Estate Planning


Definition of "Estate planning"

John Ashton real estate agent
John Ashton Keller Williams Realty

Procedure for accumulating, conserving, and distributing personal wealth. In essence, estate planning focuses on enhancement of the value of an estate and its conservation. At the death of an owner, estate planning seeks to transfer the estate to the heir (s) with a minimum loss in taxes and other expenses. Depending on the size and nature of an estate, the expertise of one or more of these specialists may be useful: lawyer, accountant, life insurance agent, banker, or a qualified financial or estate planner.

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Irrevocable Life Insurance Trust

Estate planning device used so that any life insurance policies that are owned by and paid to the trust will avoid estate tax upon the death of the in ...

American College

(Formerly the American College of Life Underwriters) accrediting body for the CLU (Chartered Life Underwriter) and the ChFC (Chartered Financial Consu ...

Estate Shrinkage

Decline in an estate's value, when the estate owner dies, because of death-related expenses to include estate taxes, estate administration costs, fune ...

Estate Equalization

Technique of estate planning under which an estate is divided into two parts and taxed at a lower rate rather than remaining as a whole and taxed at a ...

Omnibus Budget Reconciliation Act Of 1987: Implications For Estate Planning

Legislation that provides for the inclusion in the estate of the decedent of lifetime transfers that involve a retained life interest in the following ...

Financial Planning Objectives

Goals of the financial planning process as follows: Standard of Living Maslow's basic needs satisfied such as food, water, clothing, shelter, and nice ...

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