Estate Planning is the process of arranging for the most orderly management of one's personal affairs and the transfer of wealth in the event of mental or physical incapacity during life or in the event of death. This process incorporates the laws of wills, taxes, life insurance, property ownership and trusts to gain the maximum benefit from these laws to carry out your wishes. The planning process includes the creation of an estate plan, which is designed to achieve your personal objectives for the management and transfer of your wealth.
Anyone who owns property has an estate. Property can include such things as a home, car, bank account, investments, business interests, retirement plan account, life insurance, family heirlooms, collectibles, etc. The following items are typically considered in designing an estate plan and wealth management program:
- Ownership of property
- Life insurance, including ownership and beneficiaries
- Liquidity of assets during incapacity, retirement and death
- Review of current wills
- Analysis of the benefits and drawbacks of leaving everything to your spouse
- Retirement plans, including IRAs, beneficiary designations and distribution requirements
- Review of all documents relating to the organization and formation of a closely held business (corporation, partnership or proprietorship)
- Review of current trusts and powers of attorney
If you are looking for a firm committed to the high standards of the accounting profession, we can assist you by offering professional service, advice and peace of mind.
For more details about Estate Planning and Trust Services, contact Dave Walther, JD, CPA/PFS at 314.862.2070. Or, e-mail dwalther@muellerprost.com.