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Essay / Research Paper Abstract
This 16 page paper provides a comprehensive overview of estate planning. Reasons for estate planning are outlined along with the benefits of such planning. One study found that at least 70 percent of Americans die without even a will. The writer comments on misconceptions regarding estate planning and explains how such planning helps heirs even when there is a very small estate. The writer discuses the integration of asset protection and estate planning. The steps one takes to build a plan are describes, such as reviewing the current situation. Numerous tools for estate planning are explained, such as wills, trusts, gifts and others. Many of the common mistakes made in estate planning are reviewed, such as not updating the plan when life events change the situation. The writer also comments on legal issues of estate planning. Bibliography lists 12 sources.
Page Count:
16 pages (~225 words per page)
File: MM12_PGespln.rtf
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Unformatted sample text from the term paper:
America Insurance Corporation, 2005). Each person should not only have a will, they should have a plan. One misconception is the believe that estate planning is only for the very
wealthy. That is not true. Even those who have a modest home, a small amount of cash in the bank, and limited possessions need to make a plan (ING North
America Insurance Corporation, Do I Need, 2005). One inescapable fact is that we will all die and developing a plan will help the process of dividing ones assets, no matter
how small, go much more smoothly for the people you love after you are gone (ING North America Insurance Corporation, Do I Need, 2005). There are three primary categories of
state planning: 1. Strategies that build wealth and maximize the value of what the person leaves to heirs (ING North America Insurance Corporation, What is, 2005). 2. Strategies that
protect your wealth from inflation, taxes, or catastrophic illness (ING North America Insurance Corporation, What is, 2005). 3. Strategies to distribute ones wealth to assure they go to the people
you want them to go to and that they are distributed in a reasonable amount of time (ING North America Insurance Corporation, What is, 2005). There are numerous reasons to
do estate planning, including: * Estates are taxed by both the federal and state government. Taxes can be reduced through careful planning, thus, heirs receive more (ING North America Insurance
Corporation, Do I Need, 2005). * Make certain your spouse and other family members are taken care of. This is especially important when minor children or disabled children or other
family members are involved (ING North America Insurance Corporation, Do I Need, 2005). * Assuring custody of your children or other dependents is the way you want it (ING North
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