Tag: enrolled agent

Creating An Estate Plan For Your Clients

When creating a financial plan, it is important to engage in some sort of estate planning.  Estate planning is the preservation and distribution of wealth after the estate owner's death. However, accomplishing such goals usually requires number of actions well before the time of the clients passing. Having a well prepared will, is the most fundamental act of estate planning, and yet thousands of persons die each year without having done so. These people die, leaving the distribution of the assets to be determined by state laws and the courts, instead of formalizing some sort of distribution plan, with the assistance of family members and an enrolled agent. For larger estates, avoidance or minimization of estate taxes is an important consideration, and something that you should discuss with your clients, well before they are on their death bed. These objectives can be accomplished, but they call for careful planning and implementation prior to the owner's death.

The use of various trust instruments, distribution of assets through gifts, proper titling of property can result in smaller taxable estates. However turning out such a program will take time and should be an ongoing process is various assets are acquired. As you'll learn in fast forward academy ea review, when discussing estate planning and taxes, you'll often need to require the assistance of a tax attorney or an attorney with experience in handling large estates.  When discussing estate planning with a client, it is important to remember their wishes and creating a plan that will minimize the taxable burden to carry out the wishes of the estate.  Often individuals have questions about when they should engage in estate planning or if they should include estate planning as a component of their financial plan.  The answer to this question will vary, however in general you always want to include some sort of estate planning into a financial plan.  As your clients assets grow and/or they get older, you will want to spend more time and resources to develop an estate plan for your client.