Regardless of how large or small your estate may be, it’s important that you have a plan for it once you’ve passed on. Most estate owners want to make sure that their assets are inherited by the right people. An Experienced Wills Lawyer can help ensure that your assets make it into the right hands, and that your beneficiaries pay as little as possible in taxes. Pay attention to the following tips on moves you should make when planning your estate.
Who’s getting what? When planning your estate you’re given the freedom to choose your beneficiaries and the assets they’ll receive. This is your chance to meticulously decide how your estate will be handled after your death. Failing to provide a will could lead to family squabbles or even having your assets handled by the state. Work closely with an Experienced Wills Lawyer to form the details of your will now before it’s too late.
What’s done with your assets? Even after your death you can decide how your assets are allocated. For instance, you may have children or grandchildren who’ll enter college sometime in the future. In order to ensure that their education is paid for you can create a trust, that has provisions, that’ll designate a certain amount of funds for their schooling. These funds will only be used for specifically what you’ve requested and nothing else.
Being mindful of taxes. Often times beneficiaries are faced with unforeseen income and estate taxes because of the inheritance they’ve received. Although there’s no way around legally paying zero in taxes, there are ways that allow you to minimize the amount they’re required to pay. Such strategies include leaving your beneficiaries Roth IRAs or life insurance policies, which are both tax-free assets. Another way to reduce the burden of taxes is to gift small amounts of money to your recipients before your death.
Use these tips if you’re planning your estate. Remember to get legal assistance from the law offices of Sanger and Sanger. Having experienced lawyers help you make smart decisions about your estate, and what will happen to it after you’re gone, is a great way to help you and your family.
