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Things you need to know about estate planning

Estate planning is important for all individuals in order to save their assets according to their wishes. So it should be done with proper planning and analysis. There are many benefits that you can avail from estate planning. It ensures that you save something for our loved ones. The basic will in estate planning is important. These will contain instructions on how you need to distribute the asset. For more information, visit https://scsprep.com/estate-planning/

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Things you need to know about estate planning

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  1. Things you need to know about estate planning

  2. Contents • Make a will • Establish a living trust • Don’t leave everything to your spouse • Avail the tax benefits of charitable donations • Keep track and review your estate plan regularly

  3. Make a will The basic will in estate planning is important. These will contain instructions on how you need to distribute the asset.  It is necessary to update and sign this will regularly. If you are not signed in the will, then the state laws have the authority to settle your assets.

  4. Establish a living trust • Living trusts provide many benefits and it is similar to the will. It contains all the details about what you want to do with your assets after your death. • It also can avoid the probate and this will avoid the court from controlling your assets if you are incapacitated.

  5. Don’t leave everything to your spouse Develop a plan to maximize your estate tax exemption for you as a couple. So if you decide to give everything to the spouse, your estate will be held in one person’s name and you will not be able to avail the benefits for the couple.

  6. Avail the tax benefits of charitable donations • Contributing some assets to the charitable organizations as part of estate planning ensures to lower your tax amount. • These include many funds such as charitable remainder trust, charitable lead trusts,etc. Charitable distributions also help in reducing the exposure to estate tax and long term capital taxes.

  7. Keep track and review your estate plan regularly It is important to review your estate planning every year as law changes sometimes. So make sure that you check your estate plan every year with the help of your attorneys.

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