Estate planning is about how you want your estate—the money and savings you worked hard for—distributed after your death. It is about making sure that the people and causes you care about receive what you want to give them. It helps you to work out:
- What is your current worth in assets?
- Who gets what after you pass on?
- Who do you want as your children's guardian?
- How do you want your assets managed?
- Who do you trust to carry out your estate plan?
Legacy planning is a financial strategy that prepares people to bequeath their assets to a loved one or next of kin after death. These affairs are usually planned and organized by a financial advisor.
Legacy planning is a financial strategy used to create a plan for your estate after you die. A kind of financial service, legacy planning is often created with a financial advisor. Legacy planning can help mitigate tax issues by discussing various tax scenarios that could impact your estate or beneficiaries after your death.
An Estate Plan Protects Beneficiaries. Without an estate plan, the courts will often decide who gets your assets, a process that can take years, rack up fees, and get ugly. After all, a court doesn’t know which sibling has been responsible and which one shouldn’t have free access to cash. Nor will the courts automatically rule that the surviving spouse gets everything.
An Estate Plan Protects Young Children. To ensure that your children are cared for in a manner of which you approve, you’ll want to name their guardians in the event that both parents die before the kids turn 18. Without a will that names these guardians, the courts will step in to decide who will raise your children.
An Estate Plan Eliminates Family Messes. This will enable you to choose who controls your finances and assets if you become mentally incapacitated or after you die and will go a long way toward quelling any family strife and ensuring that your assets are handled in the way that you intended.
An Estate Plan Spares Heirs a Big Tax Bite. Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service (IRS). Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.
Complimentary Financial Health Checkup on these following areas to ensure that your coverage is up-to-date with your needs and market trends
a. Income Protection: Term Life/ VUL/ Whole Life/ Investment Linked Policy
b. Nomination of Beneficiaries
c. Accident Plan
With the vast expertise of financial solutions TFA provides, you can be assured that you will be getting the best plans/solutions that will cover all the gaps in your portfolio.
