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 is of course a major issue for those with a large estate. A good estate planner can create a tax-efficient structure that makes the most of any deductions and exemptions. Trusts are a time-tested tool of tax planning, and properly used, can significantly reduce liability.
Another common way of reducing tax is to simply give away part of one's estate. Donating cash to charities and making gifts to family members is a simple way to pare down the value of one's estate and it's consequent tax liability. An estate planner can ensure this is done to maximum effect while complying with the applicable rules.
Understandably, many people tend to procrastinate over making plans in this area. No one likes to think about their demise, and obviously estate planning brings this fact of life into clear view. However, it's in everyone's interest to to tackle this subject and make sure that when the time comes, your estate is managed as smoothly and free of conflict as possible.
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 is of course a major issue for those with a large estate. A good estate planner can create a tax-efficient structure that makes the most of any deductions and exemptions. Trusts are a time-tested tool of tax planning, and properly used, can significantly reduce liability.
Another common way of reducing tax is to simply give away part of one's estate. Donating cash to charities and making gifts to family members is a simple way to pare down the value of one's estate and it's consequent tax liability. An estate planner can ensure this is done to maximum effect while complying with the applicable rules.
Understandably, many people tend to procrastinate over making plans in this area. No one likes to think about their demise, and obviously estate planning brings this fact of life into clear view. However, it's in everyone's interest to to tackle this subject and make sure that when the time comes, your estate is managed as smoothly and free of conflict as possible.
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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.
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