When you hear the term, “estate planning,” it’s quite possible that the first thing that pops into your mind is that “only rich people do this” – well, you are wrong! Estate planning is for everyone! It doesn’t matter who are you, or what you do, or if you are young and old, you should still start estate planning and it is extremely important.
Don’t believe me? Let’s define estate planning.
Estate planning is actually much simpler than you think. It typically attempts to eliminate uncertainties over the administration of probate and maximize the value of your estate by reducing taxes and other expenses. Most importantly, guardians are often designated for minor children and beneficiaries inincapacity.
One thing we know about life, is that nothing is certain, and to be sure that everything is in place when you are gone is very important. You have worked hard not only for yourself, but also for your loved ones. Providing them the most comfortable life is the most important action you can take, right now.
You don’t have to be wealthy to do the right thing and make decisions around your money, properties and assets. Estate planning ensures that each person you choose will get what he or she deserves with less far less hardship, expenses and taxes.
Here’s a quick list of the benefits that Estate Planning provides.
- In case you become incapacitated or unable to make decisions on your own, you can appoint someone you trust to take care of your health care and manage your finances through a Health Care Directive and a Long-term Power of Attorney.
- You ensure that all your assets, money and properties are distributed to your loves ones.
- This plan will also serve as your protection from your creditors.
- This will also lessen income taxes when you die.
- It also lessens taxes, probate fees, your heirs’ income taxes and other problems in estate settlement.
- This will make sure that all your obligations to all the people who are depending on you will be met.
- This will also help you to get away from the intervention of the government.
- As part of my own mission in this world, I’ve created a comprehensive guide book called ‘Ready for PREtirement‘ which covers everything you need to know about retirement planning. I break down the steps into terms and language anyone can understand and provide the tools you need to get started, immediately, right in the book.
In Ready for PREtirement you’ll learn how to:
- Tune your financial instrument.
- Preserve your savings, minimize your taxes, and protect your financial legacy, so your money goes to the people and causes you choose and your heath care is covered.
- Ensure your money will be there when you need it – be safe in a down market and protect your principle so you can still grow your money.
- Understand the “secrets” to earning more interest on your money with repression-proof safety.
- Expect the unexpected by being PREtirement ready and avoiding long-term care costs.
- Create a revocable Living Trust and avoid probate to keep your affairs private and protect your assets from fees and disgruntled heirs.
- Take 5 steps to begin PREtirement planning right now.
Don’t be afraid to get started. It might look difficult on the surface, but you will soon get the hang of it, and live a richer life – now and later.
Tags: creditors estate planning wills and estates probate fees power of attorney income taxes
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