A good Estate and Asset Protection Plan is one that allows you to give your assets to who you want , when you want, how you want, how much you want with out having the government or family getting involved and deciding for you. Additionally, avoiding undesirables and unwanted taxes, fees and expenses to deplete the desired outcome.   Read more….

It takes time and planning to create a well-designed plan that can do and be what you want it too. There are 3 types of Estate Plans and knowing the difference will save you and your beneficiaries a lot of money . There is “will based” plans , “trust based” plans and of course the dreaded “government plan” which no one wants but unfortunately happens when one of the prior 2 are not in place.

Here are 4 simple steps to take in preparation for stating your plan. We and Ambrose Wealth Management can help you begin and complete your plan with your Estate Planning attorney or recommend and introduce you to ones we know and have worked with for decades and whom are the best qualified at a reasonable cost.

If you were to die today, who should receive your property? If you have children, you should decide when and how they would receive their share. Develop a list of who should receive personal property, such as jewelry. Be sure to discuss your estate plan with your loved ones.

The right estate plan for you and your family depends on your personal objectives and the size of your estate. You should have an attorney licensed in your state draft a detailed document for you. However, you can save time and money by understanding your options before meeting with the attorney.

Ownership — If you don’t live in a community-property state, you should know how your assets are titled. Are they in your name alone? In joint tenancy or tenancy by the entirety? Already In a Revocable or Irrevocable Trust Or are they held in tenancy-in-common? For larger estates (over $11,000,000), this information is critical if you want to take advantage of your Federal Estate tax credit for transfers upon death. For estates (under

$11,000,000) — or in situations when either avoiding probate or reducing legal fees is important — consider joint ownership, use of Asset Protection Trusts and Living Trusts also.  If you are single and take this approach with children, make sure to understand all issues surrounding such shared ownership (e.g. bankruptcy, liability claims, etc.)

Beneficiary Designations — Make sure you know the beneficiary designations on all life-insurance policies, company benefit plans and IRAs. Bring the appropriate forms to change your beneficiary designations when you meet with us or your attorney.

Before selecting the right estate plan, you must know the value of your estate. Your gross estate is the value of all the assets you own at the time of your death — it’s not the same as your net worth. For example, your estate value includes the proceeds from life- insurance policies. Bring your completed Estate Tax Balance Sheet with you when you meet with us or your attorney.

Many people aren’t interested in leaving an estate to their heirs. Instead, they prefer to use the money during their lifetime. Despite this intent, assets usually remain after death because most people don’t want to die in poverty. At death, assets will go either to the IRS (and the state) or to selected beneficiaries. Given that choice, most people want to ensure that their heirs receive the bulk of their estate. If you’re married and your estate is valued at over $ 11,000,000( $22,000,000 Jointly) it will be important to make sure your assets are owned correctly as referenced about to take advantage of the current tax laws. Remember Estate and Gift Tax Laws often change when there is a change in congressional party control.