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| Credit Answers > Debt Resources > Estate Planning |
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What is Estate Planning
As you get older and earn more, you're likely to accumulate wealth that comes from saving and investing. A major first step in accumulating wealth may be the purchase of a
home. You may also contribute diligently to an IRA, 401(k) plan or similar tax-deferred account.
Over time, these assets appreciate in value, increasing your wealth and personal net worth. When you die, this accumulated wealth is called your estate.
At Credit Answers we believe in educating our customers so they can get the estate planning help they need. If at any point you have an estate planning question, one of our
experienced settlement coaches will be happy to help you. Below are some pages to help you with your estate planning questions. Please click on the appropriate section for
your estate planning needs.
What Are Gift Taxes
You owe gift taxes for gifts to any one individual that exceeds $12,000 in a year. This amount is called the gift-tax exemption or annual exclusion.
Estate Taxes
Manage your estate: You can set up a will or trust, contribute to a charitable organization, or establish your own endowment or foundation.
What Is Probate
Probate is a legal process that is generally dictated by the laws of the state in which you resided at the time of your death.
Creating A Will
A will establishes how you wish your estate to be distributed after you die. Writing a will is as simple as typing out how you want your assets to be transferred.
Setting Up A Trust
A trust account is a legal arrangement that allows you to transfer your assets to your desired beneficiaries.
Changing Wills And Trusts
When you write a will or establish a trust, you will likely want to gain the most flexibility in being legally able to change these documents.
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