Many people share the common misconception that estate planning is something only done for death and for very affluent individuals. However, estate planning is an important part of life, and for those individuals of even modest means.
Are you aware what would happen to your assets if you prematurely passed away today?
The greatest benefit may lie in knowing that your wishes will be respected. Naming your heirs-and relieving them of unnecessary costs and stress by carefully designating which assets they will receive-is preferable to having a court make such decisions for you.
Estate Planning Considerations
Center for Wealth Preservations’ process discovers your objectives and determines the best way to plan for life and death as it relates to the passing of your assets. Have you considered:
- What currently happens to your assets if you were to pass away?
- Are the assets you leave to children protected from reckless spending, creditors, lawsuits and/or divorce?
- Are there any future heirs with special needs which need to be planned for? Not planning for heirs on government benefits may cause them to lose those benefits.
- Whether there is a plan to pay estate taxes which can be as high as 50% when considering Federal and State Estate Taxes? Is there enough liquidity to pay those taxes?