Estate planning is the process of arranging your financial affairs so that your wealth will be distributed after your death according to your wishes and your estate will be settled with a minimum of delay and cost. In formulating your estate plan, you must address important issues. The way you resolve these issues may have significant tax consequences.

Some questions to consider are: 

• Who will receive the benefits of your wealth after you die? 
• Who will take care of the settlement of your estate and the on-going management of any trust funds you wish to establish? 
• If dependent relatives who are minors or who are physically or mentally handicapped survive you, who will be responsible for their physical care?
• Do any of your beneficiaries need assistance in managing the inheritance you plan to leave them?
• After resolving these important personal issues, you may also need to consider strategies permitted by law to reduce death taxes.

Any comments regarding tax implications are informational only. Scott & Stringfellow does not provide tax or legal advice. As always, you should consult your tax or legal advisor.