Estate Planner Essay

Midterm: Essay question: If you were an estate planner, why would you choose a trust as a preferred means to property distribution? Specifically which type of trusts would you use? Why? An estate plan is basically a process through which planning for the methodical and systematic disposition, management and administration of the property. The estate planner does this after the real owner of the property has died. The main goals of the estate planner are multiple. He is responsible for avoiding confusion when it is concerned with the final wishes of the property owner. He also has to make sure that the children have the legal guardian of the choice of the estate planner himself. Estate planner also has to make sure that the property share is equitably distributed between the members of the family or the beneficiaries of the property. In addition, there is increased importance of trusts when the estate planning is being

However, after that, the testamentary trusts have given the benefits of graduated income tax rates that are applicable for the persons usually. Many amendments have also been made by the respective governments in changing the rules of the taxes for some particular trusts, in which the testamentary trusts are also included. The planning of estate and distribution of the property through testamentary trusts has considered this process as to eliminate the graduated income tax rates for the taxation of the trusts. In addition to that, the taxes increased the capital gains and joint partner trusts in case of the beneficiary’s hands of the person who has died rather than the trust itself. It has also made exception of permitting the charitable donation in the estate plan for allocating between the estate and the