Estate Planning Basics

Who needs estate planning services?

It's a myth that wills, trusts and other estate planning services are only for the wealthy. Estate planning basics can be applied to anyone who wishes to control how and when your assets will be distributed upon your death, or even during retirement. PIASCIK estate planning services can protect your assets, from creditors, lawsuits, and others who may contest your will. In essence, estate planning basics are for anyone who wants to protect their hard earned assets during and after their lifetime.

Basic components

Although every country has it's own tax brackets and legal restrictions, and each estate plan has its own specifications, most estate plans have a few basic components. They are: 

  • Will
  • Power of Attorney
  • Medical power of attorney
  • Trusts

Will

A will is legal documentation through which you can name an individual, or individuals, to manage your estate and distribute your assets upon your death. Although wills do not necessarily have to be written, documentation can be a key factor in dissuading any contests to your wishes.

Power of Attorney

A power of attorney grants and individual the authority to make legal decisions in your name. You should always appoint someone you trust to carry out your plans when you are no longer able. It can be broadly based or be given for making specific decisions.

Medical power of attorney

Medical power of attorney specifically deals with the medical decisions that must be made in the light of certain events. It allows a legal entity makes decisions that can have a direct effect on your health care when you are not capable of making the decision yourself. 

Trusts 

Trusts are legal agreements that dictate the terms and conditions in which your assets are distributed, repositioned, protected and managed. They can either be living trusts or testamentary. A living trust is created and in place during the lifetime of the grantor. Testamentary trusts do not go into effect until the grantor's death.

Expert estate planning services you can rely upon

Regardless of your net worth, estate planning basics can ultimately prevent you from paying unnecessary taxes when you  retire or pass on your wealth to your beneficiaries. PIASCIK estate planning services covers basic, advanced and international estate planning for U.S. residents, resident aliens, and expatriates. With over 70 years of combined international tax law experience, no other international tax firm has our experience, resources and dedication to customer service.

Additionally, PIASCIK can also help with FBAR filings, foreign tax credits, and other international tax matters that affect your ability to retire and standard of living in the U.S. and abroad. Our tax experts are accessible 24 hours a day and 7 days a week so you have the answers you need when you need them. Combined with PIASCIK flat fee engagements, our world-class service is an economical alternative to hiring expensive trust estate planning corporations. Your initial consultation is even FREE, so you can see for your self why so many clients use our services. Contact PIASCIK today and we can show you how estate planning basics can preserve the wealth you have worked so hard to accumulate.