An estate plan is an arrangement for the use, conservation and transfer of an individual’s wealth. Estate planning involves much more than merely the preparation of a will. A well thought-out estate plan concerns itself with the creation of an estate where none would otherwise exist. One object would be for an existing estate to meet the needs of the business owner and his or her family and the preservation and protection of the estate from unnecessary taxes and costs.
A good estate plan should provide for the best utilization of assets during the owner’s lifetime and should anticipate for such lifetime needs as funds for children’s education, income for retirement, replacement income in the event of disability and management of the estate in the event of incapacity. A good estate plan must provide for the disposition of assets on death in such a way that the estate being passed on is maximized and is left in accordance with the wishes of the decedent and the needs of the family.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. For families the use of trusts may be invaluable.
Estate planning requires a team approach which normally involves an individual’s accountant, attorney and financial advisors. LCA brings a thorough understanding of the applicable laws, an estate planning knowledge and an awareness of our clients' needs to coordinate this team approach.