capital gains and taxation planning

Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual’s properties and financial obligations in the event that they become incapacitated.

Assets that could make up an individual’s estate include, but are not limited to houses, cars, stocks, artwork, life insurance, pensions, real state investments and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for a surviving spouse and children, funding children's or grandchildren’s education, or leaving their legacy behind to a charitable cause.

The most basic step in estate planning involves writing a will. Other major estate planning tasks include the following:

• Limiting capital gains taxes by setting up trust accounts in the names of beneficiaries.
• Establishing a guardian for living dependents.
• Establishing a living will if mentally incapacitated.
• Naming an executor of the estate to oversee the clauses of the will, to execute your wishes.
• Creating or updating beneficiaries on plans such as life insurance and retirement plans.
• Setting up funeral arrangements.
• Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate
• Setting up an enduring power of attorney (POA) to direct other assets and investments.