Estate Planning

Estate planning establishes how your property will be transferred to your heirs and other beneficiaries after your death. Effective estate planning will minimize the associated costs and taxes. Like the other areas of financial planning, estate planning is individualized and goal-oriented. Your estate plan should answer the following questions:

• Do you have a will and a living will? When were they last updated?
• Who will be your heirs or beneficiaries of your estate, and how much will each receive? Are beneficiaries correctly designated on retirement plans and life insurance?
• Do you have a living trust and is it being funded correctly?
• Who will settle the estate (the executor) and administer the property within the estate
• Providing adequate financial security to your dependents after your death
• Providing enough liquid assets for your estate to meet its obligations
• Planning for the transfer/disposition of a closely-held business (if applicable).
• Transferring the maximum possible percentage of your assets
• Planning and controlling the desired distribution of assets, both during lifetime and at death
• Minimizing taxes and estate settlement costs

Belsen Getty works with a number of selected law firms or your own attorney in coordinating your estate plan into your overall financial picture.