An estate is the total property,
real and personal, owned by an individual prior to distribution through a
trust or will. Real property is real estate and personal property includes
everything else, for example cars, household items, and bank accounts. Estate
planning distributes the real and personal property to an individual's heirs.
 Estate planning is the process
by which an individual or family arranges the transfer of assets in anticipation of death.
An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the
individual prior to death. A major concern for drafters of estate plans is Federal and state tax laws. Here are some key points about estate planning:
1. People do estate planning because they want to control who will receive their assets after they pass away
and they want this to happen with the least amount going to their legal fees and taxes.
2. Most individuals think estate planning is only for the wealthy.
3. Estate planning is NOT for the rich, it is for the smart.
Most of us spend 80,000 hours working during our lives. The least
we can do is spend a few hours making sure that what we have spent
a lifetime earning goes to those we want in the way we want.
At the Law Office of Kyle H. Barrick, our focus
is to give you and your loved ones the peace of mind that comes with a
planned estate. If you have minor children, or you simply want to ensure
that what you have goes to your loved ones with the least amount going towards legal
fees and taxes, please contact us for a free consultation. We will answer any
questions you might have regarding wills, trusts and estate planning.
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