Objectives of Estate Planning in Connecticut
Planning an estate can be simple, tricky or complex – it depends on the family situation and the assets involved. Usually in estate planning, decisions are made to dispose of property or accumulate, use, and preserve assets during life.
Estate planning involves creating a Will or power of attorney to carry out a person’s wishes in case of incapacity, incompetency, disability or long illness.
Objectives of Estate Planning:
- Financial security is one reason for planning an estate. This gives financial security to the family by meeting their basic needs.
- Creating a Will.
- Getting trust accounts created in the name of beneficiaries to limit estate taxes.
- Appointing or establishing a guardian for living dependents.
- To create or add beneficiaries on plans like IRA’s, Insurance, or 401(K)s.
- To pay major debts. In this case, the property is sold or liquidated in probate to raise money to pay the debts.
- To eliminate or minimize tax liability and other expenses and the cost to probate an estate.
Contact Our Estate Planning Attorney in Bridgeport, CT
Estate planning attorneys
at The Law Office of Attorney George W. Ganim, Jr. have the skill and experience to work with you. We make sure your estate is distributed the way that you want it. We will review all your assets, listen to your concerns and suggest the most beneficial plan for your estate and your heirs. Call Attorney George W. Ganim, Jr. today at (877)828-4279