The Importance of Estate Planning

December 6, 2013 § Leave a comment

A financial services professional with 30 years of experience, Curtis Lyman was the president and CEO of the Raymond James Trust Company and Alpha Wealth Management. He has held positions with Chase Manhattan Bank, Merrill Lynch, and Lehman Brothers. Curtis Lyman now serves as partner and managing director of The Lyman Group at HighTower Advisors, LLC.

Estate planning is important for people who have significant wealth and assets that they plan to leave to descendants and other inheritors. While estate planning used to be necessary only for the very wealthy, middle-class Americans who invest money throughout their lives should consider the necessity of estate planning. An estate plan ensures that valuable assets will go to the intended recipients after one’s death.

Another objective of estate planning is to minimize taxation during the transfer process. In 2013, the United States’ top estate tax rate increased from 35 to 40 percent. Property and ownership laws vary among states, and understanding national and regional regulations is important in estate planning. A will also plays a large role in estate planning.

Failure to proactively and comprehensively plan for the dissemination of an estate after death can cause lengthy legal difficulties for beneficiaries. For more information about estate planning for your needs, contact an experienced financial services professional.


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