Why, What and When You Need Estate Planning

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Sitting down with a financial advisor to plan the transfer of all your personal assets upon your death to the beneficiaries of your choice is called estate planning. Successful planning of your estate with a professional ensures that your assets are transferred to the beneficiaries of your choice as quickly and with the least tax consequences to them as is legally possible.

The modern estate planning process begins with taking an inventory of all of your assets and creating a will. Often times, a trust is established to help minimize the tax burden that may be left with your assets to your heirs. You want to leave your loved ones with wonderful memories, heirlooms and treasures to cherish, not a huge financial burden to bear. A will alone is often not enough. You need a professional financial advisor to walk you through applicable tax and estate laws and help you choose the best way to plan your estate in order to make the transition as smooth as possible for your loved ones during what. will surely be an already emotional time for them. Good estate planning helps you know that the precious assets you want to keep in your family and pass on to subsequent generations will. No longer will you have to worry that a heartbroken heir will be forced to sell these precious possessions just to satisfy Uncle Sam's tax bill.

You might be wondering if estate planning isn't just for really wealthy people? The process of inventorying and totaling the value of your assets can be a real eye-opening experience. It is best to go through this process with a professional advisor so that you can be informed of how current federal and state laws may affect your estate upon your death. After you add up the value of your home, personal property, investments, life insurance benefits, and retirement accounts, you might be surprised to find that your estate is in the taxable category. .

Even if you learn that your estate is not likely to be subject to federal inheritance tax, estate planning is a smart move to ensure that your wishes are carried out the way you want them to be. after your departure and your wishes are fulfilled. in a professional manner for everyone involved.

If you haven't seen a financial advisor about your estate yet, book an appointment today. You will get all the information you need to plan your own wealth for the benefit of everyone involved. And peace of mind as a bonus!


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