All About Estate Planning
When you have done a good job at planning your financial freedom, and realize that there may be assets left over in the end, estate planning goes from being something you see in movies, to a real task you need to tackle for the sake of your loved ones.
In the articles below, you will learn about topics like living trusts. Different from creating a will, a living trust is an estate planning document that a person creates during their life. It serves as a guide for managing one’s assets during their lifetime, and it also provides guidelines for disposing of the assets after the person passes away, to anyone other than their spouse. It appoints a trustee who becomes responsible for managing assets on behalf of a beneficiary. People use a living trust to avoid the probate process, which is a big favor you’ll be doing for your friends and family.
Other considerations for estate planning include your funeral, which we also cover in our estate planning articles. Prepaid funerals become an interest to many older investors who want to make arrangements before they pass, eliminating the burden that loved ones must face otherwise. Although prepaid funerals sound like a smart decision, they are not always the best investments to make because of limitations and difficulties associated with changing the plans after they have been made.
If you don’t make plans for what happens to your assets after you die, Uncle Sam, as well as several state governments will reap a good portion of the assets you’ve accumulated from working, saving, and investing. Your first goal should be to protect your estate from taxes, so you can maximize the monies that you pass on to your heirs and beneficiaries.
To learn more about estate planning, read our articles covering every angle of this topic below. And if you want to learn more about planning your financial future, download 5 Steps to Your Financial Freedom for FREE today! If you enjoy what you learn and would like to join our community of like-minded people like yourself who are planning their financial freedom, I recommend joining the Financial Freedom Federation Gold Club.
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