WHY ESTATE PLANNING?
Gone are the days when only wealthy people ascribe to estate planning. Every person or family can now avail this service as long as they have assets or properties which they intend to pass on to their family members someday.
Protects families with young kids. While no one wants to die young, no one can escape the reality that is death. Expect the unexpected especially if there are still young children in the family. To ensure their future, it is advisable to appoint guardians in the event when both parents die before the children reach the legal age. Courts will intervene if parents fail to prepare a will.
Avoids family-oriented disputes. Who wants to deal with such conflicts? Everyone does not want to experience horror stories encompassing family and money. Fights between family members arise when someone with money passes away. For instance, one sibling believes he deserves to gain more money, while others think they should be responsible for managing finances. Such warring may end up in court if not resolved.
Preparing an estate plan is the key to avoiding family members pitting against one another. This process allows you to name the person who oversees your assets in the event you become mentally incapacitated or if you die. Making one ensures your estates are managed properly and quelling will be averted.
Prevents assets from ending up with unwanted recipients. Mind you estate planning is not only for wealthy people. It essentially thwarts courts from intervening in case you did not create an estate plan. You won’t be able to determine what happens to a particular property, even if it is the smallest one, if you do not decide the beneficiary of that property.
Estate planning assigns heirs for your properties. In the absence of a will, expect the court to decide who receives your estates. And it will take you years to finalize this process, which is taxing.
Stops overpaying in taxes. Protect your loved ones and halt Uncle Sam from chasing them because of costly taxes. One advantage of estate planning is the person can lower the tax bill when transferring assets. Married couples can deduct a portion or all of their state and federal estate taxes and/or state inheritance taxes.
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