![]() ![]() Work with an estate planning or tax accountant to learn the different scenarios that work best for your needs and might potentially help reduce your estate's tax bill. Potential tax benefits - After you pass, your beneficiaries might have to pay taxes on your estate.Having a will in place helps expedite the process. Avoid probate - If you pass away without a will - a document that gives clear instructions on how you'd like your estate distributed - figuring out the finances of your estate could fall to the courts, which can take years.Of course, there are plenty of sentimental reasons to want to leave some of your most treasured possessions to a special someone, but there are practical ones, as well. No matter how large or small, nearly everyone has an estate - something they might like to leave behind to loved ones. Your estate includes everything you own, including but not limited to: your home, vehicles, checking and savings accounts, life insurance, investments and other personal possessions. From there, you can work with your advisor, accountant and lawyer to start preparing for the future. However, before you jump into anything, it's important to understand estate planning basics. From avoiding probate to reducing taxes and leaving your loved ones with extra financial protection, estate planning can make sense for many people. ![]() You might think estate plans are only for the wealthy or famous, but that's not always true. ![]()
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