Estate Planning

The material found on this site is for general information only. You should consult your attorney and qualified tax professional for advice on your particular situation. Concepts included on this site dealing with federal estate tax issues may not be the most acceptable or best option for your situation.

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What is Estate Planning?

Effective estate planning means developing a plan that will achieve your goals as the estate owner while you're alive and after your death. It's an ongoing process that involves the creation, conservation, and distribution of property.

An estate plan can be as simple as having a will and life insurance, or it could use trusts, business continuation plans, charitable arrangements, and other elements.

What goals can an estate plan address?

  • Provide cash payment for estate expenses including federal estate tax.
  • Provide income to family members after the estate owner's death.
  • Provide for the disposition of a business at death.
  • Distributing assets to family members and other heirs in a tax efficient manner.

Who can help me with my estate plan?

Depending on the complexity of your estate plan, you may want to establish an estate planning team.

Attorney: The attorney should be one who specializes in estate planning. It will be the attorney's role to draft legal documents such as wills and trusts and provide legal advice.

Tax Advisor or Investment Professional: The tax advisor or investment professional likely knows a lot about the estate owner's financial affairs. They can help the attorney develop a plan consistent with the owner's goals.

Insurance Agent: The insurance agent provides guidance into the estate plan and how much and what type of insurance should be considered to meet the estate owner's liquidity and survivor income needs.

Trustee: The trustee's duties include conserving and managing estate assets. The trustee helps set up and maintain trust arrangements according to a trust document prepared by the attorney.

State Farm™ Estate Tax Presentation Service

State Farm offers a free service to assist you with the first steps of estate planning.

This service analyzes your assets and liabilities to estimate potential estate tax liability, and determine if there is sufficient liquidity to pay estate taxes. Your Estate Tax Presentation will  illustrate the effect of estimated future growth and inflation on your estate.

This service is available to customers with estates valued over five million dollars. Contact a State Farm agent to ask about this free service.

Disclosure

Neither State Farm nor its agents provide tax or legal advice.

State Farm Life Insurance Company (Not licensed in MA, NY or WI)
Bloomington, IL
State Farm Life and Accident Assurance Company
(Licensed in New York and Wisconsin)
Home Office, Bloomington, Illinois

Each insurer is financially responsible for its own products.

IL - 27.6

State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com or by contacting the Bank at 877-SF4-BANK (877-734-2265). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service. To apply for a Bank product, you may also see your participating State Farm agent.

State Farm Bank, F.S.B., Bloomington, Illinois offers deposit and loan products. Other insurance, securities or investment products are offered by affiliate companies. State Farm Bank ("Bank") is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com or by contacting the Bank at 877-SF4-BANK (877-734-2265). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service. To apply for a Bank product, you may also see your participating State Farm agent.