If you are not sure about what estate planning is and why you should do it, then we’ll be discussing the same here. Well, this keeps your assets safe for your future generations. Estate planning refers to the process of preparing tasks that serve to manage a person’s assets in the event of their death. The planning also includes bequest of the assets to heirs and settlement of their estate taxes.
But what exactly are the reasons to do estate planning? Well, given below are some of the important reasons that will make you realise the importance of estate planning. Also, to plan your estate contact Estate Planning Attorney Near Me 11783
Reasons for you to do estate planning: for further assistance you can contact Estate Planning Attorney Near Me 11783
There are many reasons for you to do your estate planning. Here we have discussed a few reasons why you should do your estate planning beforehand.
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To make a plan for your needs you can contact Estate Planning Attorney Near Me 11783
People mostly think of estate planning because this is something you will need when you die. Most people take it lightly, but estate planning can protect your family as well as your assets if you become incapacited or can’t make decisions for yourself. After an estimation of the cash flow, your needs and retirement, think about what insurance you may need if you are not able to earn anymore. You may also try to designate a power of attorney. This person will be responsible for making medical and financial decisions on your behalf if necessary. For help with your estate planning get in touch with the Estate Planning Attorney Near Me 11783.
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If you have Minor children
Haven’t you wondered about who will raise your children if you die? If you don’t have a plan, a court will make that decision and with a plan you can nominate a guardian who you prefer.
Nobody wants to think of a possibility of dying at a young age, especially one who has children. In case that happens, what will happen to your kids? If you have kids, you need to prepare it beforehand. For that, you have to set up a will, which is just one of the aspects of estate planning.
In your will, you can designate how you want your children under the age of 18 to be taken care of, and what items in your estate can be inherited by them when they come of age.
Without a will, a court decides who will get your assets and who will raise your children. If you care about who should look after your children in case something happens to you, you need to make such a provision in your will.
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Keeping your assets in the family.
Wouldn’t you want your assets to stay in your family? If your spouse remarries and you have planned a proper estate plan, then it will ensure that your assets go to your children and their grandkids and not to your spouse’s new husband/wife and their family members.
With a plan you should set up a trust that ensures that your assets stay within your family and pass on to your grandchildren.
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To reduce transfer taxes you can seek help from Estate Planning Attorney Near Me 11783
If you plan to transfer your wealth money to your family members and loved ones after your death, estate planning is most probably the only answer. The types of taxes to be considered when you want to transfer your money are estate tax, generation-skipping, along with gift tax. For more information get in touch with the Estate Planning Attorney Near Me 11783.
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To dispose of your wealth in the way you want.
If you don’t have a will or a living trust, the state where you live decides how your assets are being distributed after you die. Proper documentation can save your family members time and help ensure that your assets are being dispersed the way you want. A will or trust defines how your assets should be transferred upon your death.
Final Words
Estate planning is not only tricky, but is time taking as well. So, it’s better to start early to prepare yourself and your family. However, there are legal complexities that are associated with estate planning, so it’s best to seek advice from an estate planning attorney to make sure that you take good and right decisions, as they will guide you throughout the process. To help you with your estate planning contact the best Estate Planning Attorney Near Me 11783.
