Estate Planning involves the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes.
Some of the major estate planning tasks include:
- Creating a will
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
- Setting up funeral arrangements
- Establishing annual gifting to reduce the taxable estate
- Setting up durable power of attorney (POA) to direct other assets and investments.
Advisory services are provided through FEIC Financial, Inc., a Registered Investment Advisory Firm owned by Daniel J. Rossi,
147 W Federal St., Youngstown, Ohio 44503-1303 · 1-800-INV-FEIC (468-3342)
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147 W. Federal St.
Youngstown, OH 44503