This short article will look at some basic principles of estate planning for those wishing to be properly prepared. It should also be pointed out that estate preparation goes hand-in-hand with retirement. For residents of Baltimore MD retirement income planning services are widely available and should be undertaken along with estate planning.
Proper guidance is of signal importance in matters of this kind. Also, when possible, it's definitely best to engage the services of a local attorney. He/she will know of any vagaries in the law that professionals in another state may not be familiar with.
An essential first step in estate planning is drawing up a will. This is your opportunity to make sure that your possessions and assets go to the people of your choosing. If you fail to draw up a will, you're leaving these decisions to the laws that govern your state.
Tax issues are of course a major concern for individuals with larger estates. An estate planning professional can design a structure using tax-efficient strategies that will minimize any obligations. Trusts are a well known way of doing this, and properly done they can significantly reduce, or even eliminate federal and state taxes being levied against an estate.
Gifting money, property and assets before death is another useful way to avoid tax liabilities. It's not an approach suitable for everyone, but giving assets to family members and/or charitable organizations can be a good way to diminish an estate's taxable value. An estate planning professional can advise on the best way to do this to make the most of any exemptions and allowances.
Of course, for many people the business of estate planning is something they would rather not have to consider. That said, it's something that all prudent people should do, and doing it under the guidance of a professional will ensure that your final affairs are conducted fairly and according to your wishes.
Proper guidance is of signal importance in matters of this kind. Also, when possible, it's definitely best to engage the services of a local attorney. He/she will know of any vagaries in the law that professionals in another state may not be familiar with.
An essential first step in estate planning is drawing up a will. This is your opportunity to make sure that your possessions and assets go to the people of your choosing. If you fail to draw up a will, you're leaving these decisions to the laws that govern your state.
Tax issues are of course a major concern for individuals with larger estates. An estate planning professional can design a structure using tax-efficient strategies that will minimize any obligations. Trusts are a well known way of doing this, and properly done they can significantly reduce, or even eliminate federal and state taxes being levied against an estate.
Gifting money, property and assets before death is another useful way to avoid tax liabilities. It's not an approach suitable for everyone, but giving assets to family members and/or charitable organizations can be a good way to diminish an estate's taxable value. An estate planning professional can advise on the best way to do this to make the most of any exemptions and allowances.
Of course, for many people the business of estate planning is something they would rather not have to consider. That said, it's something that all prudent people should do, and doing it under the guidance of a professional will ensure that your final affairs are conducted fairly and according to your wishes.
About the Author:
Get a summary of the benefits of consulting an estate planner and more information about an experienced Baltimore MD retirement income planning professional at http://www.aspidaadvisory.com now.
No comments:
Post a Comment