Estate planning involves determining how a person’s assets will be preserved, managed and distributed after death or in case they become incapacitated.
Planning tasks include drafting a will, creating trusts and/or making charitable donations to limit property taxes, appointing an executor and beneficiaries, and arranging a funeral.
A will is a legal document that contains instructions on how a person’s property and custody of minor children, if any, should be disposed of after death.
Various strategies can be used to limit property taxes, from trusts to charitable donations.
A Certified Retirement Planning Consultant is a person who has the status of a professional financial planner awarded by the College of Financial Planning.
A deferred annuity is an insurance contract that promises to pay the buyer a regular income or a lump sum of money some day in the future. In contrast, immediate annuities start paying immediately.
Defined contribution (DC) pension plans allow employees to invest pre-tax dollars in capital markets where they can grow with tax deferral until retirement.