Our Services: Estate Planning
Estate Planning: an overview
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will or otherwise. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.
Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes.# Representatives of Dettlaff & Company are not tax or estate planning attorney's and we do not do wills. We have, however, partnered with several legal professionals who are available to consult with you and meet your estate planning needs. This is all part of the overall macro-economic planning process meant to grow, conserve and properly distribute your wealth and estate.
Look ahead to the future
43% of current retirees report that they underestimated their retirement spending needs*, not to mention effective ways to conserve and comfortably live on and distribute their wealth. Most everyone will admit they want their money and assets to outlive them, enjoy life, travel etc.. Children, grandchildren and charities all people and places we might want our money and assets to be passed on to safely and efficiently but what about those places and institutions that erode our money.
Many are totally unprepared for issues such as taxes, the cost of health care, long term care, nursing home expenses and how they can affect your finances.
How does money flow in and out of your life?
Doing a budget is a process of self-discovery. With our online worksheets, you can create your own picture of how money flows in and out of your life, and what you might change if you could.
Try to be as precise as you can. Gather up your statements and financial papers. But if you're like other people, you may not have all of them at your fingertips. Do what you can here. You will be a great deal better off than if you do nothing at all.
Where do you begin?
Dettlaff & Company has created a step-by-step tools to help you see what you're spending now. We can help you go a little farther, if you wish, and see what your life would look like if you made some spending adjustments.
As you fill in the numbers, imagine each part of your life getting clearer to you. Little by little, as you list how money comes in and how money goes out, a complete picture of your income and spending patterns will emerge. Fill in as many entries as you can; leave the others blank or make educated guesses.
Whether you need budgeting for your financial future, Investment Products, Annuities, or Insurance, the new thinking at Dettlaff & Company can help you achieve your financial goals. Contact a Dan Dettlaff or a Dettlaff & Company representative to start planning ahead now.
Dettlaff & Company representatives can provide access to quality products that were once available exclusively to pension funds and the extremely wealthy. The products and service's we provide are designed and managed by a group of premier specialist investment boutiques and these same investment advisers manage the assets underlying our insurance and annuity products, making them highly competitive.
Retrieved from "http://www.law.cornell.edu/wex/index.php/Estate_Planning"
*McKinsey & Co., "ESTATE PLANNING: AN OVERVIEW," 2012.