Why, What and When You Need Estate Planning
Sitting down with a financial advisor
to plan the transfer of all of your personal assets upon the
event of your death to your chosen beneficiaries is called
estate planning. Successfully planning your estate with a
professional ensures that your assets are transferred to your
chosen beneficiaries as quickly and with as minimal tax
consequence to them as is legally possible.
The modern process of estate planning begins with you making an
inventory of all of your assets and creating a will. Often a
trust is established to help minimize the tax burden that may be
left along with your assets to your heirs. You want to leave
your loved ones with wonderful memories and family heirlooms and
treasures to cherish, not a huge financial burden to bear. A
will alone is often no longer enough. You need a professional
Financial Advisor to help guide you through current tax and
inheritance laws and help you choose how to best plan your
estate to make the transition as smooth as possible for your
loved ones during what will surely be an already emotional time
for them. Proper estate planning helps you to know that those
prize possessions that you want to stay in your family and be
passed down through following generations will do just that.
You'll no longer have to worry that a heartbroken heir might be
forced to sell those prized possessions just to satisfy Uncle
Sam's tax bill.
You may be asking yourself, isn't estate planning just for the
really wealthy folks? The process of inventorying and totaling
the value of your assets can be a real eye opening experience.
It's best to go through this process with a professional advisor
so you can be advised 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 may be surprised to find
that your estate reaches into in the taxable category.
Even, if you learn that your estate is not likely to be subject
to federal estate taxes, estate
planning is a wise choice to be assured that your wishes are
carried out just the way you want them after you are gone and
that your wishes are carried out in a professional manner for
all those involved.
If you haven't yet seen a Financial Advisor about your estate,
make an appointment today. You'll get all the information you
need to plan your own personal estate in the interest of all
those involved. And, peace of mind as a bonus!