If you do not update your estate plan on a regular basis, or for some reason do not have an estate plan, it could cause a myriad of problems. Taking the time to manage your estate plan can help you avoid having the wrong people inherit your property or assets. It can also protect you from paying more taxes than necessary. Proper estate planning can make an already difficult time a little easier for your loved ones.
Contrary to popular belief, a detailed estate plan is not about huge taxes and massive trust funds; many are as simple as a couple sheets of paper.
It’s never too early to start planning for the next generation. Read on to find out why your wealth transfer plan is more important now than ever.
aking steps to plan for the future of your estate can be one of the most important things you do. In fact, dividing and bequeathing your property is the very last official action you make. To ensure that loved ones can make the most of what you are able to leave them, it is important that you learn the different parts of estate planning and consider how they might affect you.
Probably the most obvious form of wealth transfer, direct gifts are just what their name implies—monetary gifts given directly to your descendants. However, even with a straightforward transfer, there are rules and strategies to consider. Familiarize yourself with the taxes imposed on these gifts and discover the ways to best maximize your wealth transfer through direct gifting.
Far from being the final step in a stack of paperwork, choosing the people who will eventually inherit your assets should be a carefully planned and strategically executed portion of your estate planning process.