ESTATE PLANNING

 

ESTATE PLANNING

 

The estate planning is preparation of a plan to manage and sale of one's property before or after death and this include will, trusts, gifts, power of attorney etc.

Estate planning usually attempts to reduce worries over managing and maximizing the value of the estate by reducing taxes and other expenses. Estate planning is more than just a simple will. It also protects your wealth and assets by curtailing future taxes and fees, sets up emergency planning to make sure your wishes regarding health care treatment are followed, manages and administers your estate and properly distributes your assets to your intended heirs.

On the financial side, a good estate plan organizes what would happen with your home, your investments, your business, your life insurance, your employee benefits-such as a 401(k) plan or Investment Retirement Account (IRA)-and other property in the event you became disabled, incompetent or if you die.

On the personal side, a good estate plan includes directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you select would do that for you, and know when you would want them to authorize heroic measures and when you would prefer that life sustaining machines be shut down (pull the plug).

Major benefits of Estate Planning are:

1. Give you peace of mind as your loved ones are protected and provided for.

2. Your estate plan can encourage your heirs to live well by rewarding them with a portion of their inheritance when they make good life decisions.

3. A good estate plan provides for special needs beneficiaries by ensuring that they can receive their inheritance without losing their government assistance.

4. An estate plan can help inexperienced beneficiaries do the right thing with their inheritance, such as getting a good education, purchasing a home, getting a safe car and making wise investments.

5. By planning properly you can protect your children's inheritance while still providing for your spouse after your death.

6. You will not have to worry that your children or step-children from a later marriage will have a claim to your estate.

7. Estate plans often comprise a "no-contest" terms. Such an election can dishearten disputes to your estate plan, giving you additional assurances that your wishes will be honored.

8. An estate plan can reduce or avoid estate taxes, income taxes and capital gains taxes.

9. A proper estate plan allows your estate to pass to your beneficiaries without the lengthy and costly legal process.

10. An estate plan can guard hereditary assets from lawsuits, divorce, creditors and other claims.

11. A properly drafted estate plan will permit you to assign someone you trust to control your dealings by following your specific written instructions in case of you disability.

 

Retirement Planning

 Education Planning

Tax Planning

wills and poa

 

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