Essentials of Estate Planning
Economics graduate Robert M. Ryerson shares his knowledge and experience in the financial field by speaking, teaching, and writing about identity theft protection. Also an estate administrator, Robert M. Ryerson has offered advice to clients on various aspects of estate planning.
Whether a client already has an estate plan or not, it is important to be educated about the fundamentals of estate planning. Being informed about estate planning involves understanding its complex process to be able to make the right decisions regarding wishes and goals as well as final instructions.
The Purpose. Estate planning deals with two aspects – what will happen to a client’s property after death and what will happen to him or her in case of incapacity.
The Taxes. Estate tax, income tax, gift tax, and generation skipping transfer tax are four tax types which can affect an estate plan. How these taxes affect an estate plan will also dictate how much inheritance the beneficiaries will receive.
Property Titles. It is essential to identify if property belongs to a joint ownership, tenancy by the entirety, or has provisions through a revocable living trust. How a property is titled will help determine its beneficiaries.