Estates & Trusts

An estate plan is an arrangement for the use, conservation and transfer of an individual’s
wealth. Estate planning involves much more than merely the preparation of a will. It is important
for an estate planner to meet the needs of the owner and his or her family and also plan to
preserve and protect the estate from unnecessary taxes and costs.

A good estate plan should provide for the best utilization of assets during the owner’s lifetime
and should anticipate for such lifetime needs as funds for children’s education, income for
retirement, replacement income in the event of disability and management of the estate in the
event of incapacity. A good estate plan must provide for the disposition of assets on death in
such a way that the estate being passed on is maximized and is left in accordance with the
wishes of the decedent and the needs of the family.

Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides
security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of
your business and other assets. For business owners, providing for business continuity and
succession of ownership is essential. For many families the use of trusts be invaluable.

Estate planning requires a team approach which normally involves an individual’s accountant,
attorney and other financial advisors. Litwin CPA Inc. brings a thorough understanding of the
laws, many years of estate planning knowledge and an awareness of our client’s needs to this
very important team effort.