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Estate Planning Basics |
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| Your
Guide to Estate Planning Basics |
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What is Estate Planning? As you will see, estate planning may involve financial, tax, medical and business planning. A will is one part of that planning process, but other documents are needed to fully address your estate planning needs. The purpose of this pamphlet is to summarize the estate planning process and how it can address and meet your goals and objectives. As you consider it further, you will realize that estate planning is a dynamic process. Just as people and assets and laws change, it may well be necessary to adjust your estate plan every so often to reflect those changes. |
| What role does Life Insurance play in
estate planning? Life insurance policies payable to a beneficiary
are exempt from probate also in most cases; proceeds of said policy
are exempt from state and federal income and inheritance taxes.
A life insurance policy which is payable to your estate is subject to probate and all taxes. Life insurance can also create an estate when there are little or no assets in your estate in doing so it creates immediate cash to the named beneficiary. |
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