Even though estate planning is not a happy subject, it is a necessary one. Everyone has an estate. It can be large or small, but it is there. Pool & Associate, Chartered are here to help you organize and prepare for the “what if”.

It is important to prepare for the unknown, and there are some critical questions to ask:

  • Do I have a will?
  • Have you considered a living trust?
  • What do you want to happen when you are no longer around to help?
  • What is the lifetime exclusion for estates this year?

Many people want to make sure their family is financially secure after they pass. It is important to know that they will get their money and the government will not take a cut, which can be as high as 49%. Our Associate can help you create a balance sheet to help you determine you financial worth and have a better understanding of what your estate is worth.

Once you have determined your estate’s worth, we will work with you to create a plan that will minimize or eliminate estate taxes, ensuring that your family will receive the intended money from the estate. We will work with attorneys, insurance agents, and trust officers, as necessary, to ensure that is private matter is handled with care and understanding.

One of the ways, Pool & Associate, Chartered can help you with estate planning is to help eliminate gift taxing. Gift taxing is a tax on the transfer of property from one person to another while the giver receives nothing or less than the full value in return. In this case, when parts of an estate given to another member of the family that member could pay taxes if the gift given:

  • Exceeds the annual exclusion
  • Is not medical or tuition expenses
  • Is not a gift to a spouse
  • Or is not a gift to a political organization

At Pool & Associate, Chartered, we will check over, organize your records, and help you to correct any titles and beneficiary designations. By correcting the innocent errors that seemed like good intentions, we will ensure they do not cause devastating tax consequences to your beneficiaries. We will consider all possible scenarios for you and your family and help you begin your plan. If you have any questions regarding estate planning or gift taxing, contact one of our Associate. We can help.