Estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. The purpose of transfer your asset to the estate is to ensure that your estate will only pay for its share of taxes and provide a larger wealth for your estate beneficiaries. In this article, we will discuss types of properties is automatic transferred upon your death.
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1. Designated Beneficiary
a) Here are the most common contracts bearing designated beneficiaries (life insurance policies, pension plan interests, deferred profit-sharing plans, and RRSPs)
b) This kinds of payment do not become part of the estate, avoiding the costs and delays of probate; and the amounts designated are not subject to creditors' claims, because they aren't considered part of the estate.
2. Tenancy in Common
Upon death of one of the tenants in common, that tenant's share of property passes to the heirs.
3. Joint tenancy
Upon the death of one of the tenant's, full title in the property passes to the survival owner.
4. All other assets to your estate
After all necessary transferring of your other asset by using above methods, you can ensure that you estate now only minimum amount of tax and your estate is larger enough to pay for all debts and expenses and provide your beneficiaries with financial security.
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
http://medicaladvisorjournals.blogspot.com
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or if you want to read more of above subject, please visit
http://estateplanningarticles.blogspot.com/
Tuesday, January 6, 2009
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