Dictionary

estate planning

Making decisions for the handling of property distribution and taxes after your death. A proper estate plan can mitigate the problems of dividing up assets following a death. Depending on the makeup of an estate plan, there are a variety of issues that should be addressed such as guidance on joint tenancy ownership, beneficiary arrangements, incapacitation issues and protecting estates from divorce, lawsuits and judgments. Other estate planning decisions include selecting a will or a trust (depending on the size of your estate) and how to disseminate your assets while reducing tax consequences.

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