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April 27 By jrlk

Just the Basics: Estate Planning Without Anxiety

The term “estate planning” has a tendency to send many people in a panic -too complex, full of legal lingo and complicated tax concepts.  In his article Estate Planning Without Anxiety Peter Keating with SmartMoney Magazine does a good job of explaining the basic concepts.  There are four simple steps you should be aware of when working on your estate plan:

  1. Know what you have and decide what you want to do with it.  This is the very first step in any estate plan.  Take inventory, and be sure to include your personal property, retirement accounts, life insurance policies, etc.
  2. Understand the tax consequences.  Tax laws are always changing and it is important to understand how taxes may impact your estate plan.
  3. Choose the correct vehicle to accomplish your goals.  While a simple will may work well for those with limited assets or those who desire a simple distribution, people with more complex estates would benefit from some sort of trust.  Mr. Keating does a good job explaining the most common trusts used in estate plans.

Filed Under: Estate Planning, Financial

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Jennifer R. Lewis Kannegieter
Lewis Kannegieter Law, Ltd.
4300 School Boulevard
PO Box 718
Monticello, MN 55362
Phone: (763) 244-2949
Fax: (763) 244-2940
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Books

One Family, Two Worlds: A Story About Total Estate Planning

The Total Estate Planning Organizer: Your Estate Plan In Action

Why Every Adult Must Have a Health Care Directive

The Insider’s Guide to Legal Fees: What You NEED to Know

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