These days, most people spend more time on choosing restaurants to dine out, selecting which car model to buy, or planning a vacation. This way, they often forget about estate planning and not considering who would inherit the wealth and assets after their demise. Though planning for your family’s future means consulting with a financial advisor and it takes time to decide how you will distribute your wealth for your loved ones, but it is essential, no doubt.
Michael E Weintraub Esq wants to tell you that estate planning is not solely for the affluent. Without a proper plan, you are putting your family and kids up for some financial problems in the future. Here is why estate planning is beneficial for your family:
Michael E Weintraub Esq advises you to protect your beneficiaries
Today, many middle-income families need to consider estate planning seriously, because if the breadwinner passes away before time, the beneficiaries will have a tough time surviving. Though this is an unfortunate thing to say, you cannot ignore this harsh reality. You need not be affluent to do estate planning, but whatever assets you have – a home, a car, and some bank balance, you will need to pass those to your family and children when you are no longer there to care for them. In simple words, estate planning protects your beneficiaries
The key aspect of estate planning is choosing your heir or loved ones for whatever wealth or assets you have. It could be your second home, a summerhouse, or the money you have invested in stocks.
Michael E Weintraub Esq has seen things getting ugly without estate planning when a court of law decides who inherits your assets, a lengthy legal process involving exorbitant legal fees, and unpleasantness among family members.
Saves tax burden of your heirs
Estate planning is not only about protecting your heirs but also means that you are protecting your loved ones from heavy tax burdens in the country when it comes to the Internal Revenue Service or IRS. Estate planning is providing for your family and kids, transferring the assets to reduce or eliminate tax burdens of your heirs.
Even little estate planning can help couples to minimize a significant part or whole of their state and federal taxes as well as state inheritances taxes. In the absence of estate planning, your children will need to pay huge taxes.
Gets rid of family troubles
Family feuds concerning the distribution of wealth are common. The breadwinner passes away and the battle for the inheritance of money and assets starts among the family members. A sibling may fight because he or she thinks that they deserve more than the other person does. There are issues related to taking charge of the assets and finances even if one has huge debts unpaid. These fights may turn ugly ending up in a court of law with family members brawling with each other.
If you would like to see your loved ones and wealth protected, estate planning is your option. DO not delay it or think that it does not deserve your attention. Protect your loved ones and make their future secure.