The Importance of Estate Planning
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Your entire lifetime is spent earning money and accumulating wealth. If you accumulate substantial wealth, those you leave behind will be left quite unhappy if you pass away without proper estate planning. Your estate plan allows you to decide for yourself who will receive which assets when you pass on. It also gives you the opportunity to protect those you love from expenses you may not anticipate, such as debts, administrative fees, and taxes.
If your estate does not have enough cash to pay these expenses, your heirs will have to sell other assets to cover them. Not only could they lose beloved property, like the family home, but they could also lose much of the value of these assets, because estate sales often bring in only a fraction of what the asset is truly worth. Estate plans exist because people care about the ones they leave behind.
When working through estate planning goals, you must consider the following:
• Estate Taxes
• Life Insurance
• And Much More