Estate Planning

How can I get my estate in order?

An estate analysis is an important part of your Estate Plan. Your estate includes all of the real and personal property that you currently own or control – either in your own name, in a partnership, in a joint ownership arrangement or through a trust.

Your taxable estate, not necessarily the probate estate, also includes assets that would be generated at your death – such as life insurance. It includes claims (and possible settlements) that you have against others. Finally, it includes all of your debts and obligations.

Estate planning involves a close review of your personal and business records with an eye towards retirement, tax-burden minimization and the eventual smooth distribution and transfer of your assets to your heirs or other beneficiaries prior to probate. (Probate administration is limited to assets that are in your name only.)

In 2008, federal estate taxes kick in when your assets exceed $2.0 million. In 2009, it increases to $3.5 million. These numbers may seem high, but can be reached quickly when all assets are totaled.

What is included in calculating the value of your estate? Personal and real property (motor vehicles, residences, jewelry and other items of value); bank accounts (savings, checking, CDs, and money markets); investments (stocks, bonds and mutual funds); retirement plans (IRAs, 401Ks and pensions); insurance policies and annuities; trusts; business and partnership interests; and pending claims/settlements.

You should also understand the impact that any transfer of assets will have on the public benefits eligibility and tax status of your heirs and other beneficiaries. Our Protocols affiliate can advise you on how your current estate plan affects your eligibility for public benefits. Our litigators can help if your estate plan is challenged or contested.

We work closely with you and your family, public and private benefits providers, employers, business partners, professional services providers, fiduciaries and charitable organizations to make sure that your estate analysis – as an important component of your Estate Plan – meets your unique personal and financial objectives.

Attorneys:

Robert L. Sagrillo |Henry. M. kohnlein

info@sagrillokohnlein.com