Estate Planning
We always plan ahead for everything, but how many times have you thought about planning ahead to protect your assets and life savings? It is never too soon to start planning for the future. Many people think they don’t have to worry about an Estate Plan until they are ready to retire, but this is surely a myth. If you haven’t already, you should start thinking about what is going to happen to all your belongings after death.
You’ve spent your entire life working hard to accumulate your wealth and assets. It is very critical that you take that step today to start protecting your possessions and financial assets. It’s not easy or comfortable to think about, but these decisions will ensure that your assets are protected and your final wishes are recognized upon your death or incapacity. Generating an official and legalized plan will guarantee that your desires for the distribution of your assets are properly taken care of.
Estate planning is the process of arranging who will obtain your assets after you pass away. Some of these assets include houses, cars, stocks, artwork, life insurance, pensions, and debt. It should also factor in any needs that you have as you age such as costs, preferences, and decisions surrounding medical care. One goal of estate planning is to ensure that your wealth and any assets you own fall into the hands of those you intend while minimizing taxes in order to ensure that your beneficiaries are able to obtain more of your assets/wealth.
You can protect any assets and life savings today with Law Offices of Taline Panossian! We will make sure you have the best estate plan that is tailored to your personal legacy. There are many steps in estate planning, starting with your will. Other tasks in estate planning include:
- Creating trust accounts through your beneficiaries in order to limit estate taxes.
- Inaugurating a guardian for any dependents.
- Selecting an executor who will carry out the terms of the will
- Producing beneficiaries on plans such as IRAs, 401(k)s, and life insurance.
- Establishing funeral arrangements.
- Creating annual donations to certified non-profit organizations to reduce the taxable estate.
- Organizing a durable power of attorney (POA) to administer additional assets and investments.
Estate planning is a nonstop process. Your plan should always be reviewed and updated as financial circumstances fluctuate throughout your life. The only way to be sure your estate plan will achieve your goals is by seeking help from a well-informed and educated attorney. At Law Offices of Taline Panossian, we use our many years of experience to make sure our clients are prepared for the unfortunate events of life.