What Estate Planning means?
Estate Planning is the act of preparing for the transfer of a person's wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one's estate.
The purpose of Estate Planning
The specific purpose of Estate Planning is that it allows an individual to decide exactly who will benefit from their estate, and to what extent. Estate Planning also ensures that the estate will not be dismantled or destroyed by taxes imposed on the transfer of assets at death
What are the advantages of Estate Planning?
The key advantage of an Estate Plan is its power to minimise the process of probate and related expenses, delays, and loss of privacy. The giving to charitable causes and business succession can be incorporated into an Estate Plan.
Who should do Estate Planning?
This relates to anyone who wants their assets to be transferred to one or more surviving beneficiaries after they pass away should consider establishing a formal Estate Plan.
Why is Estate Planning so important?
Estate Planning is all about protecting your loved ones, which means in part giving them as much protection as legally possible from the Internal Revenue Service. Essential to Estate Planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.