Chapter 13
The Basics on Estate Planning
IN THIS CHAPTER
Getting a big-picture view of estate planning
Looking at estate planning strategies
Reviewing questions you need to consider
Understanding how estate taxes work
Seeking advice and hiring an estate planner
Estate planning is bewildering, confusing, and intimidating to most people. To complicate matters, many people encounter quite a bit of misinformation and misunderstanding. The result: Few people have estate plans, and among those who do, many are not up-to-date.
However, an estate plan is an essential part of life because it determines what happens to your assets after you die and often how your assets are managed and you are cared for while you’re alive but in need of assistance. An estate plan isn’t simply a will or life insurance policy. And estate planning involves more than avoiding taxes. You need an estate plan even if your estate isn’t valuable enough to be hit with estate taxes.
In this chapter, we define estate planning ...
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