Estate Planning | The 3 Main Advantages
Estate Planning | A proper and professional estate plan is essential for any individual who wants to have peace of mind about the division of their property and personal assets after their demise. Estate planning for large estates, upwards of $1.5 million, for example, where every small detail is finalized, including not just properties, but also shares, bonds, investments and the like, is commonly known as “advanced estate planning.”
Have a look at the three major advantages advanced planning offers.
Estate Tax Reduction
A major advantage of advanced planning is having the ability to get the taxes reduced. This process is carried out in a simple manner which includes handling specific types of assets, such as giving bonds or stocks away in the form of gifts while a person is still alive. They can be given either to a family member or to someone else in the form of charitable donations.
Such assets would automatically reduce the value of the estate, which results in a decrease in the total taxable assets.
Ongoing Legacy Planning
The tools advanced estate planning offers can also be used to create an ongoing legacy. Individuals interested in planning can use the assistance of professional estate planning attorneys. Doing so will help them in moving forward with a solid legacy plan.
Asset Protection Planning
For people who have acquired even minimal wealth, a fear of losing it in multiple lawsuits can convert into a constant headache. Many advanced estate planners not only offer the benefit of reduced taxes but also, give their clients protection where their assets are concerned.
So, it’s time for people to worry less and act mor