4 Reasons Why Estate Planning Is Crucial
While nothing in life may be certain outside of death and taxes, both of these contingencies can be prepared for with proper estate planning. Ensuring you have a tried, tested, and true estate plan is critical if you want to leave your family and loved ones in a secure state.
So, what do you need to know when you start planning your estate?
Defining Estate Planning
One thing is certain, your estate will be passed on to your next of kin whether you plan for it or not. The process of estate planning is arranged ahead of time, ensuring that the passing of assets is done with precision, every beneficiary gets what is intended, and Uncle Sam takes a minimal cut from the estate.
Benefits of Estate Planning
There are no shortages of benefits when planning ahead and getting started on your estate strategy. Of course, no one can predict when it’s their time, so align yourself with the better to be safe than sorry mantra.
Engaging in proper estate planning will offer the following advantages:
- Reduce the tax burden for those on the receiving end of your assets. Proper usage of trusts or other estate-planning techniques can maximize the amount that gets passed on to beneficiaries – without being hit by federal or state taxes.
- Costly and time-consuming probate processes are lessened in the court system.
- Given the sensitive nature of the time and situation, families are able to grieve and focus on taking care of one another’s emotional needs.
- Protect beneficiaries from their subjective judgment, by allowing your estate-planning to include dictation of what certain assets may be used for.
Getting Started with Estate Planning
Many estate planning attorneys are out there to help you get started in this vital process. Financial advisors are also critical to the estate planning process, as they know the ins and outs of the most effective and affordable way to manage your assets.
When it comes to estate planning – Schechner Lifson Corporation can assist you. Contact us today to see how we can make sense of the world of insurance, providing you with the best and most affordable coverage possible!