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Are you planning to divide your property equally so that your partner or family can access them when you expire? Perhaps, you are still wondering what to do in the event of your sudden demise. Through estate planning, your family can easily inherit your wealth, after your death, without having to run around for paperwork and, more importantly, before the taxman comes knocking on your door. Through this post, you will find out why estate planning is so important, how your family can benefit through estate planning, and a few ways to protect your inheritance from being taxed by the authorities. Reasons Estate Planning Is So Important For many Americans, estate planning does not seem like a fun thing to
Young individuals with kids are generally in the initial stages of their lives and careers. Thus, they might not have something larger to be affected by taxes if they happen to die by chance. However, there are several non-tax reasons why estate planning for minors is essential. Estate plans are powers of attorney, or wills, or advance medical directives designating how the makers or the testators will allocate their assets after they are no more. Most of the time, married people leave their assets to each other with the hope that the surviving partner will make use of the inherited estate for providing for and caring for surviving children. But if both the parents die one after the other leaving
Estate planning is the process where you allocate all your assets to beneficiaries. The process also involves planning your retirement so that you can live comfortably. Your aim should be to plan your finances to optimize income and save on taxes. The best way to do this is to hire a good lawyer who can plan for you. A good estate planning lawyer in New York will cost you anything like $800-$1800. If your estate is larger and more complex it could go upwards of $3500 too. You could do it yourself if you are updated about laws and financial matters too. A good book that can teach you DIY planning is available at about $100. You could probably buy
You are happy in your second marriage after a bitter divorce. You have children with your ex-spouse and with your current one. The blended family is truth in many homes in the USA today. Every parent wants to include all the children in the estate planning strategy. The trick is to make a plan that is fair to everybody. This includes your present spouse, children from your first marriage and from your second marriage too. You might want to leave something behind for your other loved ones too. Each blended family is unique. The key to creating a great plan is communication. Once you are clear about what you want to do, it is time to connect with an estate
It is a universal truth that no one can escape death, however, no one likes to think about the possibilities of their death and hence avoids planning their estate. On the contrary, it is really very important for you to timely plan your estate, to ensure the security and protection of your family and property if anything happens to you. The basic step towards estate planning is to draft a will and if you haven’t yet thought of doing so then it is the best time to do so. If you already own one, then ensure that you have updated it according to your current wishes. Estate Planning- Also, you must ensure that all your desires are properly documented in