Proper estate planning is a necessity during the present
day. An uncertain economy, rampant shifts and updates to the U.S. tax code that effect estate taxes, and certain estate tax exemptions that are soon to expire heighten
the need for effective estate planning more than ever before. If you are planning
on leaving a well tended to estate behind for your loved ones – as opposed to a
messy estate that is siphoned by over taxation and held up in probate limbo for
years upon end – then proper estate planning with an estate planning attorney like
Joe B. Garza is essential.
Reducing Tax
Liability
Estate taxes are among the highest form of income taxes
that exist in the U.S. and fall under the capital gains tax code. If improperly
planned, a large portion of your estate could go directly into the IRS’
coffers. With a properly planned estate, more of your hard earned wealth can be
passed on to your family and charities that you designate.
Protecting Your
Wealth
Estate planning goes beyond just reducing tax liability.
It’s also about protecting your wealth. When you plan your estate properly, you
can safeguard your wealth against liability that stems from lawsuits and
creditors. It’s never too late to protect your legacy.
Allocating the
Distribution of Your Estate
You spent a lifetime earning it, and it should go where
you intend for it to long after you are gone. With estate planning, you decide
to who and what your estate is distributed. This allows you to meticulously plan
how your estate is divided up after you are gone.
Maximizing
Inheritance to Your Loved Ones
By protecting your estate and preplanning, you can give
more to your loved ones. Considering that your wealth has already been taxed
(when you earned it), why pay more than you have to. By properly setting up your
estate, you can ensure that more of it reaches your loved ones.
Preserving Your
Legacy for Future Generations
A properly planned estate can last for generations. This
ensures that the financial future of your family is never in question. With
some good estate planning now, you can ensure the future of your legacy.
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