Death of one’s self or one’s loved ones is not something that anyone wants to think about, but is a necessary burden to consider, especially when it comes to the distribution of an estate and the reduction of the taxes imposed upon it. The consultation of professionals such as Andrew Scott Corbman is absolutely essential to understand the estate planning process.
Estate or legacy planning refers to the process of having a strategy in place to distribute an individual’s assets to their beneficiaries in the event of the death. Because state taxes imposed on estates and leftover assets can often be quite significant, many people consult professionals such as Andrew Corbman to help reduce the amount of tax paid as well as ensure that remaining asset are handed and distributed correctly. However, the process can often be quite tricky and requires a step-by-step evaluation of a person’s situation for a bespoke plan of action.
Here’s a general overview of some of the things that Andrew Corbman wants you to consider:
Create a list of everything you own.
Compile a list of all your assets and debts, including identifying information such as their bills of purchase, account numbers, and contact information. Keep this information in a safe but easily accessible location and provide a copy to the executor of your estate.
Have a contingency plan.
Have a plan of what could happen should you or your spouse pass away today. This includes the distribution of your estates to certain charities or stipulation. You want to ensure you or your family will still have an income in the event of a death.
Have a stipulation for beneficiaries.
This is one of the main ideas behind estate planning – providing for those left behind. These beneficiaries often include children, or those unable to care for themselves such as disabled family members. This plan should include instructions for your children, such as the appointing of a guardian if they are under the age of 18. You should also address the question of how and when incomes and other assets should be passed down.
Consult a Professional
While some of the points of estate planning might seem obvious, implementing them is anything but straightforward. Andrew Corbman is a financial planner who loves to help his clients protect their assets. Get in touch with him today to find a strategy that works for you.
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