Estate taxes can be expensive, but if you plan ahead, you can reduce or even eliminate these taxes. A life insurance trust can be one way for you to greatly reduce or eliminate the estate taxes so more of your estate can go to your loved ones. “The insurance trust owns your insurance policies for you. “Since you don’t personally own the insurance “or have any incidents of ownership, “it will not be included in your estate, “so your estate taxes are reduced” says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA. An irrevocable life insurance trust give you more control over your insurance policies and the money that is paid from them. It also can provide your survivors immediate cash to pay expenses following your death. Also, this can create an inexpensive way to pay estate taxes. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.
Tag: Estate Planning Attorneys
People try to stay healthy so they can live longer. But since no one lives forever, it’s important to make arrangements for the inevitable. To determine who gets your assets and how they receive them after your death and even what happens to you if you are unable to speak for yourself, you need an estate plan. But what does an estate plan cover and how do you make one? There are some important estate planning issues to consider when you decide what you want. Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA offers some insight. “Make a will, consider a trust, “establish healthcare directives, “make a financial power of attorney, “protect your children’s property, file beneficiary forms, “prepare for funeral and related expenses, “and make your final arrangements.” You should also plan ahead for your business and store your paperwork so your attorney and executor will have access to these documents. Desormier-Cartwright continues that this is a partial list and the advice of an experienced estate planning attorney will be the guidance you need to have a thorough understanding of a comprehensive estate plan. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.
Or, in other words, “What you need to do for your nest egg”.
You’ve worked hard for your entire life and want to have a nest egg for your loved ones after you’re gone. What many people don’t realize is that protecting your assets can often be as difficult as accumulating them.
However, there are some things you can do to preserve what’s rightfully yours. First, and most importantly, never try to avoid paying your taxes. It’s not worth it.
Also, avoid a “one size fits all” solution for protecting your assets, since everyone has a unique financial situation.
“Strategies that work well for one person could be harmful for another person. This means you’ll have to do some work, but it also means you’ll know exactly what your asset protection strategy is and that it’s right for you.” says Anne Desormier Cartwright of Elder & Estate Planning Attorneys PA.
Take a proactive approach to asset protection and start early in life. Use it as a supplement to insurance, rather than a substitute. Another important thing to know is to never mix personal and business assets. Don’t pay personal expenses with a business account, and vice versa
An experienced estate planning attorney can help simplify your goals and create an asset protection plan catered to you.
Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.