The two things certain in this world are death
and taxes. Although death is a certainty for us all, we don't want to
think about it. Therefore, one aspect of financial management that is
often overlooked is estate planning. Failure to carefully plan for this
eventuality may result in an inability to achieve your objectives. In
estate planning, objectives vary from family to family, due to differences
in resources, number of children, and value judgments. Common objectives
listed by families include one or more of the following:
To provide sufficient income to parents for the rest of their lives
To reduce state and federal estate and gift taxes
To reduce attorney fees, probate costs, and other fees
To reduce income taxes
To minimize disruption during estate settlement
To treat all children equitably, not necessarily equally
To provide for special needs of some heirs
To inform heirs what to expect, so they can make plans accordingly
Oklahoma State University, U.S. Department of Agriculture, State and
Local
Governments cooperating. The Oklahoma Cooperative Extension Service
offers
its programs to all eligible persons regardless of race, color, national
origin, religion, sex, age or disability and is an Equal Opportunity
Employer.
The two things certain in this world are death
and taxes. Although death is a certainty for us all, we don't want to
think about it. Therefore, one aspect of financial management that is
often overlooked is estate planning. Failure to carefully plan for this
eventuality may result in an inability to achieve your objectives. In
estate planning, objectives vary from family to family, due to differences
in resources, number of children, and value judgments. Common objectives
listed by families include one or more of the following: