While the number one reason for estate planning is the minimization of estate taxes, the emotional issues surrounding the disposition of your assets is often far deeper and more complex. Providing for spouse, children or charities are the true underlying objectives of estate planning, and taking steps today will ensure your heirs get as much from the estate as possible, and disputes between family members or business owners can be avoided.

Attorneys, investment advisors and insurance agents are an integral part of the estate planning process, but as accountants, KFMR views estate planning from both the estate tax and income tax perspective. What does that mean? It means that we have a greater awareness of how decisions impact all of your financial matters.

The Estate Planning Process
The execution of your estate plan takes place over a period of time and should be periodically reviewed to make sure it still meets with your goals and objectives in light of changing circumstances. But determining your goals and objectives is the first step. Next we analyze the potential costs (estate taxes) that would be incurred if no planning was done. That step is very enlightening and demonstrates the value of estate planning.

Once the “no-planning” analysis is completed, the next step is to gather pertinent family and financial data. Given that information, we prepare several scenarios that may satisfy your goals and objectives. The plan is then put into effect. It is never too early for estate planning.

Retirement and Succession Planning
Since it could be years before your estate is transferred to others, estate planning is a good time to review your retirement and succession plan as well. Will you be able to maintain your lifestyle after retirement? Have you and your fellow business owners planned for the event of unexpected or sudden loss? Who will succeed the ownership? Who will run the business in your absence should you become temporarily unable? These considerations can be mentally exhausting, that is why we are here to help.