document.write('<a name="top"></a><p><font class="heading">Estate Planning: Protecting Your Family, Providing for Your Wishes</font></');
document.write('p><p><font class="text">This report provides a broad general overview of the relatively complex issues in estate plann');
document.write('ing and is not intended to provide you with specific advice. Everyone\'s personal and financial situation is unique. It i');
document.write('s important that you consult us to advise you on the latest developments in this field or if you have specific questions');
document.write(' or need advice on estate planning strategies.</p><p>Everything you own at the time of your death may be considered pa');
document.write('rt of your estate, including your home, bank accounts, insurance policies, and any of your other assets. Have you ever s');
document.write('topped to think about what will become of all that when you\'re gone? Don\'t assume it will be distributed according to yo');
document.write('ur wishes. The fact is that if you haven\'t done the necessary planning, you don\'t have much control over what will happe');
document.write('n to your estate after your death. A carefully developed estate plan can help make the transition to a life without you ');
document.write('easier for your family.</p><table border="0" cellspacing="0" cellpadding="0" width="100%"><tr><td><p><font class="te');
document.write('xt">1. <a href="#est1">What Does Estate Planning Entail?</a></p></td><td><p><font class="text">8. <a href="#est8">Tax ');
document.write('Considerations</a></p></td></tr><tr><td><p><font class="text">2. <a href="#est2">Your Will</a></p></td><td><p><font ');
document.write('class="text">9. <a href="#est9">Unlimited Marital Deduction</a></p></td></tr><tr><td><p><font class="text">3. <a href=');
document.write('"#est3">Naming An Executor</a></p></td><td><p><font class="text">10. <a href="#est10">Unified Credit</a></p></td></tr>');
document.write('<tr><td><p><font class="text">4. <a href="#est4">Naming Guardians</a></p></td><td><p><font class="text">11. <a href=');
document.write('"#est11">Transfer Tax Rates</a></p></td></tr><tr><td><p><font class="text">5. <a href="#est5">What Is Probate?</a></p>');
document.write('</td><td><p><font class="text">12. <a href="#est12">Gifts</a></p></td></tr><tr><td><p><font class="text">6. <a href=');
document.write('"#est6">How Long Does Settlement Take?</a></p></td><td><p><font class="text">13. <a href="#est13">Setting Goals And Ge');
document.write('tting Started</a></p></td></tr><tr><td><p><font class="text">7. <a href="#est7">Life Insurance</a></p></td><td><p><f');
document.write('ont class="text">14. <a href="#est14">The Time To Start Planning Is Today</a></p></td></tr></table><a name="est1"></');
document.write('a><p><font class="text">&nbsp;<br><b>1. What Does Estate Planning Entail?</b></p><p>Estate planning involves the dev');
document.write('elopment of strategies for protecting your assets, distributing them according to your wishes, and otherwise providing f');
document.write('or your family. A carefully developed estate plan can help you to accomplish many estate planning goals, such as the fol');
document.write('lowing:</p><ul><li><p>Provide for an orderly transfer of your property in accordance with your wishes.</p></li><li><');
document.write('p>Minimize the taxes on your estate and maximize the inheritance for your beneficiaries.&nbsp;</p></li><li><p>Provide ');
document.write('for the special needs of family members.&nbsp;</p></li><li><p>Ensure the continued operation of a family business.&nbs');
document.write('p;</p></li><li><p>Appoint a guardian for minor children.&nbsp;</p></li><li><p>Ensure the availability of cash to pay');
document.write(' necessary taxes and administrative expenses.&nbsp;</p></li><li><p>Bypass probate administration for your estate.</p><');
document.write('/li></ul><p><a href="#top">Click here to return to the menu</a> or simply continue reading</p><a name="est2"></a><');
document.write('p>&nbsp;<br><b>2. Your Will</b></p><p>The most critical component of an effective estate plan is a properly prepared w');
document.write('ill — one that transfers your assets in accordance with your wishes. Additionally, you must consider the probate process');
document.write(' and the possible tax liabilities of your estate. This process can involve in-depth financial projections and estate tax');
document.write(' calculations. Depending on your individual situation, estate planning may entail naming guardians for your children, cr');
document.write('eating trusts, special titling of assets, and other activities.</p><p>Writing a will protects your family and ensures ');
document.write('that your wishes will be carried out. Anyone of legal age with any property should have a will. If you die without a wil');
document.write('l, or what is known as intestate, your estate will be distributed as determined by state law and administered by someone');
document.write(' appointed by a court. In addition, the court will decide who will care for your minor children. Dying intestate also ca');
document.write('n increase the tax burden for your heirs and cause dissension within your family. A will enables you to:</p><ul><li><p');
document.write('>Distribute your property as you wish, including personal property of sentimental value.</p></li><li><p>Provide for fu');
document.write('ture management of investments or a family business. Designate guardians for your minor children. Select the person you ');
document.write('want to distribute your estate, eliminating the necessity of an expensive, court-appointed administrator. Minimize taxes');
document.write(' and administration expenses in the settlement of your estate. Provide for special desires, such as charitable contribut');
document.write('ions.</p></li></ul><p><a href="#top">Click here to return to the menu</a> or simply continue reading</p><a name="est');
document.write('3"></a><p>&nbsp;<br><b>3. Naming An Executor.</b></p><p>An executor should be named in your will to see that its pro');
document.write('visions are carried out. Select someone you can trust and who has both the time and the financial know-how, since he or ');
document.write('she must oversee the probate process and will have many responsibilities, including the following:</p><ul><li>Prepare ');
document.write('a complete inventory of all your assets.</li><li>Collect any money owed to you.</li><li>Pay your debts and expenses,');
document.write(' as well as those of your estate, including funeral expenses, tax liabilities, and administration expenses.</li><li>No');
document.write('tify life insurance companies of your death.</li><li>Sell assets as necessary and invest others prudently to provide i');
document.write('ncome during the time that the estate is being administered.</li><li>Prepare and file all necessary tax returns for yo');
document.write('u and your estate.</li><li>Distribute the estate to the people named in your will.</li><li>Account for all receipts ');
document.write('and disbursements of the estate.</li></ul><p><a href="#top">Click here to return to the menu</a> or simply continue re');
document.write('ading</p><a name="est4"></a><p>&nbsp;<br><b>4. Naming Guardians.</b></p><p>A similar approach to child-raising is ');
document.write('an important factor to consider when selecting guardians for your minor children. In addition, you may want to discuss p');
document.write('ossible guardians with your children and use their views in forming your decision. If you are seriously concerned with t');
document.write('he financial discipline of prospective guardians, consider naming a separate trustee to manage the money and property le');
document.write('ft to the children. In most cases, however, it is wise to select guardians who will not only love and care for your chil');
document.write('dren, but who are financially responsible as well.</p><p><a href="#top">Click here to return to the menu</a> or simply');
document.write(' continue reading</p><a name="est5"></a><p>&nbsp;<br><b>5. What Is Probate?</b></p><p>Probate is the legal process');
document.write(' of identifying and distributing your probate assets (any assets in your estate that are not transferred automatically o');
document.write('r in trust) to the appropriate beneficiaries. If you have a will, the process includes proving that the will is valid an');
document.write('d ensuring that assets are distributed according to its provisions. Otherwise, the probate court will oversee the distri');
document.write('bution of your assets according to your state\'s intestacy laws. The probate process is a matter of public record and can');
document.write(' be costly and time consuming. There are many estate planning strategies that enable you to avoid or bypass the probate ');
document.write('process. These strategies typically involve providing for the transfer of your assets through joint ownership, trusts, o');
document.write('r gifts while you are alive, instead of through a will. Although avoiding probate may be beneficial in terms of time, mo');
document.write('ney and privacy, bypassing probate does not eliminate or reduce estate taxes.</p><p><a href="#top">Click here to retur');
document.write('n to the menu</a> or simply continue reading</p><a name="est6"></a><p>&nbsp;<br><b>6. How Long Does Settlement Take?');
document.write('</b></p><p>An estate not subject to probate may be settled relatively quickly. In contrast, a probate estate takes tim');
document.write('e to settle because there are so many variables involved. For example, creditors must be allowed an opportunity to come ');
document.write('forward and file any claims. A simple estate may take three months to a year to settle; a complicated estate two to thre');
document.write('e years or more. However, in special circumstances, preliminary distributions may be made from your estate during the se');
document.write('ttlement process. Note that a complicated estate subject to probate or not, can have a lengthy settlement process.</p>');
document.write('<p><a href="#top">Click here to return to the menu</a> or simply continue reading</p><a name="est7"></a><p>&nbsp;<br');
document.write('><b>7. Life Insurance</b></p><p>Life insurance is an essential estate planning tool because it provides immediate cash');
document.write(' for survivors. Since proceeds are readily available, life insurance protects your family from being forced to liquidate');
document.write(' some of your other assets to meet living expenses. Life insurance can also help your survivors pay debts, including est');
document.write('ate taxes. Generally, insurance proceeds go directly to the beneficiary and do not have to go through the probate proces');
document.write('s.</p><p><a href="#top">Click here to return to the menu</a> or simply continue reading</p><a name="est8"></a><p>&');
document.write('nbsp;<br><b>8. Tax Considerations</b></p><p>Federal estate taxes and state death taxes are complex and can significant');
document.write('ly decrease what your beneficiaries ultimately receive. It is advisable to consult with a professional financial adviser');
document.write(', such as a CPA/PFS, for information on estate, inheritance, and gift taxes on both the federal and state levels. The fo');
document.write('llowing are some basic estate tax planning considerations of importance.</p><p><a href="#top">Click here to return to ');
document.write('the menu</a> or simply continue reading</p><a name="est9"></a><p>&nbsp;<br><b>9. Unlimited Marital Deduction</b></p>');
document.write('<p>You may leave an unlimited amount of assets to your spouse (who is a US citizen) without any estate tax liability. ');
document.write('However, when your surviving spouse dies, tax may be charged against his or her estate, which would include the assets r');
document.write('eceived from your estate. This may result in a larger estate tax than would be the case if you both make good use of the');
document.write(' unified credit, discussed below.</p><p><a href="#top">Click here to return to the menu</a> or simply continue reading');
document.write('</p><a name="est10"></a><p>&nbsp;<br><b>10. Unified Credit</b></p><p>Individuals are entitled to a lifetime unifie');
document.write('d estate and gift tax credit that effectively exempts from the tax transfers up to a specified amount. The amount exempt');
document.write('ed — the applicable credit amount is $1,500,000. Estates valued at less than the applicable credit amount pass tax-free ');
document.write('to beneficiaries.</p><p><a href="#top">Click here to return to the menu</a> or simply continue reading</p><a name="e');
document.write('st11"></a><p>&nbsp;<br><b>11. Transfer Tax Rates</b></p><p>An estate tax return must be filed if your taxable estate');
document.write(' exceeds the applicable credit amount. Estates over this amount are taxed at rates up to 49% in 2004.</p>');
document.write('<p><a href="#top">Click here to return to the menu</a> or simply continue reading</p><a name="est12"></a><p>&nbsp;<');
document.write('br><b>12. Gifts</b></p><p>Gifts are a classic way to reduce an estate and the related taxes. You are allowed to make y');
document.write('early tax-exempt annual exclusion gifts of up to $11,000 per recipient or up to $22,000 with your spouse\'s consent. Maki');
document.write('ng gifts in excess of the exclusion amounts will have an impact on the lifetime unified credit and gift and estate taxes');
document.write('. Reminder: Only gifts of a present interest qualify for the annual exclusion. A gift of a present interest is one that ');
document.write('the donee has immediate access to.</p><p><a href="#top">Click here to return to the menu</a> or simply continue readin');
document.write('g</p><a name="est13"></a><p>&nbsp;<br><b>13. Setting Goals And Getting Started</b></p><p>Developing a suitable est');
document.write('ate plan requires setting concrete goals. Think about who you want to provide for and how this should be accomplished. O');
document.write('f course, identifying your estate planning goals is only one component of the estate planning process. However, your goa');
document.write('ls become the framework for undertaking other activities, such as the following:</p><ul><li>Taking inventory of your a');
document.write('ssets and deciding on the appropriate form of ownership.</li><li>Preparing your will and other legal documents.</li>');
document.write('<li>Reviewing insurance coverage.</li><li>Estimating tax liabilities and the net estate available for distribution.</l');
document.write('i><li>Evaluating alternative strategies and identifying those that will help you to meet your goals.</li></ul><p><a ');
document.write('href="#top">Click here to return to the menu</a> or simply continue reading</p><a name="est14"></a><p>&nbsp;<br><b>1');
document.write('4. The Time To Start Planning Is Today</b></p><p>It\'s important to have a coordinated set of estate planning strategie');
document.write('s in place as soon as you have acquired assets or become legally responsible for minor children. In addition, it is crit');
document.write('ical to review these plans from time to time. The effectiveness of strategies made last year or even today can be impair');
document.write('ed by changes in your personal situation, your finances, and tax or inheritance laws. Once you\'ve developed a plan desig');
document.write('ned to accomplish your goals, you should review the plan annually to ensure that it is still effective. A professional a');
document.write('dviser, such as a CPA/PFS, is well-versed in the latest developments and planning ideas and can help you analyze your si');
document.write('tuation, develop the strategies to help you achieve your estate planning goals, and work with your attorney and other fi');
document.write('nancial professionals to formulate an estate plan that is right for you.</p>');