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.
The guidance of relevant professionals is of the utmost importance in these matters. Ideally, one should always work with a locally based attorney. They will be familiar with the ins and outs of the state's legislation and nuances in the law that out-of-state attorneys may not be aware of.
The creation of a will is of course an essential first step. This is a prudent action even for individuals with a more modest-sized estate. It ensures that your assets are shared out according to your wishes. In the absence of a will, your estate will be divided up in line with state law, which needless to say, may be far from what you would prefer.
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.
Giving away money and assets while still alive is another way to make tax savings. Gifting assets to family members and charitable institutions can be an excellent way for some to reduce the value of their estate, and thus its tax liability. A planning professional can provide guidance on this and ensure your gifting is done according to the relevant rules.
Of course, for many people the business of estate planning is something they would rather not have to consider. That said, it's something that all prudent people should do, and doing it under the guidance of a professional will ensure that your final affairs are conducted fairly and according to your wishes.
The guidance of relevant professionals is of the utmost importance in these matters. Ideally, one should always work with a locally based attorney. They will be familiar with the ins and outs of the state's legislation and nuances in the law that out-of-state attorneys may not be aware of.
The creation of a will is of course an essential first step. This is a prudent action even for individuals with a more modest-sized estate. It ensures that your assets are shared out according to your wishes. In the absence of a will, your estate will be divided up in line with state law, which needless to say, may be far from what you would prefer.
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.
Giving away money and assets while still alive is another way to make tax savings. Gifting assets to family members and charitable institutions can be an excellent way for some to reduce the value of their estate, and thus its tax liability. A planning professional can provide guidance on this and ensure your gifting is done according to the relevant rules.
Of course, for many people the business of estate planning is something they would rather not have to consider. That said, it's something that all prudent people should do, and doing it under the guidance of a professional will ensure that your final affairs are conducted fairly and according to your wishes.
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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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