Proper estate planning is the conservation and distribution of wealth in a manner that effectively accomplishes the client’s objectives. It is a goal-oriented activity that uses tax minimization techniques to provide the greatest possible financial security for individuals and their beneficiaries. An estate plan may also recommend the establishment of trusts and a plan for charitable giving.

Every estate is planned. However, some estates are planned by default—by inaction, some people allow their estate plan to be dictated by the federal and state governments. People who die without a valid will (that is, die “intestate”) allow the state in which they live to draw one for them. The state determines who their heirs will be and how and when their heirs will receive their inheritance. Those heirs must live with what the system of income and death taxation leaves them. Thoughtful planning can significantly increase benefits and reduce costs when transferring wealth to heirs.

HORAN helps estate owners control their estate planning. Our goal is to assure our clients have taken all prudent steps to reduce their tax liabilities and to create the most effective means to finance whatever tax liabilities remain.