6 Tips on Estate Planning

Feb 12, 2024

Are you considering passing down your assets to the next generation? Explore effective strategies for transferring your wealth, initiate the estate-planning process, and discover how estate planning can potentially minimize your tax obligations. Read these tips below to get started!


Who needs an estate plan?

    • Everyone needs an estate plan, regardless of wealth, because it aids a smooth transfer of assets and addresses issues like incapacity planning.

What happens if you don’t create an estate plan?

    • If you don’t create your own plan, state laws dictate how assets pass, often not reflecting personal preferences. Having an estate plan allows control and influence over this process.

Where to begin with estate planning?

    • Three steps: get organized by listing assets, decide who receives them, and select individuals (executor/trustee) to oversee the process. Choosing responsible parties is a crucial step.

How do assets pass to beneficiaries and considerations?

    • Assets can pass through contracts (beneficiary designations), operation of law (joint ownership), trusts, or probate. The choice impacts privacy and the efficiency of asset transfer.

How can an estate plan minimize taxes?

    • Estate tax strategies focus on shifting asset ownership during life, using exemptions, and considering trusts. Trusts can play a role in minimizing taxes, especially for families facing potential estate tax liabilities.

How to get help with estate planning?

    • Estate planning doesn’t have to be overly complicated. Basics include organization, proper account titling, and synchronized beneficiary designations. Resources like online tools and professional help are available as well!


Links to similar content:

  • What is a trust? – Blog
  • Free Estate Planning and Trusts Essentials Download 



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    The general views outlined in this material are those of The Retirement Solution LLC. and should not be construed as individualized or personalized investment advice. This is for general information only and is not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial planner before investing.

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