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Estate Planning

Guides and advice on personal estate planning and trust planning. This directory also lists estate planning attorneys and estate planning calculators.
Estate Planning using a Wyoming Company
Offers services for incorporating in Wyoming as part of an estate planning strategy.
wyomingcompany.com
Create your Last Will or Living Trust Online with LegalZoom
Create reliable last wills, living trusts, living wills, and Powers of Attorney in 3 easy steps. As seen in the WS Journal, NY Times, and CNN.
www.legalzoom.com
Wachovia Estate Planning
Make a Lasting Plan for Your Estate with a Dedicated Wealth Manager.
www.wachovia.com/wealth
Matthew C. Mullhofer
OC's Lawyer Specializing in Asset Protection & Estate Planning!
MatthewCMullhoferLaw.com
Simplify Estate Planning
Top-rated planning & presentation software from BNA. Try it free.
www.bnasoftware.com
Trusted Lawyers Near You
Find Top Los Angeles Will & Estate Attorneys. Fast, easy, confidential
www.LegalConnection.com
We Come To You $499
Complete Living Trust - Notarized Attorney Reviewed, 1-866-993-0299
mytrustdocument.com
Professional Tax Software
Lacerte offers a full line of tax & accounting solutions.Take a tour!
www.lacertesoftware.com
Estate Planning Lawyers
Estate Planning that protects your Family with Wills & Trusts
www.ocEstatePlanning.net
Estate tax planning
Provide for your loved ones with innovative solutions. Learn more.
www.JohnHancock.com
Estate Planning Help
Protect Your Family With an Estate Plan! Get a Free Consultation Today
www.JanCopley.com/
$995 Complete Estate Plan
All work done by Licensed Attorney Call 949-492-0264
www.jainlawgroup.com
Listings
A How-to Guide to Estate Planning
Explains methods for estate planning.
www.taxprophet.com
Cozen & O'Connor
Firm has represented individual clients and families in a variety of specialties, including estate planning and administration, real estate and taxation.
www.cozen.com
CPA Journal: Charitable Remainder Trusts
An article in the December, 1999 issue.
www.nysscpa.org
CPA Journal: Estate and Trust Tax Considerations
A summary of the fiduciary's role in tax considerations related to the sale of an estate.
www.nysscpa.org
CPA Journal: Fair Market Value of Closely Held Business Interests
Article in the May 2000 issue.
www.nysscpa.org
CPA Journal: Revocable Living Trust or Last Will and Testament?
An article in the October, 1999 issue.
www.nysscpa.org
CPA Journal: Sale of Easement Triggers Recapture of Estate Tax
An article in the October, 1999 issue.
www.nysscpa.org
CPA Journal: Split-Cost Life Insurance and Wealth Preservation
An examination of this new development in life insurance in the December, 1999 edition.
www.nysscpa.org
CPA Journal: Tax Planning Simplified
An article that examines the process of simplifying personal and estate tax planning, in the March 2000 issue.
www.nysscpa.org
Create your Last Will or Living Trust Online with LegalZoom
Create reliable last wills, living trusts, living wills, and Powers of Attorney in 3 easy steps. As seen in the WS Journal, NY Times, and CNN.
www.legalzoom.com (Paid)
Estate Planning Links
Extensive links to estate planning resources.
www.estateplanninglinks.com
Estate Planning using a Wyoming Company
Offers services for incorporating in Wyoming as part of an estate planning strategy.
wyomingcompany.com (Paid)
Estate Tax Calculator
Calculator from BankSite.com for an illustrative method to estate planning.
www.banksite.com
Guide to limiting Estate Taxes
By Pape Financial Services, an accounting and tax firm.
www.papefinancial.com
How Much Is The Government Going To Take?
A series of articles on estate taxes from attorney Sean Scott.
www.virtuallawoffice.com
Probate Attorney and Estate Planning Lawyer Directory
USA-Probate.com is a directory for finding qualified probate and estate attorneys in your area. Your source for probate and estate lawyer info.
www.usa-probate.com(Paid)
Robert Clofine's Estate Planning Page
Pennsylvania attorney devoted to providing information to the consumer on topics including estate planning, living trusts, wills, estate tax, powers of attorney, probate, medicaid, elder law and related issues.
www.estateattorney.com
The Todd Organization Private Client Services
Specializes in providing comprehensive estate and financial planning services to business owners, professionals, wealthy families and top officers in publicly traded companies.
www.toddorg.com
Wachovia Estate Planning
Make a Lasting Plan for Your Estate with a Dedicated Wealth Manager.
www.wachovia.com/wealth (Paid)
What Kind of Estate Plan Is Right for You?
From Nolo's Legal Enclyclopedia, advice on estate planning for individuals at various life stages.
www.nolo.com
Matthew C. Mullhofer
OC's Lawyer Specializing in Asset Protection & Estate Planning!
MatthewCMullhoferLaw.com
Simplify Estate Planning
Top-rated planning & presentation software from BNA. Try it free.
www.bnasoftware.com
Trusted Lawyers Near You
Find Top Los Angeles Will & Estate Attorneys. Fast, easy, confidential
www.LegalConnection.com

Guide to Creating an Estate Plan for Your Business

Proper planning can reduce successor squabbling and the amount that goes to Uncle Sam


Most of us know it makes sense to have an estate plan so that our heirs can be the major beneficiaries of our wealth. It also makes sense to have the equivalent of an estate plan for your business that addresses management succession as well as compensation for the future owners.

Here are some tips on getting started:

  1. A business without a workable plan for succession and management after an owner's death is almost guaranteed to expire along with the owner. Roughly two-thirds of all family businesses fall apart during the transition.
  2. The sooner you start an estate plan for your business, the better. It's less expensive and there are fewer complexities if you set up a plan in the early stages of your company's growth.
  3. If you choose to transfer your business assets to your heirs, a plan that does so over a period of time can dramatically decrease their tax liability.
  4. Communicate regularly with advisers, including your accountant and lawyer, about your plans so there is no steep learning curve if an unforeseen event occurs. Keeping advisers up to speed decreases the chance of a costly error.


Action Steps

The best contacts and resources to help you get it done

Forming an LLC can leave you in control as you transfer assets to heirs If you own a small, closely-held company and want your heirs to inherit it with a minimal tax exposure, consider a limited liability corporation structure. You can continue to control the assets and run the firm while gradually transferring assets to your heirs.

I recommend:  Find out about LLCs and business estate planning at CPA Journal and get a sample LLC form at Legal Survival or a customized one at LegalZoom.

Consider a life insurance trust You may want to set up an irrevocable life insurance trust (ILIT) if your designated successors might not have the funds to buy your business after you're gone. An ILIT allows the proceeds from the insurance to be used by the successors to purchase the business.

I recommend:  Estate planning information on ILITs and other planning procedures is available from Scroggin & Co.

An installment sale can help with taxes An installment plan allows you to sell your company to a family member over time through a manageable payment arrangement. It can also decrease the amount of taxable income created by the transaction.

I recommend:  Get information on installment sales at Financial Planning magazine.

Build flexibility into your plan With changes in tax rates, both federal and state, occurring with regularity, it's best to build a plan with flexibility in it and to adapt that plan as tax laws and rates change.

I recommend:  LegalZoom offers tips on adding flexibility to your plan.

Bone up on the ins and outs of estate plans for business Do your homework before consulting an attorney or a financial planner about setting up an estate plan for your business.

I recommend:  Learn more about taxes and small businesses at www.nolo.com

Tips & Tactics

Helpful advice for making the most of this Guide
  • Let reason, not emotion, be your guide when dealing with family members. If a family member lacks the skills to take an important position following your death, hire and retain a non-family member and find another way to compensate your relative.
  • Keep your heirs and employees in the loop about your plans. It can decrease tension and give everyone an added incentive to learn to work together before the plan takes effect.
  • Your plan should include a way to purchase the assets of your business partner or partners. If a partner dies and the spouse, who has no desire to be in the business, inherits the assets, you may be forced to sell the business to pay for the spouse's share.
  • Re-evaluate your plan as changes take place in your life – divorce, growth in assets, birth of children, illness.

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How-To Guide from WORK.COM

Guide author
By Tom Nutile
Proper planning can reduce successor squabbling and the amount that goes to Uncle Sam.
Most of us know it makes sense to have an estate plan so that our heirs can be the major beneficiaries of our wealth. It also makes sense to have the equivalent of an estate plan for your business that addresses management succession as well as ... Read more
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