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Why, What and When You Need Estate PlanningPosted by Roth-IRA-401k on: 2006-02-24 09:36:58 in category:
Inflation Income & Bonds [ Print | Permalink / 0 Comment(s) ] Why, What and When You Need Estate Planning Natalie Aranda 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! About the author: Natalie Aranda writes about family and personal finance. |
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