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www.foersterconsultants.com means foersterconsultants.com Estate Planning means giving some time and thought to what will happen to your money and assets (your estate) when you eventually die. Unlike the need to save for retirement or for the costs of educating your children which are self evident i.e. we know when they are going to happen so we know when we should start saving, we do not know when death will occur and death is something that we do not like to think about. Therefore planning for what may happen at this time is easy for us to postpone.
Unfortunately there is a price to pay for this postponement – Death Duties. In the UK it’s called Inheritance Tax, in the USA it’s Estate Tax while in France it is called Estate and Gift Tax. However, in the vast majority of countries around the world there are some form of Death Duties.