Setting Up An Estate Plan

Page, Lobo, Costales & Preston

Estate planning tips.

No matter what the size of your estate, it is important to create an effective estate plan to make sure your estate is inherited as you wish.

  • estate planWho gets what – Without a will, laws that govern your residence will determine who inherits your assets. Determine who will get important pieces of jewelry or an old car that has been in the family forever. You will also want to designate any tax-deferred retirement accounts.
  • Minimize your taxes – If your beneficiaries will owe estate and income tax on their inherited amounts, use tax efficient strategies. Leave taxable assets to charities if you are including charities in your will. Leave tax-free assets, such as a Roth account, to your other beneficiaries. You can also gift amounts of $13,000 and lower that will not be taxed.
  • How your assets should be spent – You will want to have your…

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