Estate Planning and Why It’s Really So Important

Michael J. Nathanson (), Jeffrey T. Craig (), Jennifer A. Geoghegan (), Nadine Gordon Lee (), Michael A. Haber (), Max B. Haspel (), Seth P. Hieken (), Matthew C. Ilteris (), D. Scott McDonald (), Joseph A. Salvati () and Stephen R. Stelljes ()
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Michael J. Nathanson: The Colony Group
Jeffrey T. Craig: The Colony Group
Jennifer A. Geoghegan: The Colony Group
Nadine Gordon Lee: The Colony Group
Michael A. Haber: The Colony Group
Max B. Haspel: The Colony Group
Seth P. Hieken: The Colony Group
Matthew C. Ilteris: The Colony Group
D. Scott McDonald: The Colony Group
Joseph A. Salvati: The Colony Group
Stephen R. Stelljes: The Colony Group

Chapter 9 in Personal Financial Planning for Executives and Entrepreneurs, 2021, pp 133-156 from Springer

Abstract: Abstract People like David and Abby often overlook estate planning because they tend to believe in one of two myths: (1) estate planning is all about taxes, and therefore, it’s only for the ultra-wealthy or (2) estate planning is all about what happens to your stuff after you die, so it’s only important for older or sick people. The main objectives of estate planning are welfare planning, income continuity, orderly distribution of estate property, tax mitigation, asset protection, beneficiary security, and philanthropy. The essentials of effective estate planning include addressing the need for: powers of attorney; living wills and healthcare proxies; HIPAA authorizations; insurance; proper titling of assets and beneficiary designations; lifetime gifts; wills; and trusts. Taxes must also be considered, including the estate tax, gift tax, and generation-skipping-transfer (GST) tax. Select estate-planning strategies and a sample plan to mitigate these taxes and achieve other goals are explored.

Date: 2021
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DOI: 10.1007/978-3-030-65400-9_9

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