Sitting down with a financial advisor to plan the transfer of all your personal assets in the event of your death to your chosen beneficiaries is called estate planning. Successful estate planning with a professional ensures that your assets are transferred to your chosen beneficiaries as quickly and with as little tax consequence to them as legally possible.
The modern estate planning process begins with taking an inventory of all your assets and creating a will. A trust is often set up to help minimize the tax burden that may be left with your assets to your heirs. You want to leave your loved ones wonderful memories, family heirlooms, and treasures to treasure, not a huge financial burden to bear. A will alone is often no longer enough. You need a professional financial advisor to guide you through current estate and tax laws and help you choose the best way to plan your estate to make the transition as smooth as possible for your loved ones during what is sure to be a emotional moment for them. Proper estate planning helps you know that those prized possessions you want to stay in your family and pass down to future generations will do just that. No longer will you have to worry about a heartbroken heir being forced to sell those prized possessions just to pay Uncle Sam’s taxes.
You may be wondering, isn’t estate planning just for the really rich people? The process of inventorying and totaling the value of your assets can be a truly eye-opening experience. It is best to go through this process with a professional advisor so that they can inform you how current federal and state laws may affect your estate after 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 out that your estate falls into the taxable category.
Even if you learn that your estate may not be subject to federal estate taxes, estate planning is a wise option to ensure that your wishes are carried out the way you want them after they are made. gone and may your wishes come true. in a professional manner for everyone 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 everyone involved. And peace of mind as a bonus!