Planning what will happen when you die is something that most of us prefer not to think about. However, if we do not take this inevitable event into consideration it can cause even more pain and suffering to our family. It will also mean that a significant amount (if not the majority) of your hard earned assets and wealth that you spent a lifetime to create will taken by the local government. Your family will have to go through the courts and have the possibility of claimants to the estate this is known as probate. The final decision of who gets what will be left to a judge. This will also eat into the estate with lawyers and court fees. If the estate includes properties and has little cash then further problems arise as to how you will get the money to pay the tax on the property that you inherit. You can not sell a property that is in probate until the taxes are paid. After losing a loved one to find you have an enormous tax bill that you can not afford will only create financial distress on top of the emotional distress of losing their loved one.
Although nobody wants to think about what will happen when they die. You are doing a disservice to your family if you don't and giving a significant portion of your wealth to the government and potential third parties in the process that you will have absolutely no control over.
Estate Planning is not only a way to become tax efficient and pass on your estate in full but it also allows for you to be able to control how, when and to whom your estate will be passed on. This gives you full control over the distribution of your estate as you see fit even in your death. This avoids the lawyers and the courts and any potential claimants via a legal structure that can be set in stone. This eliminates your legal fees, taxes and any family disputes.
In order to understand how inheritance & estate planning could help you and your family protect your assets please request a free consultation via conference call or face to face meeting.