As the president of Ziebold Law Group, Mark Ziebold offers various personalized planning solutions for his high net worth clientele. He obtained a BA in economics from Baylor University and a JD from Chapman University School of Law before advancing his studies in the same school to earn an LLM in taxation. Mark Ziebold specializes in taxation, probate law, and estate planning.
Estate planning is the arrangement of tasks during an individual's life for the efficient administration and distribution of assets in the event they become deceased. It also includes tax planning and ensuring that if challenges arise, that the wishes of the decedent are best defended. Here are some other major considerations that one plans for in estate planning.
First, it ensures the security of the inheritors. The primary feature of estate planning involves appointing beneficiaries for properties like a building or a stock portfolio. The court usually determines who obtains property in cases where an estate plan doesn't exist for a property; an incidence that may consume time and money.
Second, estate planning helps to protect the beneficiaries from substantial tax obligations. Whether income tax, Estate tax, Generation Skipping Transfer Taxes, or others, a well thought out estate plan will minimize those taxes for the beneficiaries.
Third, the purpose is to prevent a situation where beneficiaries may fight over the control or beneficial ownership of assets. This is likely to occur in blended family situations or situations where an heir is disinherited or receives less than other heirs.
Fourth, if a lawsuit springs up in the future, an estate plan may be structured to secure the assets from unprecedented creditors that bring litigation against the beneficiaries of the estate.
Lastly, other estate planning documents such as a power of attorney or a health care directive will help others to make decisions for people who are incapacitated or cannot make decisions for themselves. These types of documents are critical to ensure that your wishes are carried out and only in a comprehensive estate plan can these goals be met..
Estate planning is the arrangement of tasks during an individual's life for the efficient administration and distribution of assets in the event they become deceased. It also includes tax planning and ensuring that if challenges arise, that the wishes of the decedent are best defended. Here are some other major considerations that one plans for in estate planning.
First, it ensures the security of the inheritors. The primary feature of estate planning involves appointing beneficiaries for properties like a building or a stock portfolio. The court usually determines who obtains property in cases where an estate plan doesn't exist for a property; an incidence that may consume time and money.
Second, estate planning helps to protect the beneficiaries from substantial tax obligations. Whether income tax, Estate tax, Generation Skipping Transfer Taxes, or others, a well thought out estate plan will minimize those taxes for the beneficiaries.
Third, the purpose is to prevent a situation where beneficiaries may fight over the control or beneficial ownership of assets. This is likely to occur in blended family situations or situations where an heir is disinherited or receives less than other heirs.
Fourth, if a lawsuit springs up in the future, an estate plan may be structured to secure the assets from unprecedented creditors that bring litigation against the beneficiaries of the estate.
Lastly, other estate planning documents such as a power of attorney or a health care directive will help others to make decisions for people who are incapacitated or cannot make decisions for themselves. These types of documents are critical to ensure that your wishes are carried out and only in a comprehensive estate plan can these goals be met..
