There are several areas that are included in estate planning. Here is a brief list of some of them:
- You should have a will that includes your desires and tax considerations.
- You should consider steps to minimize probate fees (or Estate Administration Tax) on your death, if applicable.
- You should have enough insurance to meet the needs of your family on your death.
- If you have any assets in other countries or you are a U.S. citizen, you must consider the effects of foreign estate taxes.
- If you plan to leave assets to your children who may be or are married, you can plan around the provincial family laws that apply on marriage breakdown.
To discuss any of these tax aspects of estate planning, talk to your Padgett Business Services representative.