What is Estate Planning?
Estate planning is the act of allocating your wealth to be distributed in a tax preferred way to your family members. An estate plan ensures that your property is managed effectively while you’re alive and at the same time it ensures that your desires, such as distribution of assets and reduction of taxes, are performed after your life. A larger investment portfolio, a bigger home, or a growing art collection are some of the items which must be mentioned in your estate planning.
Estate planning is essential for transfer of assets to heirs, while doing so creating the smallest possible tax burden for them. You need estate planning if you want to choose who will inherit what among your possessions and valuables. It provides you with the ability to choose the legal guardian of your child, who will take care of them after your life. You’ll need to revisit it from time to time and keep everything up to date, even after you have a proper estate plan in place. One of the most important decisions you'll ever make is how to protect your personal assets.
No matter how small or large the property is, estate planning is important for you. Regardless of the size of your wealth, your heir needs to pay taxes, clear the debts that you owe, etc. They also have to spend the administration expenses for the estate that you plan on leaving for them.
Why You Need Estate Planning?
A proper estate plan will protect you, your family and your wealth, in the present and in the future. It also provides financial stability for your dependents and other family members. The goals of estate planning can include preserving wealth by taking advantage of tax planning provisions; conserving assets; supplementing income for retirement or for supporting dependents; or ensuring equity in estate distribution.
Estate planning helps you to be there for your family even after your life. Failing to do it could lead to many problems for your heirs. Firstly, the taxes could be a big burden for them. Secondly, if your children are not mature, the court gets to decide who raises your children and how your wealth is divided.
Do Something Today That your Family Will Thank You For.
Advantages of Estate Planning
- Protects your family from unnecessary court proceedings and taxes
- Minimizes the expenses & taxes for you and your family
- Makes sure that your wealth is split the way you want it to be
- Helps you reduce the burden on your family members
- Transfers your wealth in a tax preferred way to your heirs
- Avoids unnecessary family feuds
- Helps you provide for your family members
- Enables you to establish your trustees
- Provides you a peace of mind
How I Can Help You
As an experienced business consultant and financial advisor, I've helped many organizations & individuals to create wealth. You too can achieve your financial goals.