A Sound Estate Plan

By: Michael Pine, Pine Innovative Planning

We all have goals we want to meet during our lifetime.  The education of our children, a comfortable and financially secure retirement, and perhaps a new home or a second home.

The first step of estate planning is to help you plan for -and realize-these lifetime goals.  It addresses your legal and financial concerns, taking into account your goals and tax considerations.  It also takes advantage of existing laws and funding vehicles to save you on taxes and help manage your property in an efficient and profitable way during your lifetime.

Here are some significant ways estate planning can help you make certain your family will get as much of your estate as is legally possible.

Minimize Estate Taxes

Depending upon your net worth, the federal government may levy substantial tax against the value of your estate.  In addition, many states impose their own tax at death on their residents and on non-residents who own property within the taxing state.  Just as important, that tax is due and payable before any property can be transferred to your beneficiaries.  With a well conceived estate plan, some or even all of this tax may be avoided.

Liquidity to Pay Estate Taxes

If your estate consists primarily of real estate, a business, or other non-liquid assets, your heirs could end up cash poor-and be forced to sell assets in order to pay taxes.  Estate planning can help by reducing your estate tax liability. A solution is an estate plan that includes life insurance to address your estate liquidity needs.

Protects Your Family’s Income

How will the members of your family support themselves after you’ve gone?  A sound estate plan, including life insurance for your beneficiaries’ financial protection, can make certain they will be taken care of.

Provides Professional Asset Management

An estate plan that includes the creation of a trust can be established to arrange for the professional management of your assets on your family’s behalf.

Michael Pine established Pine Innovative Planning over 20 years ago.  He has an immense base of knowledge and experience in estate planning, financial strategies, and insurance protection.  Born and raised in Wayne, Michael attended Boston University with a BS in Communications. Shortly after, he embarked on his career as an insurance advisor. Michael had a gift for laying out a strategic roadmap for complex estate planning that would protect and serve the family. His knowledge of Social Security and the many intricacies of when to take benefits, when to hold off, and how to maximize have coined him, The Social Security Man. He has helped thousands save millions. He can be reached at (973) 237-4374  or via email at Pine, Michael mpine-piplan@financialguide.com

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