Estate Planning

UNCLE SAM WANTS YOUR MONEY; will he get it?

ARE YOU LEAVING YOUR LEGACY TO CHANCE? Making or Updating your estate plan is one of the most important things you'll ever do.

In a nutshell the biggest problem in an estate is a LACK OF LIQUIDITY PLANNING. We Provide Liquidity Planning. Thornewood's role in assisting the client in implementing this strategy is to be part of a team of other professionals necessary to fully implement this strategy.

An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.

Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A plan protects you. An estate plan ensures your loved ones --- and the causes you care about --- will be provided for as you wish after your lifetime. Without one, you forfeit the right to determine who will benefit from the assets you've worked so hard to build. That's why everyone needs an estate plan. No Estate is too small! A major concern for drafters of estate plans and you is TAXES ; federal and state taxes can rob you of up to 75% or more of your wealth. The government wants your money. How much will they get?

To a large extent these taxes are elective. Wills and trusts are common ways in which individuals choose who gets their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly government process that takes control of the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts. You can create a tradition of caring. Passing along your values can be just as satisfying as providing for your loved ones. The legacy of generosity you foster now can change children's lives for generations.

Please note to create a trust clients must consult an attorney. Thornewood advisors is not an attorney.

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