Top 10 advantages of estate planningProvide your immediate family. Make sure the property goes to the right beneficiaries. Relieve your family's burdens. Plan for any type of disability.
Reduce the taxes that apply to your estate. If you don't have a living trust (this is a different type of trust than what we mentioned in section 3 above) or you will have one when you die, probate court and state law will control how assets are distributed to your family. This process can take a lot of time and money. Preventive estate planning can help reduce the amount of taxes on your estate.
The IRS has specific types of taxes you should consider when planning your wealth, wealth, gift, and generational leap. By having a complete plan, you can organize your assets in a way that minimizes the amount of tax charged to your estate. This will also help your family save money in the long run. Estate planning is about protecting your loved ones, which means, in part, providing them with protection from the Internal Revenue Service (IRS).
The goal is to help you educate you on the benefits of estate planning and give you a better idea of why you should take care of your estate plan as soon as possible. It's great that you mentioned that one of the benefits of an estate plan is that I can choose who would raise my child once he or she dies before he reaches legal age. If you don't have a documented estate plan, such as a living will or trust, the state where you reside usually decides how your assets are distributed after you die. Many clients seek the advice of an estate planning lawyer after personally experimenting or seeing a close friend or business partner experience significant loss of time and money due to a loved one not making an estate plan.
When planning wealth, make sure you have these conversations with people you trust and who won't take advantage of you. If you want your assets and loved ones to be protected when you can't, you'll need an estate plan. While most people tend to think that an estate plan is something you need when you die, many don't realize that it can also protect you and your assets in case you become incapacitated or can't make decisions for yourself. Everyone, regardless of family dynamics or financial situation, can benefit from having an estate plan, a collection of documents that specify how you want your assets to be distributed.
Or, if the payee is already an adult who mishandles money or has a spouse or dominant partner who you fear will squander the beneficiary's inheritance or accept it in a divorce, you can create an estate plan that protects the beneficiary. If an estate consists of significant assets and the owner wishes to donate to a charity, there are several ways to incorporate those philanthropic goals into an estate plan. Without a will or estate plan, it can take three to nine months for your family to receive anything after you die. Asset protection planning has become a major reason why many people, including those who already have an estate plan, meet with their estate planning lawyer.
There is little chance of me recovering, so it would be wise to contact an attorney to help me with my estate plan.