Happy New Year! At the beginning of the new year, the possibilities seem endless as to what we want to accomplish. Have you considered including estate planning on your New Year’s Resolution list?
Here is a list of benefits that may inspire you to include this important task on your New Year’s Resolution list:
To Protect Minor Children: Who will care for your children if you pass away? To ensure that your children are cared for by someone you trust, you should designate guardians in your estate plan. You can also designate how and what assets will be provided to your children at certain ages.
To Plan for Your Own Needs: A personalized estate plan can protect you and your assets in the event you cannot make decisions for yourself. Your estate plan can include Medical and Financial Powers of Attorney that allow you to designate an agent who can make medical and/or financial decisions on your behalf, if necessary.
To Dispose of Wealth in the Manner You Wish: A well thought-out estate plan will make clear how your assets should be distributed instead of the courts deciding. An estate plan minimizes turmoil and provides comfort to family and friends by assuring them that they are following your wishes.
To Minimize Transfer Taxes: If you have accumulated a substantial amount of wealth, the estate planning process can help you develop an approach to transfer these assets to the ones you love in the most tax-efficient way possible. A good estate plan outlines a wealth transfer strategy that minimizes the taxes that will be owed by you or your estate.
To Plan for Philanthropic Goals: Legacy Planning can be included in your estate plan to shape the way you are remembered. A strategy can be explained and included in your estate plan to ensure that certain goals related to philanthropic intentions are implemented in the future.
To Protect Family Wealth: Estate planning can help preserve your family’s wealth by placing your assets into legally protected vehicles such as trusts.
To Prepare Future Generations for the Wealth They Will Receive: In creating your estate plan, you can prepare the rising generation to be effective stewards of family wealth. Discussing your wishes with those included in your plan will enable the next generation to preserve and use the wealth according to your wishes.