What is Estate Planning?
An estate is all the rights, titles, and interests that a person (living or deceased) has in any property. Estate planning is the process of planning for the accumulation, conservation, and distribution of an estate to effectively and efficiently accomplish both tax and nontax objectives.
Thus, estate planning is concerned with many of the same aspects of financial planning as are income tax planning, investment planning, insurance planning, and retirement planning.
Why you need a will
You've worked hard (or working hard) to build your estate. You deserve the right to determine who will receive your assets after your death. This is where a Will comes in. A Will is a legal document that allows you to direct how your estate will be administered and distributed. By exercising your privilege of making a Will, you can accomplish numerous personal and financial objectives.
Protect, preserve and manage your estate
It's never too early to create an estate plan. The right estate plan can give you some peace of mind by helping to ensure that your future wishes are carried out while continuing to meet your current needs. An estate plan can:
• Ensure proper distribution of your assets
• Minimize estate taxes and other expenses
• Avoid costs, publicity, and delays of probate and
Take action today
• Take steps in reviewing your estate by making an
inventory of your assets and liabilities.
• Define your estate planning objectives
Such as beneficiary designation, Your age,
current value of your estate
• Understand your alternatives
• Put your plan into action with our service and
The pie charts to the left illustrate how much tax can be saved by planning a thorough estate plan. At Michael J. Porro & Co., protecting our clients' estate is one of our primary goal. For those of our clients, please log into your account and review your estate document online, and feel free to update anytime you wish.
Having worked with you to plan and organize your estate, we are in an excellent position to assist you in administering your loved ones estate when the time comes. We work efficiently and orderly and are able to save you a substantial amount of cost because of the preparation we have undertaken with you. Make sure to call us when the need presents itself.
© 2014 Michael J. Porro & Company