Investment & Economic Analysis

Estate Planning - Important and Ongoing

Published, July 5, 2006

Do you cringe at the term estate planning? It is easy to associate it with other cheerful terms like death and taxes. However, proper estate planning is critical not only for you but for your loved ones, and that is especially so in light of the current political controversy surrounding estate tax laws. Estate planning is not just about avoiding taxes. It can also provide you with the comfort of knowing that your current and long term asset goals will be achieved. Estate planning is important for everyone, regardless of the size of an estate. Estate planning is a continuous process. Major changes in tax laws obviously affect everyone’s financial and estate planning situation. But major life changes such as a change in marital status, birth of a child, relocation to a new state, starting a business, or deciding to establish a large charitable contribution plan are all equally important reasons to review your estate plan.

In future editions of Values, we hope to offer some insight into key issues to consider when contemplating your estate plan. We will address topics such as:

Under what legal title should assets be held?

Who should be the beneficiary of your retirement accounts or life insurance policy?

Why do you need a will?

What are the benefits and drawbacks of trusts?

Our goal is to raise ideas and get you thinking about your estate plan without delving into the arcane details. As always, we recommend consulting an estate planning professional when deciding to implement any of your planning goals.

Do you know who your IRA beneficiary is?

—S.Benevento, CFP^®

The information provided in the above article is for historical purposes only. Such information may no longer be current and therefore should not be relied upon.

The information contained herein has been prepared from sources and data we believe to be reliable, but we make no guarantee as to its adequacy, accuracy, timeliness or completeness. We cannot and do not guarantee the suitability or profitability of any particular investment. No information herein is intended as an offer or solicitation of an offer to sell or buy, or as a sponsorship of any company, security, or fund. Neither Walden nor any of its contributors make any representations about the suitability of the information contained herein. Opinions expressed herein are subject to change without notice. The writings of authors do not necessarily represent the views of Walden Asset Management, its parent, or affiliated entities.