The goal of estate planning is to preserve the most amount of your wealth possible for the intended beneficiaries; prior to your death. Due consideration of this must be entered into in order to avoid penalties related to certain Federal and State tax laws. Otherwise the property and wealth that you struggled to earn and obtain during your lifetime could easily be lost to the ravages of poor estate planning after your death instead of benefiting your heirs as you intended. If you own real estate it is critical that you take care of it with carefully crafted estate planning early on. This can help you to anticipate economic changes without being hit with severe economic impacts later on.
Hey,
The goal of preserving the most amount of your wealth possible for the intended beneficiaries should occur prior to your death. However, to avoid the penalties related to certain Federal and State tax laws and to avoid losing the property and wealth that you struggled to earn and obtain during your lifetime due to the ravages of poor estate planning - don’t die. Forget economic changes that may or may not occur - be aware and avoid changes of state - changing from the state of the living to the state of the dead. Eat, drink and be merry - live forever.
Peace,
Richard
I beg to differ. The purpose of estate planning is to try to impose your will from beyond the grave on those living. You want to make decisions as a dead man as if you, being dead, know more than people that are alive. If you were so smart then why are you dead?
