Though planning for the disposition of assets after your senior's death isn’t the most pleasant task, it will allow heirs to avoid heavy estate taxes, probate costs, and other expenses. If your senior owns a car, furniture, a house, or money in a retirement fund, there are assets you need to protect and plan for, including:

• Federal estate taxes are due nine months following a death, and many heirs are unprepared to pay them.

• If you have not arranged for custody of minors and made financial provisions for them, they could face an uncertain future.

• Business owners who don’t plan for their succession can jeopardize the future of the business and create family strife.

• The probate process can be time consuming and expensive.

These are a few of the common tools used to meet your estate planning goals:

     Will- a will names the heirs of your estate (family members,

    friends, and charities) and stipulates how your property is to be

    distributed.

     Trusts- reduce future estate-tax burdens, avoid probate

    and provides for minor children.

    Powers of attorney- a document that communicates your

      wishes about health care and property should you become 

    unable to communicate them.

     Estate-tax exemptions- the size of your estate, leaving the

    entire amount to your spouse, your family, or a charity.

     Life Insurance- a life insurance policy can help your heirs pay 

    estate taxes and other expenses arising from your death.