Family Estate Planning Checklist Benefits

BENEFITS OF Estate Planning

“Planning, Managing and Preserving Wealth for Generations”

Each one of us works hard to create assets for the next generation and loved ones. The assets may be fixed assets like properties or movable assets such as a car, or liquid assets like savings, bank deposits, or even assets like personal possessions. What happens to the assets in the event of unexpected death of the asset creator? Has a plan been put in place for the loved ones to be able to enjoy and later enhance these assets?

All this needs to be done by incurring minimal taxes, legal fees and without any legal proceedings in the court. Estate planning is very important. Estate planning is not a post retirement or post death activity, but has to be well thought for the contingencies and planned well in advance.

ESTATE PLANNING CHECKLIST

Estate Planning means to make a plan well in advance, by documenting the beneficiaries who can be either individuals or organizations, who should benefit from the assets. It is for everyone, as each one of us has assets in some form, who wish to pass on to our loved ones. Estate Planning is an ongoing process of reviewing and updating he plan as per the family and financial circumstances.

Financial arrangements for education, healthcare and marriage expenses of the loved ones
Instructions for personal care and managing financial affairs in the event of incapacitation, before death
Arrangements for disability income insurance to replace other income sources in the event of illness or injury
Arrangements for long term care insurance in case of prolonged illness or injury
Life insurance provisions for family at the time of death
Provisions for transferring the business at the time of retirement, disability, incapacitation or death
Provisions for loved ones who cannot manage finances
Provisions for protecting the beneficiaries from creditors
Appointing a guardian for minor children’s care and inheritance process
Provisions for loved ones with special needs
Minimizing taxes, legal fees, avoiding court proceedings and legal hassles etc.

ESTATE PLANNING THROUGH A TRUST

Trust is the most effective tax management tool for asset management. Estate Planning through a revocable living trust is highly preferred due to the following reasons:

A revocable Living Trust:

Avoids probate in the event of death
Prevents the court from controlling the assets, if the person is incapacitated during his life term
Ensures privacy, by bringing assets under one roof
Continues long even after death, being managed by the trustee(s)
Manages the assets until the beneficiaries reach the desired age of inheritance
Manages assets for long, to keep providing for the loved ones who need special care
Protects the assets from creditors
Ensures wealth management for future generations

An all-inclusive Estate Plan having a Living Trust and pour-over will is highly cost effective and hassle free.

The Trust ensures great family togetherness and wealth creation for generations.

“Estate Planning creates a financial legacy for generations”