The concept of estate planning guide may be explained as the various terms and conditions that are important in the overall process of estate planning. The traditional forms of estate planning like wills, power of attorney and living trusts are extremely important in the overall context of the estate planning process.
On Estate Planning Guide
The phrase estate planning guide implies the various terms and conditions that are important parts of the overall process of estate planning. The importance of these factors lies in the fact that they act as guides in the process of estate planning.
Traditional Methods of Estate Planning
The traditional methods of estate planning are as follows:
Power of Attorney
The traditional methods of estate planning are normally pretty simple and convenient as far as implementation is concerned. However, it has been observed that these methods cannot be applied once the whole value of the property exceeds one million US dollars.
The estate taxes are extremely important as far as the process of estate planning is concerned. The estate tax rules have to be kept in mind when the estate planning is done. For example, in the United States of America the gift taxes are collected on properties whose financial worth exceeds the limit of one million dollars.
The couples who are married in the United States of America and have estates, whose total financial worth is more than four million US dollars, have to pay as much as 46% estate tax. People, who have inherited estates from their grandparents, have to pay 73% of the worth of the estate.
In cases where the total worth of the estate is more than a million US dollars there are more considerations that come into play. One of them is the size of the estate.
Last Updated on : 30th July 2013