The process of Austin estate planning involves the culmination of several disciplines such as the attorney, the banker, the CPA and the life insurance professional. The intent in the planning of an estate is to transfer assets to heirs when an individual dies to his or heirs, in the most efficient manner possible, while minimizing taxes and costs. Federal taxes on estates do not begin until the estate is worth more than $10 million, but the states, in many cases, have their own estate taxes that begin at a much lower threshold. Plus, there are administrative costs and expenses that can enter in as well. Estates consist of cash, property, investments, timber, livestock, and anything else of value that is owned by the decedent. Not all of the professions mention above will always participate in the planning process, but the larger the estate planning, the more likely they will all be involved.
Most sensible people who have a good bit of property do attempt to some planning, and usually it starts with the attorney, who will bring in other advisers as they are needed. A proper will, and perhaps a trust will most likely be the first steps taken, and them more sophisticated planning efforts will go on from there.