What you need for Estate Planning

What you need for Estate Planning

Whether your estate is big or small, transferring it to the right people is paramount importance.?It’s your legacy.

Building Legacy has three simple points: 1.????Protect yourself & your assets while living While you're living you want to protect your assets from lawsuits and claims of creditors.?

• ·?????You want to ensure that your property will go to whom you choose when you pass away, so make a Will.
• ·?????To avoid probate process, you consider a trust.
• ·?????You can have personal directives so that my family will not have to make decisions for me.
• ·?????Give an authority to trusted person power of attorney in case you are unable to manage your accounts and finance.

2.????Clear organizations & communication

When writing a will make sure you write the detail how and whom you want it be carried out. For example, if you have small children, Guardianship. List of important documents, your passwords to accounts, and where to access them.? Have someone you trust to be the trustee.

3.????Passing it on to the next generation When passing wealth to next generation you want to avoid or reduce taxes.

• ·?????Make direct payments, making direct payments to your children or grandchildren’s is one of the easiest to ways to transfer your wealth without the hassle of taxes.?For example, pay for their tuitions directly out of your account, or medical expenses to their health care provider.
• ·?????Give annual gift You can give up to $15,000 per year to love ones before your incurred gift tax.? If your splitting the gift with your spouse, you can give up tot $30,000 combined. You can also set up 529 college plan for your children and grandchildren
• ·?????You can also do Irrevocable Trusts to oversee the use of your assets, you can create a trust with a specific guideline for passing on your wealth to beneficiaries.?

This can be great option for families with large taxable estates.?You can transfer all your assets from your estate to your trust, bypassing large estate tax

Also, when accrued income in your assets you hold in your trust, you are not personally responsible for paying taxes, since it is separate entity. When it is distributed, the beneficiary will pay the taxes.?This is affective wealth transfer strategy cause the usually the beneficiaries are in a lower tax bucket.??

Mia Frazier/(WSB) World system Builder I’m an independent licensed financial professional and Registered Social Security Analyst (RSSA)

Helping baby boomers retire comfortably. | Educate| Empower them for better retirement | Maximizing Social Security | 401K Rollover | Long Term Care | Creating Your Own Pension Plan

Would like to talk over coffee, Message me calendly.com/miafrazier??

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