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Estate planning is critical if you want to protect your wealth

On Behalf of | Mar 24, 2023 | Estate Administration & Probate

Contrary to what some people believe, estate planning isn’t exclusive to the rich and famous. Creating one in California can be highly beneficial for you and your family if you want to protect your wealth for the future. This step allows you to plan for your own needs, distribute your wealth as you like, protect assets and minimize taxes.

Planning for your own needs

While you can use estate planning to dispose of your wealth however you wish, it’s also invaluable for protecting you and your assets if you become incapacitated. Using it to designate a power of attorney or health care proxy can make financial and medical decisions on your behalf when you cannot do so independently.

Distributing your assets

Estate planning is essential to distribute your assets per your wishes after you die. Failure to plan means the state will likely decide how to dispose of your wealth. Designating the beneficiaries who will receive the funds from a life insurance policy or investment account helps save frustration and disposes of your wealth as you see fit.

Protecting your family’s wealth

Using an estate plan can also be beneficial to protect family wealth. You can use a legally protected vehicle, such as a trust, to protect your assets. You can also incorporate specific insurance types into your estate plan, which adds more protection.

Minimizing taxes helps preserve funds

Having an estate plan is critical to minimize transfer taxes if you’ve accumulated substantial assets. The IRS limits the number of funds you can transfer without being taxed. Having this element incorporated into an asset plan can help preserve your wealth.

Going through the process of estate planning can be complex. However, once you complete it, you can have peace of mind as you’ll know your family’s wealth is protected.


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