SIC Code 8111-20 - Estate Planning
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SIC Code 8111-20 Description (6-Digit)
Estate planning is a legal service that involves the management and distribution of a person's assets and property after their death. It is a process of creating a plan that ensures the smooth transfer of assets to beneficiaries while minimizing taxes and other expenses. Estate planning is not just for the wealthy, but for anyone who wants to ensure that their assets are distributed according to their wishes. It involves a range of legal documents and strategies that are tailored to the individual's needs and goals.
Hierarchy Navigation for SIC 6-Digit Code 8111-20
Parent Code (less specific)
Tools
- Will: a legal document that outlines how a person's assets will be distributed after their death
- Trust: a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries
- Power of Attorney: a legal document that gives someone the authority to act on behalf of another person in legal and financial matters
- Health Care Proxy: a legal document that designates someone to make medical decisions on behalf of another person if they are unable to do so
- Living Will: a legal document that outlines a person's wishes for endoflife medical care
- Life Insurance: a policy that pays out a sum of money upon the death of the policyholder
- Retirement Accounts: accounts that hold funds for retirement, such as 401(k)s and IRAs
- Gifting: the act of giving assets to beneficiaries while the person is still alive, which can help reduce estate taxes
- Business Succession Planning: a strategy for transferring ownership and management of a business to the next generation
- Charitable Giving: the act of donating assets to a charitable organization, which can provide tax benefits
Industry Examples of Estate Planning
- Estate Planning Attorney
- Financial Planner
- Trust Officer
- Accountant
- Insurance Agent
- Wealth Management Firm
- Family Office
- Executor
- Elder Law Attorney
- Tax Advisor
SIC Code 8111-20 - Estate Planning
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