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Three Estate Planning Tips
Estate planning is an important component of wealth management, especially if your estate has a lot of assets or has a lot of challenges.
An estate plan, when correctly constructed, can decrease your estate's taxes and expenses, simplify and hasten the transfer of assets to the next generation, and protect your beneficiaries.
1. Assign
Estates dictate the distribution of your remaining assets upon your death. Thus, when planning your estate, make sure to carefully consider and assign who gets what to maximize the usefulness of the estate planning process.
2. Insurance
While the state does tax estate money, they do not tax insurance money. Make sure you purchase insurance plans to offset the amounts your estate stands to lose in taxes to protect your loved ones from accumulating unnecessary debt.
3. Work With a Professional Team of Experts
The best way to ensure you plan your estate properly is to work with a team of accountants and insurance brokers. These professionals train in the art of estate planning, and can help you best allocate and protect your remaining assets.
Are you looking for a team to help you plan your estate? Dean and Associates Accounting offers experienced accountants, prepared to help you organize your estate in preparation for the future.
