Estate Planning for Your LegacyAccording to the book LEAP by Robert Castiglione, estate planning has two objectives: 1. Distribution of assets - Ensure that your assets are distributed to the right people, within the proper time constraints and conditions. How you own and control your assets can affect how they are distributed to your beneficiaries. 2. Conservation of assets - Avoid probate and all the extra fees, taxes, and costs. The bulk of your wealth should go to your beneficiaries, not to the IRS and attorneys. Even if you don't have a large estate, a plan is necessary to ensure that your assets are handled in the manner in which you intend. Besides, the plan is to grow your wealth, right? As an exercise, imagine you were to die tomorrow. Think about what would happen to your wealth. ... How long would it take for my assets to get disbursed? Who much will my assets be taxed? How much of a burden will my estate be to my beneficiaries when I pass away? ... Without the proper planning, your death can cause a lot more hardship than what is intended. Your estate should be the least of burdens during this time. There are a lot of benefits to this process. With preparation and education, you will begin to understand: 1. The benefits and limitations of drafting a will. 2. Estate income tax and strategies for minimization. 3. The advantages of trusts. 4. The rewards of creating a Family Bank.
90% of people fail to plan their estate. 100% of those people will pass away. However, the legacy you build today can live beyond your lifetime. Be the first to find out about new articles, interviews, FREE downloads, products, and updates. Sign up for our FREE newsletter. Return from Estate Planning to Choose Financial Freedom.
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