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Mostly people think that estate planning is meant for rich and wealthy people and thus assumes that they don’t need estate planning as their assets will get transferred to the family automatically. While the fact is that each and every individual has one or the other valuable asset like a home, car, saving account etc. and thus an estate plan is required so that their wishes get fulfilled as without it, the fate of your assets and family is decided by the state laws. As estate planning is very difficult task, one should do the planning calmly and should not make a rush. Many people do mistakes while estates planning due to several reasons like evasion, scarcity of follow up
We hear about new kinds of scams or frauds every now or then in several fields, so estate planning also can’t stay far apart from such kind of scams. Likewise, another type of frauds, estate planning fraud is also increasing, putting responsible and careful people at the stake of losing everything. Compared to the young, elderly adults are more prone to be tricked while dealing with property matters. Fortunately, we can detect the fraud at an initial stage, if we carefully plan our estates and take precautions while doing that. If an elderly family member of yours is being taken advantage of by the fraudsters, then you can help if you would identify what kind of fraud is being done
Apart from planning the fate of your assets after your demise, estate planning was also oriented towards saving your assets from the federal and state estate taxes. However, courtesy to the new estate-tax exemption, one can be exempted up to $5.1 million and the federal exemption is $11.2 million as on January 1, 2020, which means that a very small percentage of less than 1% of the US families will have to pay tax for their estate. Hence, only the estate planning for ultra-wealthy families focuses on tax reduction, for the rest, it is about much more. Thus, we can say that estate planning is dead as it is not anymore about planning for death and it is also about
In the absence of a will or an estate plan, the loved ones of a deceased person have to face a lot of trouble in getting his/her assets. The first and foremost trouble is the probate which is an expensive process and wastes a lot of time of the heirs. Every year many people spend millions on lawyers and the court fees of probate upon the death of their loved one. Estate Planning- An estate planning is a must for everyone to secure your loved ones and to ensure that assets are properly dispensed to the heirs without a loss of wealth. Hence, in order to refrain from probate, estate planning is essential so that your wealth and belongings must
There are lots of misconceptions, wrong information, and confusion regarding estate planning. Estate planning is your life’s biggest decision ever taken by you and setting it properly is a key to be ensured that you will leave behind your assets and loved ones secured. Hence, irrespective of your age or the monetary value of the property you own, you must have your estate plan in place which can be in the form of a will or trust or both depending on your wealth. Estate Planning- This will help you to clearly outline your final wishes and secure your interests after your demise. In case of an unexpected and untimely death, you can be assured that your assets will be distributed