3 Best Estate Planning Strategies You Should Stick To

One simple definition of estate planning is – it is the process of making arrangement for an estate, so that the amount of taxes, due on the property owner, can be reduced and the estate ownership can be transferred to the beneficiaries mentioned in the plan, if the owner dies. The family members of an individual having a worth of less than $5.45 million do not have to worry about paying taxes.

Popular website, money.usnews.com wrote something on this in 2014. “If you’re single, you can have up to $5.45 million in assets before your heirs have to worry about paying a penny in estate taxes.” Well, that is a rule.
But, because of that, most people might undertake an assumption that only the super-rich people are required to worry about creating an estate plan.

However, the writer of the article Maryalene LaPonsie also says that this assumption could be wrong. Your income tax and the value of your assets and estate(s) are the focal point of federal tax department and the state. To understand this the better way, you could consider meeting an experienced estate planning attorney in Long Beach. Doing so will allow you to figure out the amount of tax and liabilities you can save by strategically planning your estate.

This article explains three best strategies that you should be keep while estate planning –

Create a will -

It is the first step to take while creating estate plan. However, there are a large number of people, who do not even think of creating a will. A 2014 survey reveals that about 64% of Americans do not have a will. Out of those 64%, about 20% of people surveyed said, they do not think they need a will. If you also belong that 64%, you should know that without having a will, you will not be able to save your case from going to the probate court.

See who your beneficiaries are –

Beneficiaries are the ones who are nominated by the person creating an investment plan or will. Each investment plan, such as insurance or retirement plan, allows you choose beneficiaries. Sometimes, relationships fail and priorities change. In such conditions, you would want to change the name of your beneficiaries. Keep this in mind while planning your estate.

Make a trust –

If you feel that, your heirs will not be able to take care of your estate, then you can consider establishing a trust and appointing a trustee for that trust. The appointee will distribute your estate according to your will after your death. There are several ways you can lay the foundation of your trust.

Another benefit that converting your property into trust is, it offers huge tax benefits. Trust can be founded for tax saving and estate planning. However, to know how, you should speak to your accountant or estate planning lawyer in Long Beach.

Be it whichever way you are going along, to keep it lawful and rightful, it is paramount to consult a professional estate planning attorney in Long Beach.

By: Sara Harley

Sara Harley is an experienced and professional writer. She loves to write articles about estate planning Attorney in Long Beach. In this article she has explained about the best 3 state planning strategies that you should be keep while estate planning.

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Source: http://www.articledirectoryusa.com/article/category/society/lawyer/3-best-estate-planning-strategies-you-should-stick-to/

Article Tags: estate planning , estate planning lawyer

Submitted On Jan 31, 2017. Viewed 172 times.

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