According to TechCrunch, as of 2019, estate planning in the United States was a $180 billion industry.
Are you considering hiring an estate planner to ensure you have a document that will honor your wishes once you die? Regardless of your wealth, it’s important that you have an estate plan to protect your assets after you die. If you’re skeptical about what you stand to derive by hiring an estate planner, this is the article for you.
Read along to get the financial benefits of hiring the best estate planner.
Takes Care Of Your Immediate Family
If you are your family’s breadwinner, you need to plan to ensure that they’ll be taken care of once you’re gone. The main purpose of the estate plan is to designate your heirs to receive your assets when you pass.
Without an estate plan, it might take many years before the court decides the rightful heir of your assets. The longer it takes the court to decide, the more the fees rack up and might jeopardize the financial stability of your immediate family. An estate planner comes in handy to help you have a document that will protect you against court debacles that can cost you a dime.
Reduced Transfer Rates
An estate plan tries to minimize the tax liability one will incur when transferring assets to other family members. There are three types of taxes in consideration; gift, estate, and generation-skipping tax.
The good thing about it is that there are limits to the value of assets you can transfer without getting taxed. An estate plan is the best wealth management tool to minimize your estate’s tax liability during wealth transfer. Hiring the best estate planner ensures you’re up to date with IRS limits in regard to non-taxable wealth transfer limits.
Philanthropic Goals
Hiring the best estate planner ensures your goals are met if you want to leave an impact. You may decide to set up a foundation or charitable trust to support your philanthropic endeavors.
The sooner you have that outlined in your estate plan, the more your family will become aware of your intentions. Hence, you can incorporate them to manage the foundation or trust to help you impact the world.
Confidence in Your Documents
Hiring an estate planner ensures your documents truly represent what you want to achieve when you die. The wrong misinterpretation of your document can waste your personal finances. Most mistakes in the estate plan are discovered when the person dies.
Ensures Your Estate Plan Complies With Current Laws
When you work with an estate planner, you’re guaranteed your documents comply with the current laws. Probate and power attorney statute laws are state-specific and change from time to time. Working with an estate planner will give you peace of mind that your documents align with the current laws.
Get an Edge by Hiring the Best Estate Planner
The best wealth manager is not a person, but a document. Thus, you need to hire the best estate planner to have an estate plan that represents what you want to achieve. The above financial benefits are a good tradeoff as to why you should hire an estate planner.
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