Klenk Law

What is Included in My Estate?

Posted on Wed Apr 2, 2014, on Estate Planning

In estate planning, “my estate” can mean different things. Your probate estate includes all your assets that will pass through your will at your death, while your taxable estate includes all your assets that will be taxed at your death. Many assets are included in your taxable estate, but not your probate estate, such as assets in your revocable living trust, your IRAs, assets held jointly with a right of survivorship and all of your payable on death accounts.

When working with your Chester County estate-planning attorney, you will examine all of your assets, both the probate estate and the taxable estate, to develop a plan to address your goals. You will also talk about your liabilities and your family’s unique situation. All these factors will allow your estate-planning attorney to suggest methods to meet your goals, reduce or avoid inheritance, estate and capital gains taxes, and provide protection for your heirs.

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