What is Estate Planning?
An estate is all the rights, titles, and interests that a person (living or deceased) has in any property. Estate planning is the process of planning for the accumulation, conservation, and distribution of an estate to effectively and efficiently accomplish both tax and nontax objectives.
Thus, estate planning is concerned with many of the same aspects of financial planning as are income tax planning, investment planning, insurance planning, and retirement planning.
Why you need a will
You've worked hard (or working hard) to build your estate. You deserve the right to determine who will receive your assets after your death. This is where a Will comes in. A Will is a legal document that allows you to direct how your estate will be administered and distributed. By exercising your privilege of making a Will, you can accomplish numerous personal and financial objectives.
Protect, preserve and manage your estate
It's never too early to create an estate plan. The right estate plan can give you some peace of mind by helping to ensure that your future wishes are carried out while continuing to meet your current needs. An estate plan can:
- Ensure proper distribution of your assets
- Minimize estate taxes and other expenses
- Avoid costs, publicity, and delays of probate and guardianship hearings
Take action today
- Take steps in reviewing your estate by making an inventory of your assets and liabilities.
Go to quick estate calculation page. - Define your estate planning objectives
Such as beneficiary designation, Your age, current value of your estate - Understand your alternatives
- Put your plan into action with our service and account
The above pie charts illustrates how much tax can be saved by planning a thorough estate plan. At Michael Porro financial, LLC, protecting our clients' estate is one of our primary goal. For those of our clients, please log into your account and review your estate document online, and feel free to update anytime you wish.
Michael J. Porro & Company, LLC.
180 Old Tappan Rd. Bldg 5
Old Tappan, NJ 07675
Tel: 201.768.0218
Fax: 201.768.6467
Email: mikep@porrofinancial.com