What is Estate Planning? Estate planning is the organized arrangement of asset distribution after one's inevitable death. The planning process includes deciding and stating who the beneficiaries will be, what each one will get, and how to perform the transfers with minimum taxation and liquidation of assets. The goals of estate planning include:
1. Guaranteeing your assets are distributed according to your wishes after death
2. Ensuring your children are cared for by a desired legal guardian
3. Helping to avoid or diminish family conflict over property
4. Minimizing taxes and other expenses associated with your property
5. Guaranteeing financial and/or psychological security of your loved ones
6. Giving you peace of mind by ensuring your estate is in safe hands upon death
How DoesEstate Planning Work? Estate planning involves making a list of all your assets and liabilities, defining and evaluating your personal and financial objectives for estate planning, and formulating an action plan based on the aforementioned. In most cases, a will and/or trust will be set up according to your plan.
Why Do I Need Estate Planning? First, let's explain what will happen if you don't have a sensible estate plan. Your assets- a measure of the work you've done throughout your life- can be lost or given to unintended persons. An estate plan will also reduce the taxes and legal expenses of your property and ensure the quickest transition of your estate to your beneficiaries. Anyone who owns real or personal property whether as a sole owner; tenants in common; or as community property should consider estate planning. In particular, those that fall under the following categories should consider the policy:
1. Anyone owning assets in multiple states
2. Anyone who owns a small business
3. Anyone who has dependants
4. Anyone who is at risk of becoming incapacitated prior to death
5. Anyone who wants to make a transfer of wealth
6. Anyone who owns assets that may be subject to taxation and other fees
What is a Will? A will is a legal document that dictates how you want your entire estate to be divided in the event of your death.
Why Do I Need a Will? In the case of death, do you want your assets to be divided according to your wish? If the answer is yes, then you need a will. A will is especially important if you have young children. You want to ensure their financial and personal security in the event of your death.
How Can We Help? FQ Life will help you plan for the smooth and quick transition of assets upon your death. In the estate planning process, our experts will advise on the best way to maximize your wealth, minimize taxes and other fees, ensure your beneficiaries receive the greatest possible benefits, and guarantee your wishes are carried out.
Questions We Can Answer:
1. What should I look for when choosing an estate planning lawyer?
2. How do I make a living will?
3. What happens if I die without a will?
4. What is the difference between a will and a trust?
5. How can I avoid probate in my estate plan?
