
     • The state decides who gets custody of your minor children

Marital Trusts 5-6

In general, to save on estate expenses…

     • by maximizing estate tax exemptions
     • avoid costly probate (up to 4-10% of the entire estate)
     • protects certain assets from the government as a set off for long term care expenses

Irrevocable Life Insurance (ILIT) 7-8 Life Insurance proceeds pass to the beneficiaries free of income tax and free of estate tax.
Durable Power of Attorney (DPA) 5-6

-Legal powers allow someone to act on your behalf when you become incapacitated (to pay bills, remove money from IRAs, sell stocks, etc). 

-Medical powers allow someone to make decisions about your healthcare (such as make end-of-life decisions and whether life support should be continued or a feeding tube removed).

Family Limited Partnership (FLP) 9-10 FLPs help to protect assets from creditors and to help reduce gift and estate taxes when transferring assets to family members.

          To view/listen to a brief educational presentation on basic estate planning, please click here or on the picture below.

          Estate planning itself is a very broad topic and cannot be covered in an introduction web-page. Therefore, we have listed the topics that need to be covered in an estate plan which you can click on to read more about. We encourage you to surf this site to learn more about estate planning and hope you will contact us to help put together a complete plan that covers not only your estate plan but also your asset protection plan and financial plan.

-Life Insurance

-Life Settlements

-Long-Term Care Insurance

-Charitable Planning

          While the above is not an exhaustive list of topics that need to be discussed in an estate plan, the material covered on this site should give you a feel for whether your estate plan is in order.

          If your estate plan is not in order and you would like help from our firm and its affiliate partners, please feel free to contact us at wealthplanner@earthlink.net or (702) 873-5555.

Family Wealth Planning, Inc.
3218 Rolling Acres Circle, Las Vegas NV 89117

General Telephone: (702) 873-5555
Copyright 2010 Family Wealth Planning, Inc.
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